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policies:accounting [2016/10/13 18:47]
Geoff Nicholson Compliance Section 		policies:accounting [2016/11/29 01:20] (current)
Geoff Nicholson [Reimbursement of Expenditures]
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 The treasurer is responsible for registering funds which come in, and for paying the bills the President and the Directors have accrued. Being able to track down every single penny is nice, but not required. Experience with double-entry bookkeeping is very nice, but accounting licenses are not. The treasurer is responsible for registering funds which come in, and for paying the bills the President and the Directors have accrued. Being able to track down every single penny is nice, but not required. Experience with double-entry bookkeeping is very nice, but accounting licenses are not.
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 +==== Reimbursement of Expenditures ====
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 +In order to be [[policies:reimbursements|reimbursed]] for expenditures undertaken on behalf of the space, payees will have to have their expenses approved by at minimum the President (if the transaction is below $100) or the Directors (if the transaction is above $100). To expedite approval, it is key that the expected expense is budgeted for, so we are aware that it is coming. For non-budgeted expenses, it is also suggested to get the approval of the Area Captain for the area where the purchase will be utilized, so that we can ensure that the purchase will go to good use. The President can override the lack of Area Captain assent, and the Directors can override the lack of Presidential assent. For minor expenses, it is suggested that a donation be considered instead, which may be tax-deductible for the donor.
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 +==== Donations ====
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 +As a <nowiki>501(c)3</nowiki> entity, we are able to issue tax receipts for [[:policies:donations|donated goods and funds]].  Due to the varied nature of work, donations of services cannot be given a receipt.  Receipts should be issued on a quarterly basis for donations below $250 in value, and monthly for donations above $250.  These receipts will be retained for Federal Tax reporting purposes.
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 ===== Taxes ===== ===== Taxes =====