O.C. CHILDREN’S THERAPEUTIC ARTS CENTER 9 - 2007

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Other key staff for this proposal includes a part-time Arts/Technology Instructor/ Mentor and a part-time Career Counselor. Fiscal Capacit). AccountiDl?: Method: OCCT AC utilizes an accrual-based account methodology. Revenue and expenses shall be recorded in the month that they were incurred or earned as opposed 10 the month that the cash is paid out or received. Cost Allocation Method: Costs shall be allocated using the Direct Cost Allocation Method (OBM Circular A-122). OCCT AC shall classifY each item to a specific program, department. site, grant or contact that it directly relates to. Indirect expenses like general administration and general expenses shall be allocated based on the allowable budgeted portion of each program "'~th the remaining portion to the center's administrative category. OCCT AC shall produce financial reporting for each of the Center's program functions. In consolidation. these programs shall make up the overall financial position of OCCT AC. All transactions (Payments and cash receipts) that occur at the center shall be classified under identified categories and programs. When program funding is split between two or more sources. the cost allocation for this program shall conform to the budget allocations established in the program. Budl!:ets: Under the supervision of the Finance Committee and prior to the beginning of each fiscal year the Executive Director shall prepare a draft operating budget. Tuition fees, Service fee rates. dues, subscription rates. etc., shall be approved by the Board. Any gifts (monetary or otherwise I resulting from fund-raising activities, solicitations and acceptance of gifts or contributions that are presented with restrictions of use shall be approved by the Board of Directors and submitted to the finance committee to verifY the appropriate method of accounting and subsequent reporting. Receivable: Receivables shall be aged monthly and delinquent accounts shall be followed up for collection. Receivables from miscellaneous sources shall be reviewed periodically by the Treasurer and significant amounts shall be reported to the Board of Directors. All write-offs shall require approval from the Finance Committee prior to implementation. The Board shall review all write-offs from uncollectible accounts receivables. DeDosits and ReceiDt of Monies: Deposit of monies shall be made on a weekly basis, or whenever more than one thousand dollars (in either cash or check) has been received and recorded by the OCCT AC office. All items to be deposited shall be stamped "For Deposit Only to the Account of OCCT AC with the appropriate bank account number. A deposit form for established OCCT AC accounts shall be completed with deposit slip details for cash or multiple checks. A copy of the deposit form, slip and all items to be deposited shall be made for accounting purposes and upon completion of the deposit attached to the deposit slip and turned into the accounting revenue in-box. To ensure appropriate financial controls, the individual making deposits shall not be the same person reconciling the OCCT AC account. All funds received shall be recorded in the accounting system and filed in the accounting file cabinet.