Financial Operating Procedures
Introduction
It is a requirement of any organisation to recognise the extent of resource at its disposal
and ensure that the procedures that are introduced are appropriate to the organisation.
They will recognise the checks and balances that exist, are appropriate to the resource
available and take account of the effect of incorrect accounting or fraud on the
organisation, i.e. they will not be onerous.
A
Postal receipts
1.
Wherever practical, the incoming post will be opened in the presence of two people
who are independent of finance office staff
The value of incoming cash and cheques shall be checked and noted against the
accompanying documentation
The value and nature of postal receipts shall be listed in a postal record book and
then passed to the finance office together with accompanying documentation
Discrepancies between documentation and the accompanying cash and/or cheques
shall be noted on the documentation and drawn to the attention of finance staff or
Insurance Manager, as appropriate
The finance staff are responsible for ensuring a receipt is issued, where feasible, for
all incoming cash.
Administrative office staff are responsible for ensuring that all donations are
acknowledged in a thank-you letter which must state the amount received
Unopened mail retained in the administration office, or on other sites, should always
be attended or locked
2.
3.
4.
5.
6.
7.
B
Public donations (collection income)
The person appointed to oversee the public donation activity has the responsibility of
ensuring:
1.
2.
3.
4.
5.
6.
Collections conform to legal requirements
Collection boxes are numbered and a record is made of their allocation and of their
return (the collection box record)
Collection boxes are to be sealed, spare seals being kept in a secure place, and
inspected prior to their release
Collection boxes will be returned to finance staff, opened in the presence of two staff,
monies counted and recorded on the collection box record and banked within the
Weekly Cash and Banking
Significant sums received from collections should be banked immediately
A record must be made of the location of all static collection boxes and they should be
regularly examined and counted in a manner similar to the above requirements
Policy title
Policy version number
Document1
1.0
Policy approved date
Policy author
01/03/2005
Rosemary Andrews
Page(s)
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C
Fundraising events
The person appointed to oversee the fundraising event has the responsibility of ensuring:
1.
2.
3.
4.
5.
6.
7.
8.
D
Records are maintained for each fundraising event and any collections conform to
legal requirements
Collection boxes for fundraising events should be administered as set out in
paragraph B
Appropriate administration and financial controls are established and comparable
controls are maintained as for public donations
Income from external fundraising events should be recorded by the person
responsible for the event and passed to the finance office for checking, verification
and banking
Records of income and expenses of the fundraising event should be retained and filed
with the Weekly Cash & Banking records
Where raffle tickets, admission tickets or something similar are involved:
a.
Tickets must be pre-numbered
b.
A record maintained of all tickets issued – their numbers and recipient - and the
monies and tickets returned recorded
c.
Monies received should be passed to the finance office for checking, verification
and banking in the Weekly Cash and Banking
d.
Finance office records should reconciled to the administrators records as
appropriate
Similar records to the above should be maintained in relation to sponsored events
Professional fundraisers should be engaged only in accordance with the provisions of
the Charities Acts and with the approval of the Board of Management. Records should
be maintained to identify funds generated though the activities professional
fundraisers
Donations
All donations will be recognised by one of the following methods:
1.
2.
3.
4.
5.
Where a cheque or cash donation is received it will be recorded and acknowledge as
set out in paragraph A
Where an outreach worker receives cash or cheques, they will make a record of the
donation, give receipt if required, and pass the monies and record to finance staff for
verification and banking. If appropriate, a letter of thanks will be raised by
Administration
Where a cheque or cash donation is received at a location other than Arkwright
House, the staff member receiving the donation will make a record of the donor and
the amount, giving a receipt if required, and pass the monies and record to finance
staff for verification and banking. If appropriate, a letter of thanks will be raised by
Administration
Donations received as part of an Ageing Well activity should be recorded on the
Activity Sheet and a receipt issued, if required, by the staff member responsible for
the activity
The Finance Manager is responsible for ensuring that any restrictions applicable to
the spending of donations is recorded and actioned
Policy title
Policy version number
Document1
1.0
Policy approved date
Policy author
01/03/2005
Rosemary Andrews
Page(s)
2 of 12
E
Gift Aid
The Finance Manager is responsible for ensuring that:
1.
2.
3.
Records are kept of all gift aid declarations
Routine checks are established to ensure due amounts are received
Routine checks are established to ensure that the tax due is received
F
Shop income
The Shop Manager is responsible for ensuring that:
1.
