Financial records must be kept so that:
- The foundation meets its legal and other statutory obligations.
- The management and operations team have proper financial control of the foundation.
The foundation must meet the obligations and requirement of donors. The books of accounts must include:
- A cashbook recording all transactions which appear on the bank account.
- Accounts must be drawn up at the end of each month with the management and operations manager and the finance manager and presented to the director of the foundation, John Burke.
- Prior to the start of each academic year, the management and operations team will approve a budgeted income and expenditure account for the following year.
- A report comparing actual income and expenditure with the budget should be presented to the advisory committee every two months or whenever meetings takes place.
The Elevate foundation will bank with Bank of Ireland at its Spanish Point branch. A current account will be held in the name of Elevate Foundaion.
The bank mandate will include:
- Director, John Burke
- Management and Operations Manager, Sharon Connellan
- Finance, Isobel Browne
The foundation will require the bank to provide statements every month and these will be reconciled with the cash book at the end of every month with the management and operations manager and the finance manager.
The director of the foundation will spot check that this reconciliation has been done at least twice a year, signing the cash book accordingly. The foundation will not use any other bank or financial institution or use overdraft facilities or loan.
All monies received will be recorded promptly in the cash anaylis book and banked without delay. The foundation will maintain files of documentation to back this up.
The aim is to ensure that all expenditure is on the Elevate foundation’s business and is properly authorised and that this can be demonstarted.
John Burke, the director of the Elevate foundation, will be responsible for holding the cheque books (including unused and partly used cheque books) which should be kept under lock and key.
Blank cheques will never be signed.
The relevant payee’s name will always be inserted on the cheque before signature and the cheque stub will always be properly completed.
No cheques should be signed without original documentation (see below).
Every payment out of the Elevate foundation’s bank account will be evidenced by an original invoice. That original invoice will be retained by the management and operations manager and filed.
The Elevate foundation will, if asked, reimburse expenditure paid for personally by staff, providing:
- Fares are evidenced by tickets.
- Other expenditure is evidenced by original receipts.
- Car mileage is based on local authority scales.