PSR: Bank Accounts and Transfer of Funds

Bank Accounts and Transfer of Funds

The Executive Director may open bank accounts as required to manage the business affairs of the organization with written approval from the Board of Directors.

The Board of Directors authorizes the Executive Director to transfer funds between operating accounts as necessary to conduct the business of the organization. Any transfer to or from a non-operating or investment account requires consultation with and approval from both the Board Chair/co-Chairs and the Treasurer, including transfers of funds recommended by the auditors.

Procedures for authorizing payments refer to all instruments of payment, including electronic means of payment.

All instruments of payment require two signatures. These signees are the Executive Director and the Treasurer, or if the Treasurer is unavailable, the Board Chair/co-Chairs. If the Executive Director is unavailable, the CEO/President of the management company can sign for the Manager.

When physical signatures of the Executive Director, Treasurer, and Board Chair/co-Chairs are on file, electronic confirmation will serve as a signature.

No person who has not been approved by the Executive Director and the Treasurer will be given signature authority.

Checks or other instruments of payment for the amount of $15,000 or more that have not been previously approved by the Board require three signatures, at least one of whom is the Treasurer and one of whom is the Board Chair/co-Chairs.

The Executive Director and the Treasurer review annually the signatories on all accounts and ensure that signature cards are maintained current.

All correspondence between LLLI staff and other entities or individuals regarding LLLI financial transactions is copied or forwarded to the Treasurer.

(Feb 89; rev Feb 04; Oct 20)

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