Financial Policy

The board is responsible for the assets of the organization. Tools for monitoring and reporting financial assets include:

  • Annual budget.
  • Financial reports.
  • Audits.
  • Investment policy.

Board Expectations

  • The budget is approved on an annual basis and noted in the minutes.
  • Financial statements are presented at every board meeting.
  • A policy exists on conducting an audit or review by an independent financial professional.
  • An investment policy exists for savings/reserves.
  • The board is conversant in budget and finances.
  • Safeguards and policies are in place to protect assets – see policies and procedures for assets, check signing and reimbursement guidelines.
  • The board is aware that the CPA is accountable to the board.

PHA follows the following measures to ensure accountability:

  • The budget is approved annually and noted in the minutes.
  • Financial statements are presented and accepted at every board meeting.
  • Policy exists on conducting an audit, review, or compilation by an independent financial professional.
  • An investment policy exists for savings/reserves.
  • Board is conversant in budget and finances.
  • Board knows the ratio of dues to non-dues income.
  • Board understands ratio of savings to annual budget.
  • Minutes reflect that the board has conducted its due diligence at meetings.
  • Safeguards and policies are in place to protect assets.
  • Awareness exists that the CPA is accountable to the board.
  • Policy on check signing and credit card usage.
  • Reimbursement guidelines and documentation by receipts.

Bookkeeping

  • The executive director handles the bookkeeping through QuickBooks. 
  • Bank statements and reconciled files are presented to the board prior to each board meeting.  
  • Income statements are presented at each board meeting.  

Check Signing

The president has check signing authority.

Reimbursement Policy

Invoices and receipts are presented by the executive directors at each meeting of the Board of Directors for approval by the board.

Accountant

Pete Allman of Pete Allman & Associates in Austin will serve as PHA’s future accountant. All board members may independently consult with PHA’s accountant for financial questions related to PHA.