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Budgets: Under the supervision of the Finance Committee and prior to the beginning of each fiscal year, the <br />Executive Director and Chief Operating Officer prepare an Operational Budget, including Program Budgets. <br />Tuition fees, Service fee rates, dues, subscription rates, etc., shall be approved by the Board. Any gifts (monetary <br />or otherwise) resulting from fund-raising activities, solicitations and acceptance of gifts or contributions that are <br />presented with restrictions of use shall be approved by the Board of Directors and submitted to the finance <br />committee to verify the appropriate method of accounting and reporting. <br />Receivables: Receivables shall be aged monthly and delinquent accounts shall be followed up for collection. <br />Receivables from miscellaneous sources shall be reviewed periodically by the Treasurer and significant amounts <br />shall be reported to the Board of Directors. All write-offs shall require approval from the Finance Committee <br />prior to implementation. The Board shall review all write-offs from uncollectible accounts receivables. <br />Deposits and Receipt of Monies: Deposit of monies are and shall be made on a weekly basis, or whenever more <br />than one thousand dollars (in either cash or check) has been received and recorded by the OCCTAC office. All <br />items to be deposited are and shall be stamped "For Deposit Only" to the Account of OCCTAC with the <br />appropriate bank account number. A deposit form for established OCCTAC accounts shall be completed with <br />deposit slip details for cash or multiple checks. A copy of the deposit form, slip and all items to be deposited shall <br />be made for accounting purposes and upon completion of the deposit attached to the deposit slip and turned into <br />the accounting revenue in -box. To ensure appropriate financial controls, the individual making deposits shall not <br />be the same person reconciling the OCCTAC account. All funds received shall be recorded in the accounting <br />system and filed in the locked accounting file cabinet. <br />Disbursements: All disbursements are and shall be made by checks drawn on the established operating checking <br />account for the OCCTAC. All disbursements shall utilize pre -numbered checks used in sequence. Any and all <br />"voided" checks are and shall be mutilated and notes on the voided check stub. At no time shall disbursements be <br />made to "bearer" or to "cash". All banking materials, records, blank checks, and deposit books are and shall be <br />maintained in secure cabinets in the OCCTAC office under the supervision of the Executive Director, Chief <br />Operating Officer and Finance/Accountant or staff. Only those individuals authorized to handle check stock as <br />their part of their accounting duties for OCCTAC account shall have access to these banking materials. <br />Disbursements shall be prepared from original invoices. Each disbursement shall require submission of a purchase <br />request form and appropriate backup documentation. Invoices shall be date stamped upon receipt and marked <br />"approved for payment." <br />Reconciliation of Accounts: All OCCTAC bank accounts are reconciled monthly. A monthly review of all <br />accounts and financial reports are prepared by the Board Treasurer or designated Finance Committee Member. <br />Financial Reporting: The Administrator maintains books of accounts, using Generally Accepted Accounting <br />Principles, and an accounting system capable of managing the bookkeeping and financial reporting needs of <br />operating the Center. <br />Files and Records: OCCTAC shall maintain hard copy files for all operational and business transactions that <br />occur. Files shall be separated into the following categories: a) Accounting records, b) Grant documentation, c) <br />Tax filings; Donors, d) Legal/Insurance/License /Permits, e) OCCTAC Programs, f) Personnel documents and <br />files, g) Vendor and Client contracts and other documents. <br />OCCTAC maintains electronic and hardcopy records of all accounting transactions and financial reporting. All <br />electronic records are be copied and stored in a secure, off site location or in a web based file storage system, <br />which is the server. All financial and accounting hardcopy files are stored in secure --lockable file cabinets. <br />Requests for financial documentation get processed through the accounting staff i.e. copy of original document. <br />Original financial documentation remains in the file/s cabinet at all times. <br />17 <br />Exhibit A <br />