ST GEORGE'S COLLEGE INC.
BY-LAW NO.1
(Adopted by C3/98 amended C22/93, B17/09, B42/11, B#/12)
THE COLLEGE FINANCIAL YEAR
1.
The financial year of the College shall be the twelve months in any year ending on the
thirty first day of December.
THE COLLEGE BANK ACCOUNTS
2.
The principal bankers to the College are Anglican Community Fund Inc.(ACF) and
Westpac Banking Corporation (Westpac). The Board may from time to time approve
other financial insitutions (“approved institutions”) for special purposes.
3.
The following bank account is operated by the College:
Day to day business and general operating cheque account – ACF BSB 706 001 No
3000 3779.
OPERATION OF THE COLLEGE ACCOUNTS
4.
The bank account may be operated (including electronic funds transfers) only in the
manner and by the persons authorised as follows:
Two (2) signatures or counter-authorities are required being any two (2) of the
Chairman, the Warden (or person holding the authorities of the Warden), the College
Treasurer and the Business Manager.
5.
The College accounts may only be operated in a financial year for which the Board has
approved a budget and operating plan.
6.
Term Deposits or like arrangements for investment of cash funds may be negotiated
with either ACF or Westpac so that total funds held for the College on any account
with ACF do not exceed $500,000. Signatories and counter-authorities for the
opening/closing of Term Deposits or like arrangements will comprise one of either the
Chairman and the Treasurer and one of either the Warden and the Business Manager.
THE ANNUAL COLLEGE BUDGET AND OPERATING PLAN
7..
An annual budget and operating plan shall be prepared at the direction of the Warden
by the Business Manager in consultation with the Treasurer and approved by the Board
at its September meeting for the next financial year.
8.
Unbudgeted expenditure in excess of $15,000 proposed by the Warden or in his
absence by the Acting Warden must be first approved by the Treasurer and ratified by
the Board at its next meeting.
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IMPLEMENTING EXPENDITURE
9.
All College purchases of goods and services must be made by use of a purchase order
countersigned by any one of the Warden, the Deputy Warden, the Business Manager,
or the Hospitality Manager. The following exceptions apply:
a) Purchases of food or beverages may only be made by the Hospitality Manager
b) Supply of utilities (eg power, water, telephone) will utilise the standard supply
arrangements
c) Recurring services where a predefined scope of work exists (eg rubbish removal,
service contracts, insurance and subscriptions). Variations will be documented.
d) Expenditure where quotes are received and approved by the Warden prior to a
commitment (eg insurance, painting, carpet cleaning)
e) Statutory expenditure (eg ATO, GST, FBT, Rates)
9
Only approved suppliers may be used for the provision of service. The Business
Manager shall approve any proposed new suppliers. Approval shall include but not be
limited to obtaining of an ABN and completion of a reference check.
10.
No significant strructural works to a College building (>$50,000) may be undertaken
without seeking the endorsement of the College’s Finance Committee.
THE ANNUAL AUDIT
11.
The auditors of the College shall be appointed by the Board each year at the July
meeting.
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