In January a proposed budget for the next fiscal year should be submitted to the Finance Committee. Start with zero-base budgeting; in other words, not what the committee received for the current year, but an amount necessary to cover the committee’s needs for the next fiscal year. Please be clear and specific about what the committee’s expenses will be, and provide additional details if needed.
Disbursement of Funds
Committee purchases should be made or pre-approved by the chair.
Our tax free number should be used when making purchases at stores where we have accounts. Currently these include Walmart, Lowe’s and Home Depot.
Receipts are required for reimbursement by the Treasurer. Chairs should sign them, indicating their approval for payment, then put the bill in the Treasurer’s box in the office. Advances are not made to committees.
Committee chairs may not overspend any of their budget lines or move funds from line to line without the approval of the Finance Committee.
Committee chairs receive quarterly reports to assist in tracking expenditures. However, it is recommended that committee chairs also keep informal records.
All items must be received or services performed by June 30 to be considered for the current fiscal year. Unspent funds are not carried over into the new fiscal year.