Fiscal Policies and Procedures
1) All major financial management functions including accounting, budgeting, cash flow and
analysis are the direct responsibility of the Executive Director/Business Owners.
a) Finances will be reviewed weekly by the Executive Director/Business Owners.
2) The accounting system utilized by Aurora CFH is an accrual system.
3) Expenditures over $500 will require approval by the Executive Director.
a) Purchase order must be submitted through Quickbooks
4) For student activities that have a cost associated with them, employee must submit a written
plan detailing the activity activity, including cost, to the Executive Director.
a) Upon approval, employee must reserve company credit card and check it out from the
Program Manager no more than one hour before the activity
b) Credit card must be returned, with a receipt of the activity, immediately upon return from
the activity
5) Aurora CFH assumes no responsibility for the financial obligations of any of its students.
6) The agency fiscal budget will be submitted by department directors and approved by the
Executive Director annually.
7) Program budgets should be revised when substantial changes occur during the budget year.
8) There shall be an annual independent audit of the agency.
9) Employees will be reimbursed for reasonable travel expenses incurred in the performance of
job duties or as assigned by the agency. Employees will exercise utmost care in ensuring that
travel costs are kept to a minimum.
a) Receipts should be submitted to their supervisor for approval.
b) Reimbursement will be added to their paycheck within ten business days of receipt
10) Insurance, including liability of fire, bonding, and property damage shall be maintained by
the agency for all programs.
11) Accounts receivable payments are to be strictly controlled, under the supervision of the
Executive Director.
12) An inventory will be conducted, at least annually, of all property owned by an agency.
13) Funds not presently needed for operations should be invested. Such investments should be
properly authorized and accurately accounted for.