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Financial Guidelines

Financial Guidelines
 
All revenue and assets generated through membership dues, donations and annual meetings, belong soley to the TSRT.  They are governed and managed by the TSRT Board Chair in the best interest of the Society and membership.
 
The Board Chair will serve as the Chair of the Budget and Bylaw Committee.  This committee is a 5 member group.  The Executive Office Manager serves in an advisor position only.  The committee members will draft the proposed budget and the chair will present to the membership at annual meeting.
 
Approval of projects, meetings, and seminars requiring funding must receive prior approval of the Executive Board.  The TSRT Board Chair will present the request for approval.  All requests on behalf of the Annual Meeting are handled through the Annual Meeting Committee Chair.  All registration fees established for meetings must have Executive Board approval.  All profits and losses revert directly to the TSRT from the meeting/seminars with proper profit and loss statement and receipts of all expenditures.  The annual meeting will have seperate line items within the operating budget.
 
Committee expenses should be requested at the time of presentation to the Executive Board.  All projects require prior approval for expenditures.  Proper receipts and bills shall be presented to the TSRT Board Chair for approval and payment.  The Executive Board shall approve annually the operational expenses for the organization.  The annual operational expenses shall be based on the operational expenses of the previous five (5) years and presented by the TSRT Board Chair at the winter board meeting.  The Executive Board reserves the right to add or delete line items to the adopted operational budget as needed.
 
Individual expenses incurred by officers, board members, and committeee members such as postage, mileage, printing, or society business, with prior TSRT Board Chair approval, will be paid by the Executive Office Manager with submission of a receipts.  Individual receipts will be paid as funds are available.
 
Society funds are handled and maintained by the TSRT Executive Office who maintains an active checking account.  The TSRT Board Chair maintains an accurate account of the funds of the organization.  The TSRT Board Chair will provide the Executive Board with a quarterly report of finances maintained by the TSRT Executive Office.  At each Executive Board meeting a financial statement is presented by the TSRT Board Chair to the Executive Board.  The TSRT Board Chair and Executive Office Manager will sign checks.  All checks require two signatures.
 
Income tax accounting is submitted yearly.  Income tax filing will be handled by a CPA.  No officer or employee will file the income tax for the organization.  The TSRT is considered a non profit organization due to its being an affiliate of the American Society of Radiologic Technologists who holds a non-profit status.  The tax status under IRS guidelines is Group Exemption under the ASRT's Group Tax Exemption Letter and is classified as a 501(c)(6) organization, which is ASRT exempt status. 
 
An outside audit of the records will be done each year.  The following documents will be provided for the audit:
 
1.  Outside Financial Audit Report Form
2.  Bank Statements
3.  Merchant Service Statements
4.  Spending by Category Report
5.  Spending by Payee Report
6.  Monthly Income and Expenses Report
7.  Transactions by Category
8.  Transactions by Payee
9.   Income and Spending Report
10. Income and Spending over Time Report
11. IRS Filing Report
 
The outside audit will provide a starting balance for the fiscal year.  It will document the Income Revenue and Expenses for the fiscal year. It will also provide an ending balance.  Check images will be reviewed to verify that two signatures are on each check.  Officer and committee requests for reimbursement will be check for receipt attachment to verify the amounts match.  All officer and committee requests for reimbursement must have Board Chair Approval and signature. The individuals conducting the audit will list any issues found.  If an issue is found, the Board Chair will receive an official email by the individuals conducting the audit.  The outside audit will be done by two individuals that are not members of the organization.


Bank Reconciliation Policy & Procedure:  It is the policy of the TSRT to have all bank statements directly forwarded to the TSRT Executive Office.  The TSRT Executive Office Manager, who will review the checks cleared during the prior month.  The TSRT Executive Office Manager will be responsible for the reconciling the bank statements.  The TSRT Board Chair will view the account online.  The TSRT Board Chair will report to the TSRT Board and Officers the Monthly, Quarterly, and Yearly summaries.  The TSRT Budget Committee will review no less than bi-annually. 


Budget Policy & Procedure:  It is the policy of the TSRT that the board shall guide the affiliate in accordance with the approved annual operating budget.  The board shall review any budget changes that will have a significant impact as part of its fiduciary responsibility to the affiliate.  The budget must uphold the mission, goals, and vision of the TSRT. 

The TSRT board shall approve an annual operating budget for each fiscal year that will project income and expenses and will provide for member benefits and support services as outline in the strategic plan for the year.  The board will approve the annual budget prior to the start of the fiscal year.  The proposed budget for the upcoming fiscal year will be approved at the TSRT Annual Meeting by the membership.  A budget informational session will be incorporated into the meeting schedule prior to the call for adoption in the business session.

It is the policy of the TSRT to prepare a balanced budget.  The budget will be prepared by the Budget Committee and presented for consideration by the TSRT Board Chair at the TSRT Annual Meeting.  The TSRT Board of Directors will review and approve the budget at least one month before the start of the next fiscal year. 

It is the policy of the TSRT that no expenditures are allowed to exceed the budget without prior approval from the board of directors.  If  it is determined that an expenditure will exceed the budget for a particular item, it is the responsibility of the person submitting the expenditure to contact the TSRT Board Chair prior to committing to the expense.  The request for expenditure must be forwarded to the Board of Directors and approved by majority vote of the board of directors.  The vote of the board of directors will be included in the minutes of the next meeting of the board of directors.  A copy of the approval will be attached to the voucher when requesting payment.


Financial Controls Policy & Procedure:  It is the policy of the TSRT that authorization is necessary for signatures on contracts, checks, payments, and receipt, deposit or withdrawal of money.  The board shall have oversight of any individual authorized to purchase, withdraw money or sign contracts for the TSRT.  The board shall approve any expenses that exceeds the budget.  Internal controls policies and procedures must be followed for consistency.  The TSRT shall place all accounts in financial institutions that are federally insured.  All funds received by TSRT shall be deposited within the designated timeframe.

All incoming checks immediately must be sent to the TSRT Executive Office Manager for processing.  The checks must be deposited in the designated TSRT account within 15 days.  Authorization for signatures on checks, contracts, payments, and receipt, deposit and withdrawal of money shall be given to the TSRT board for consideration.  Expenditures that exceed the budget shall be approved by the board of directors at a board meeting.

Check Signing Authority:  The Board Chair, President, President Elect, and Executive Office Manager are authorized to sign checks.  All checks require two signatures.  At least one signature has to be a member of the Executive Board.