Charges:

This Committee is charged with developing internal control policies and a financial and accounting procedures manual.  Once the policies and procedures are adopted, the Committee will conduct an annual internal audit of the previous year's financial records, review the ongoing financial and business practices of the Association and advise the Advisory Board on budgetary matters.

The Committee will look at developing internal control policies that will provide the following:

• Proper authorization of transactions and activities;
• Adequate segregation of duties;
• Adequate documentation and records;
• Adequate safeguards over use and access to accounts; and
• Independent checks over performance.

The financial and accounting manual should include the following items:

• A method of recording, summarizing and reporting all financial transactions;
• Proper handling of accounts receivables, including the issuance of receipts, collecting receivables, credit card payments, making deposits, and handling checks returned for insufficient funds;
• Proper handling of accounts payables, including expense authorizations, method of disbursements, reimbursement of travel expenditures and stop payments and cancellation of checks;
• A method of bank reconciliation;
• Appropriate policies for entering into contractual services, including speaker and hotel contracts;
• Appropriate investment policies;
• Policies and procedures on taxes, including preparing Federal tax forms and appropriately handling state sales taxes;
• A policy on record retention; and
• Policies and procedures for conducting annual audits.