2.
3.
4.
5.
6.
7.
G
Individual transactions are rung into the till and appropriately analysed to distinguish
between donated goods and various categories of new goods for resale
A summary of each days takings is entered onto the Weekly Takings Record and
reconciled against the daily till total - discrepancies being noted on the Weekly
Takings Record
Shop takings are banked daily to minimise the amount of cash to be held on the
premises and the days banking on Weekly Takings Record initialed by the person
performing the banking
The Weekly Takings Record is signed by the Shop Manager at the end of the week
and passed to the finance office for verification with the bank statement
Petty Cash Float reimbursements from takings are noted appropriately on the Weekly
Takings Record
Till float totals are regularly checked
Till floats are removed from the till at the end of the day’s trading and stored overnight
in a locked location.
Service income
Service Income is defined as income from the service activities such as foot care and day
care.
Foot Care income
Each foot care worker is responsible for:
1.
2.
3.
Ensuring numbered receipts are given for foot-care charges
Ensuring receipt numbers and amounts are recorded on the Foot- care Charges
Record
Passing records and monies, as far as possible on a daily basis, to the finance office
for verification and banking.
Withy Trees Day Care spot contracts
The Day Care Manager is responsible for:
1.
2.
3.
Ensuring appropriate attendance records are kept for spot contract day care places
Preparing a summary on a four weekly basis the spot contract details to be invoiced
Passing the Spot Contract Schedule to the finance office, no later than one week after
the end of the four week period, for invoicing
Policy title
Policy version number
Document1
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Policy approved date
Policy author
01/03/2005
Rosemary Andrews
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Withy Trees Day Care daily lunch fees
The Day Care Manager is responsible for:
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Ensuring appropriate daily lunch fees are received from clients on a daily basis
Recording attendance at the centre and performing a daily reconciliation numbers
with fees received
Recording the total of daily lunch fees on the Daily Fees Schedule
Passing the Daily Fees Schedule and monies received, in a secure manner, to the
finance office on a weekly basis for verification and banking
Keeping cash on the premises in a secure locked location
Supported shopping service income
The Supported Shopping Coordinators are responsible for:
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2
3
Ensuring payment is collected from the client for all shopping purchased whether via
the company credit card or paid from the coordinator's float
Giving a receipt, if requested, to the client for monies received
Passing the shopping voucher and monies to the Finance office vas soon as possible
Other service income
Similar controls to the above should be applied for other service income sources.
Advice should be sought from finance staff for the appropriate controls required for new
service income sources.
Finance office staff will verify service income received with the accompanying
documentation and record it on the Weekly Cash & Banking schedule and bank it with the
other income as detailed in section K.
H
Activity centre income
Income and expenditure for Ageing Well activities is to be recorded and checked by the
appropriate Ageing Well Officer who is responsible for:
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2
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Ensuring a record of attendees and visitors is made and reconciled to the cash
received
Ensuring a petty cash or other receipt evidences any expenditure, e.g. tutor fee or
minibus fuel. Fees paid to third parties should be signed for on a petty cash voucher
Income and expenditure is analysed and recorded on the appropriate Activity Sheet
which is to be signed by the person responsible for running the activity and by the
relevant the Ageing Well Officer
Passing the Activity Sheet and net monies received, in a secure manner, to the
finance office, as far as possible on a daily basis, for verification and banking
Ensuring that cash is not held in unsecured locations but in locked an appropriate
place or, preferably, placed in the deposit safe in the finance office
Policy title
Policy version number
Document1
1.0
Policy approved date
Policy author
01/03/2005
Rosemary Andrews
Page(s)
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I
Service agreement, contract and grant income
Service Agreement Income and Contract Income are defined as income from the
community service activities such as Community Links, Home Support or Day Care.
Grant Income is defined as income won from bids for grant aid or grant assisted activities.
Normally such income will require to be invoiced to the appropriate agency although
occasionally the agency may undertake to pay directly without being invoiced.
Common internal control mechanisms applicable to both invoiced and non- invoiced
income are:
1
2
3
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The Community Services Manager, Deputy Chief Executive or other appropriate
person is responsible for informing the Finance Manager of the details of the service
and the income expected. A copy of the relevant service level agreement or grant
application or confirmation should be passed to the finance office as soon as
possible.
Finance office staff will confirm with the agencies, if necessary, the details of payment
arrangements and will monitor the income levels and uplifts in income under the
agreement.
