80C - REGINA HOUSE LOAN AGMT - Laserfiche WebLink

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WN Im I M. M Mercy House follows certain precepts in the conduct of its activities that include: • A Board of Directors to oversee business activities • Written policies for all accounting procedures and internal controls • Separation of accounting duties and responsibilities • Use software for accounting procedures that can track how grant money is spent • An annual outside audit after the fiscal year end (June 30) The objective of these practices is intended to: • Provide a reasonable assurance that all assets are safeguarded against loss by unauthorized use or disposition • Ensure all transactions are executed in compliance with management authorizations and are recorded properly and accurately in accordance with generally accepted accounting principles • Adequately maintain records and internal control procedures to ensure compliance with laws and regulations Mercy House has a full-time Controller and supporting accounting team, who are responsible for the following bookkeeping activities: managing accounts payable, cash receipts and payroll; preparing monthly financial statements and grant billings and assisting with the annual budget and audit. Our Associate Director oversees all financial activities. Our Controller and Associate Director will review financial statements and budgets with each Program Manager on a regular basis and will make adjustments on spending as necessary. We utilize a fund accounting system designed specifically for non-profit agencies. We use a cash -basis accounting system. Our Controller prepares the following reports on a monthly basis: balance sheet, profit and loss statement, general ledger, grant general ledgers, a functional expense report, and other reports as needed and required. A Certified Public Accountant who is a member of the Board of Directors is responsible for reviewing all financial statements on a monthly basis, presenting the organization's financial status at monthly Board meetings, securing Board approval of financials and preparing the annual tax returns. Keys to Organizational Success • Build and leverage strong, active board of directors. • Only engage in projects and services that support identified primary strategic programs. • Continue to design and implement strict financial controls and accountability. • Align programs and services to national best practices to ensure effective service delivery, better housing outcomes and increased cost effectiveness. Page 1 7 80C-12