last updated: 7/23/08
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Operating Funds

Income

1. All income (checks and/or money) is:

   a. sent to the Administrative Assistant for deposit with NCLA Deposit form.
   b. deposited under separate procedures for NCASL Biennial Conference.

2. Monthly, the Administrative Assistant will:

   a. post revenue to the appropriate fund in the accounting system
   b. prepare an income and expenditure report
   c. send documents (above) to Treasurer and a third party appointed by the President, as as requested to section/round table chairs, Finance Committee Chair, President and officers.

3. All operating fund interest earned will be retained for the operating fund of NCLA, except for the interest earned on NCASL operating funds which will be prorated to NCASL based on their average operating fund balance during the period.
4. Income from investments will be dealt with under separate procedures. An investment committee will be appointed by the NCLA President, will be chaired by the NCLA Treasurer, will be composed of the NCASL Treasurer and representatives from a minimum of four sections, and will establish investment policy.

Expenditures

1. Check requests (with appropriate receipts and NCLA Check Request Cover Sheet) are:

   a. signed by the section/round table chair and/or treasurer
   b. mailed to the Administrative Assistant.

2. Biweekly, the Administrative Assistant:

   a. posts check requests information in accounting software program
   b. prepares checks and envelopes
   c. completes NCLA Check Request Cover Sheet with check number and date of payment
   d. sends the checks with the summary to NCLA Treasurer for signing and mailing

3. Biweekly, the Treasurer signs and mails checks.
4. Monthly, the Administrative Assistant

   a. prepares an income and expenditure fund report.
   b. prepares a detailed transaction report for each fund and all its subcategories as needed.
   c. sends documents (a and b above) to Treasurer and a third party appointed by the President, and as requested to section/round table chairs, Finance Committee Chair, President and officers.

5. Monthly, the Treasurer:

   a. receives and retains a copy of the bank statement for his/her records
   b. sends original to the Administrative Assistant for reconciliation and filing
   c. sends a copy to the President's appointee, usually a member of the Finance Committee, who reconciles the bank statement to the association's fund accounts

6. The Administrative Assistant:

   a. prepares a quarterly financial report no later than 20 days into the next quarter. If an Executive Board meeting is scheduled previous to this date of the month, every effort shall be made to provide the report prior to the meeting.
   b. sends quarterly report to NCLA Treasurer, NCLA Finance Committee, NCASL Treasurer, and others on request.

7. The NCLA Treasurer presents quarterly financial report to the Executive Board
8. Annually, the Administrative Assistant will prepare financial reports for completing IRS Form 990.
9. The NCLA Treasurer will present the names of a proposed tax preparer and auditor to the Finance Committee, who will review and forward the recommendation to the NCLA Board.
10. Annually, the Treasurer will submit financial reports to designated tax preparer and upon completion of IRS Form 990, forward these reports to the IRS by deadline.
11. Separate procedures will govern expenditures for NCASL Biennial Conferences.
12. Expenditures from investments will be dealt with under separate procedures based on the purpose of the restricted fund.
13. Section and Round Table chairs may request monthly income and expenditure reports, and other pertinent documents, from the Administrative Assistant as needed, or may at any time make a standing request for continuing monthly reports.