Finance office staff will liaise with the relevant Project Officer to ensure appropriate
records are maintained and any required reporting submissions are made in the
manner required by the agency.
Income received will be controlled though deferred income accounts and released
into revenue on appropriate timed basis.
For service agreement or grant income requiring invoicing:
1
2
Finance office staff will raise invoices on a quarterly or annual basis in advance,
unless otherwise dictated by the agreement.
Outstanding invoices will be checked on a monthly basis by the Finance Manager and
actioned as appropriate to ensure collection.
For service agreement or grant income not requiring invoicing:
1
2
Finance office staff will monitor postal receipts and bank statements/remittance
advices for the relevant income and advise the Community Services Manager,
Deputy Chief Executive or other appropriate person if no receipt is received within a
month of the agreement commencing or if monies received or notified are not
recognised to an agreement, contract or grant.
Finance staff will send an acknowledgement of the Service Agreement, Contract or
Grant income as soon as possible after receipt if one is required.
Policy title
Policy version number
Document1
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Policy approved date
Policy author
01/03/2005
Rosemary Andrews
Page(s)
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J
Centre hire income
Centre income is defined as income from the letting of premise to third parties or internal
users and may include the supply of catering or other facilities. This includes hire of the
Lostock Hall Friendship Club and the Conference Centre at Arkwright House.
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Centre managers will record all bookings in an appropriate bookings record and
complete booking confirmations for all lettings, both external and internal
At the end of each month a schedule of bookings, agreed hire rates and charges for
other services, such as catering, is to be sent to the finance office
Finance office staff will raise invoices in accordance with the booking information
supplied and will monitor the payment of the debt by the customer
Invoices will be filed in the finance office together with the booking sheet
Invoices for service costs, such as catering, will be authorised by the relevant centre
manager who is responsible for ensuring that the correct charge has been received
K
Petty Cash
1
2
Petty Cash floats at all locations will be maintained on an imprest system
External locations shall have the levels of their petty cash float agreed by the Finance
Manager and they will be subject to periodic unannounced spot checks.
Cash to replenish petty cash floats will be drawn in the following manner:
a.
Shops may replenish their petty cash float from shop takings. The value of cash
used for such purposes will be entered on the Weekly Takings Record and the
petty cash vouchers summarised, total agreed and verified by the Shop
Manager and passed as soon as possible to the finance office. Finance staff will
cross check the vouchers with the Weekly Takings Record and enter a nominal
journal to account for the expenses
b.
Other centres will replenish their petty cash by sending their vouchers to the
finance office for reimbursement from the finance office float. Centre Managers
will summarise and sign to verify the total of vouchers being reclaimed. Finance
office will check the vouchers with the total claimed and pass the cash
reimbursement to the centre in a secure manner
All petty cash payments must have appropriate supporting evidence and be
authorised by the relevant staff member or senior manager
Vouchers for reimbursement of volunteer expenses (other than for mileage) should be
signed by the volunteer and authorised by the appropriate staff member
Mileage claims by volunteers should be made on the appropriate claim for, signed
and authorised
Finance staff may refuse to pay expenses they deem to be inadequately evidenced or
authorised
A listing of all authorised signatories in respect of petty cash and purchase invoice
costs and nominal cheque payments will be maintained by the Finance Manager and
agreed by the Chief Executive
Petty cash expenses are not appropriate for lager value purchase or contractual
commitments – these should be controlled through the purchase ordering system
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Policy title
Policy version number
Document1
1.0
Policy approved date
Policy author
01/03/2005
Rosemary Andrews
Page(s)
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The finance office staff will record cash receipts and payments in the following manner:
1
Cash and cheque receipts will be recorded and analysed on a Weekly Banking
Schedule in a format approved by the finance manager. Such receipts will typically be
from the following sources:
a.
b.
c.
d.
e.
f.
2
3
4
5
6
Donations from outside organisations and individuals
Insurance commission cheques
Lottery commission cheques
Ageing Well activities net income
Withy Trees Day Care daily lunch fees
Foot care charges income
Cash or cheque receipts for sales ledger invoices will be banked separately from
nominal receipts
Cash income recorded as above may be used to reimburse the finance office petty
cash float. The vouchers reimbursed being entered on the Weekly Banking Schedule.
Finance office staff will agree the net total of the Weekly Banking Schedule with the
net cash and cheques to be banked and will bank this net amount at least once a
week.
The Weekly Banking Schedule will be filed together with the receipts and vouchers in
the Cash & Banking files.
A nominal journal posting will be raised to enter the weekly bankings into the accounts
and matched to the bank statement entry.
Petty Cash balances shall be subject to the following controls:
1
2
3
4
5
All petty cash balances shall be kept in secure lockable locations and not left
unattended or on open display.
Cash handlings should be as discreet as possible and cash and cheque receipts and
balances immediately transferred to the safe or other lockable location.
The finance office petty cash float and net banking (prior to banking) are to be kept in
the finance office safe.
Each petty cash imprest balance is to be checked and verified at least once each
week by staff at the location and discrepancies notified to the Finance Manager.
Finance office staff will make periodic unannounced checks on petty cash balances at
other locations.
L
Banking and custody
1
The Board of Management must approve all banking arrangements and the finance
office shall maintain proper lists of authorised signatories.
Finance staff will ensure that all incoming receipts are banked weekly or sooner if
significant sums are received. Sales Ledger receipts must be banked separately from
the Petty Cash banking.
All cheque receipts should be restrictively crossed
Banking must be carried out by finance staff who should be accompanied if cash
amounts exceed £500.
Rooms containing cash or cheques are to be locked if left unattended.
Personal monies are not to be kept with charity cash balances.
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Policy title
Policy version number
Document1
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Policy approved date
Policy author
01/03/2005
Rosemary Andrews
Page(s)
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Banking must be made using bank paying in books and receipts or stamps obtained
for deposited sums.
A record is to be maintained by the Finance Manager of safe key holders.
Electronic banking passwords and codes should be recorded in a secure location and
not released or declared to non-finance staff without authorisation of the Chief
Executive.
Bank accounts are to be reconciled monthly and checked by the Finance Manager
The Finance Manager is responsible for monitoring the bank balances and ensuring
sufficient balances are maintained to meet payment requirements and surplus funds
transferred to deposit accounts.
M
Cheque payments
1
Cheque payments will only be made against authorised invoices or expenditure
claims
A listing of all authorised signatories in respect of petty cash and purchase invoice
costs and nominal cheque payments will be maintained by the Finance Manager and
agreed by the Chief Executive
Finance staff will be responsible for preparing cheque payments from a review of
purchase accounts and nominal payment requirements.
Chequebooks will be kept in the safe or lockable drawer or cabinet when not in use
Chequebooks will be ordered by the Finance Manager
Two authorised signatories, neither of whom may be finance office staff, must sign all
cheques
Normally the Chief Executive and the Deputy Chief Executive should sign cheques, or
failing one of them, a Trustee who is an approved authorised signatory
Cheque signatories must ensure that the cheque amount equals the invoice(s) total
and/or the nominal ledger requisition and that the cheque is made payable to the
correct payee
All requested payments will be supported by invoices and a purchase payment
summary or authorised nominal ledger payments requisition slip
Cheque payments must be recorded by finance staff on a monthly cheque listing
which must be evidenced when posted to the ledgers
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3
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N
Sales ledger and credit control
Sales Ledger
1.
Sales Invoices require an authorising back up and must only be raised from
appropriate authorised documentation, such as:
a.
b.
c.
2.
Sales advices for activities at outreach areas – normally from the Ageing Well
manager, which will informs the finance office of centre hire details for invoicing
Spot Contract schedules from the Withy Trees Day Centre for invoicing to
Lancashire County Council Social Services. These usually require a four-weekly
activity sheet (prepared by the Day Care Manager) to support the invoices
Advice of Service Level or Contract Agreements or Grant claims from
Community Services or others
Finance office staff will raise sales invoices as soon as the relevant advice is
received from other departments on pre-prepared stationery
Policy title
Policy version number
Document1
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Policy approved date
Policy author
01/03/2005
Rosemary Andrews
Page(s)
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3.
4.
Invoices will be filed, together with the backing paperwork, in numerical order in the
finance office in separate files for paid and outstanding invoices.
Sales Ledger age analysis and monthly summary prints of invoicing and allocated
receipts will be printed and retained in the finance office.
Credit control
1
2
3
The objective of credit control is to ensure that monies due to the organisation from
sales invoices and grants are received at the time they are due
The Finance Manager is responsible for reviewing the aged debtors list on a regular
basis and for ensuring that appropriate action is taken in respect of overdue debts –
these are set out in a Finance Office Note on Credit Control Procedures
Any invoices, which remain unpaid after the normal series of enquiries and actions,
should be notified to the Chief Executive or Deputy Chief Executive.
O
Purchasing and purchase ledger
1
All goods and services, other than petty cash items and utility costs and other similar
contractual commitments, must have to have a correctly authorised purchase order
showing details of the item(s) ordered, quantities and prices
Purchase orders must be raised on official pre-numbered order stationery and signed
by the relevant departmental manager or other authorised person procuring the
goods or services
A listing of all authorised signatories in respect of petty cash and purchase invoice
costs and nominal cheque payments will be maintained by the Finance Manager and
agreed by the Chief Executive
Blank order packs are to be securely kept in the finance office and, when issued to
managers, recorded and signed for by the receiving manager
The three part order set should be distributed as follows: the green office copy will be
filed by the department, in numerical order, to provide a reference of orders placed;
the pink copy will be passed to the finance office for matching to delivery note and
invoice; and the original white copy will be dispatched to the supplier
The originator of the purchase order should retain relevant quotation paperwork
Purchase orders for should be placed after acquiring quotations as follows:
2
3
4
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a.
b.
c.
d.
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Value up to £250 – 1 quotation
Value from £251 to £1000 – 2 quotations
Value over £1000 – 3 quotations
Any value in respect of an ongoing contractual relationship will require only that
the cost is in line with that in the contract or current catalogue agreed price list
Purchase orders for all capital items and non-urgent repairs over £250 are to be
authorised by the Chief Executive or the Deputy Chief Executive
Purchase orders for other items may be authorised by the appropriate authority (see 3
above), up to a value of £1000 provided their purchase is in line with an agreed
budget
Any purchase order over £1000 must be countersigned by the Chief Executive or
Deputy Chief Executive
Goods received should be checked on delivery for quantity and condition by the
requisitioner, or if this is not possible, the delivery note should be signed to indicate
that goods have not been checked
Policy title
Policy version number
Document1
1.0
Policy approved date
Policy author
01/03/2005
Rosemary Andrews
Page(s)
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Delivery notes should be passed to the finance office as soon as possible for
matching to order and invoice
Finance staff are responsible for matching purchase invoices with delivery notes and
purchase orders and for checking the calculation of the total cost. Invoices so
matched will need no further authorisation
Invoices which have no delivery note and/or purchase order (e.g. utility bills) must be
authorised by the appropriate Departmental Manager to certify receipt and agreement
of price and quantity
Finance staff will refer invoices requiring further authorisation to the Chief Executive
Invoices will be posted to the purchase ledger immediately upon receipt but held in
abeyance until they have been properly authorised. Finance staff will enter on the
posting slip an account code and a cost centre to allocate the cost to its correct
account and initial the posting slip on completion of posting
Invoices will be filed together with their matched delivery note and order in the finance
office- initially in an outstanding payments file and, when paid, in a paid cheques file
in cheque number order
Finance staff will review outstanding purchase orders on a regular basis to check for
missing liabilities or cancelled orders
Finance staff will review outstanding purchase ledger accounts on a regular basis to
ensure payments are made within agreed terms and prepare cheque payments as
appropriate
P
Direct debit and standing order payments
1
All direct debit and standing order authorities must be authorised by the Chief
Executive and signed in accordance with the rules for cheque payments (see M)
The Finance Manager is responsible for matching vouchers for direct debits (e.g. for
Mobile Contracts, Telephone Call Costs or Company Credit Cards) to the bank
statements
Vouchers for direct debit costs must be authorised by the appropriate person as
defined in the listing of authorised signatories and the filed in the finance office
2
3
Q
Shop Stocks
The Shop Manager is responsible for ensuring:
1
2
3
4
5
6
All donated stock is reviewed, priced for sale or consigned to waste
New stock for resale, e.g. wool and jewellery, is checked on receipt and the delivery
note signed and passed to the finance office
New goods for resale are analysed appropriately in the till when sold and the total
daily sales recorded on the Weekly Takings Record
Donated stock is reviewed regularly to prevent stock build up, and if required, is
consigned to the waste bin or transferred to other shops
Weekly Takings Records are completed with the requisite data and sent to finance
office at the end of each week
Finance staff will record each shops ‘new goods for resale’ stock position from
purchase invoices and sales records and stock will be checked at least once a year
and always at the end of the financial year
Policy title
Policy version number
Document1
1.0
Policy approved date
Policy author
01/03/2005
Rosemary Andrews
Page(s)
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R
Salaries and related payments
1
Personnel records are the responsibility of the Chief Executive who will inform the
Finance Manager of any changes in staff payment terms
Details of new staff members will be advised to the Finance Manager on the
appropriate New Employee documentation giving all relevant details for payroll
purposes
The preparation of monthly salaries is the responsibility of the Finance Manager, with
the running of the payroll outsourced to a payroll bureau
Staff travel expenses will be paid through the monthly payroll via a staff expense
claim form authorised by the appropriate Departmental Manager.
Absence will be notified to the Finance Manager by Administration on copies of selfcertification or doctors sick notes. The Finance Manager will cross check sickness
when preparing the monthly payroll with the attendance records maintained in
Administration
All changes or additions affecting payroll, including changes in salary levels, will be
advised to the Finance manager by the personnel function on signed notifications
Staff Travel Expense claims must be submitted on the appropriate form, signed by the
claimant and authorised by the relevant Departmental Manager and passed to the
Finance Manager for processing within one week of the month end
The Finance Manager will prepare a list of payroll changes and travel expense claims
for the Payroll Bureau and will sign the listing, retaining a copy in the payroll records
The Finance Manager will ensure all processing and data are submitted to the Payroll
Bureau in sufficient time for processing to employees bank accounts on the due date
The monthly payroll will be countersigned by the Chief Executive, and cross
referenced to the bank statement, the entry to be initialed by the Chief Executive
Salaries and travel expenses for the prior month will be paid into the employee’s
nominated bank account on the 20th of each calendar month or the previous week
day if falling at a weekend
The Finance Manager is responsible for maintaining records of deductions from
salaries and ensuring that all PAYE/NI, Pension and other deductions are paid over
by their due date
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S
Fixed assets
1.
It is the responsibility of the Finance Manager to maintain a fixed asset register
complete with sufficient data to allow a physical audit to take place either as an
internal or as part of the annual statutory audit
Items costing less than £250 will not normally be treated as capital costs unless
forming part of a greater whole
The Finance Manager must be informed, e.g. by passing to finance of a delivery note,
of the acquisition of capital items
The Finance Manager is responsible for ensuring all fixed assets are properly insured
Assets to be disposed should be authorised prior to disposal by the Chief Executive
and the Finance Manager informed of disposal details, including selling price, if
applicable
Assets will be depreciated in line with the organisation’s depreciation policy and
depreciation costs will be accounted for on a monthly basis
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Policy title
Policy version number
Document1
1.0
Policy approved date
Policy author
01/03/2005
Rosemary Andrews
Page(s)
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T
Investments and reserves
The Finance Manager is responsible for:
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2
3
4
The keeping of full records of all investments in a secure place
Statements on investment performance a submitted to the Chief Executive
Maintaining controls to ensure that all investment returns are received
Maintain records of Designated Reserves and record expenditure against such
reserves
U
Financial & Management Reporting
1
Regular monthly management accounting information shall be produced by the
Finance Manager in a format agreed by the Chief Executive and distributed to
members of the Senior Management Team
The management information produced will include those reports specified a
requirements for consideration by the Board of Management
The Finance Manager is responsible for the preparation of monthly summary reports
from the computerised accounting system and for their retention for audit.
All balance sheet control accounts are to be reconciled monthly and copies of current
reconciliations retained
The Finance Manager is responsible for the preparation of the organisations annual
statutory accounts and for ensuring the availability for audit of all appropriate books
and records
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V
Other matters
1
Irregularities – Any irregularities observed by any member of the finance staff should
be reported to the Finance Manager or the Chief Executive or the Chairman of
Trustees
Delegation- The Finance Manager will delegate tasks to finance staff as appropriate,
but remains responsible for the adherence of those staff to these procedures
Training – The Finance Manager is responsible for the identification of training needs
of finance staff and for ensuring action is taken to complete training identified
Records – All financial records should be retained for a minimum of 7 years or longer
if dictated by other regulation. Records should be kept in a secure place
Personal Transactions – No member of staff or volunteer is permitted to pass a
personal transaction through the accounts of the organisation and any personal
expense claims to be reimbursed from the organisation’s funds must be authorised by
the appropriate independent authoriser
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2
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Policy title
Policy version number
Document1
1.0
Policy approved date
Policy author
01/03/2005
Rosemary Andrews
Page(s)
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