PSR: Executive Director: Financial Management

Executive Director: Financial Management

The Executive Director works cooperatively with the Treasurer to ensure that all assets of LLLI are managed in the best interest of the organization. The Executive Director:

  • Opens bank accounts as required to manage the business affairs of the organization with written approval from the Board of Directors.
  • Transfers funds between operating accounts as necessary to conduct the business of the organization.
  • Consults with and gain approval from both the Board Chair/co-Chair and the Treasurer for any transfer from a non-operating or investment account, including transfers of funds recommended by the auditors.
  • Ensures that the Board receives monthly financial statements at least one full week prior to requesting approval of the related Treasurer’s Report so that the Board can meet their fiduciary obligation in financial oversight.
  • Ensures that accountants require two signatures as prescribed by these Policies and Standing Rules.
  • Ensures that no person who has not been approved by the Executive Director, the Board Chair/co-Chairs, and the Treasurer is given signature authority.
  • Ensures that checks or other instruments of payment for the amount of $15,000 or more that have not been previously approved by the Board have three signatures, at least one of whom is the Treasurer and one of whom is the Board Chair/co-Chair. When physical signatures of the Executive Director, Treasurer, and Board Chair/co-Chairs are on file, electronic confirmation will serve as a signature.
  • Consulting with the Treasurer and the Board Chair/co-Chairs, reviews signatories on all accounts annually or when changes in personnel occur.
  • Ensures that signature cards are maintained current.
  • Ensures that LLLI staff copy the Treasurer on all correspondence between LLLI staff and other entities or individuals regarding LLLI financial transactions so that the Treasurer is kept aware of financial obligation changes or any issues that may arise.
  • Ensures that the International Code and Conflicts of Interest Committee has an opportunity to review any proposed funding sources, partnerships, or other collaborations with outside corporations or entities for the protection of LLLI against any possible conflicts of interest or conflicts with the International Code.
  • Signs all contracts with La Leche League International. Contracts and /or grants with LLLI greater than US $50,000 or that significantly relate to the reputation and/or credibility of LLL are to be co-signed by the La Leche League International Board Chair/co-Chairs or designee; additional co-signers may be included.
  • Ensures that written contracts between LLLI and any external party contain:
    • time limits,
    • yearly termination provisions,
    • termination for cause provisions
      • if the other party engages in conduct that (in the opinion of the LLL entity or the International Code and Conflicts of Interest Committee) violates the International Code,
      • if the company is purchased by a group that violates the International Code, and
      • if the product is recalled.
  • Ensures that the Board is given reasonable time before the filing deadline to review Form 990 before it is signed and filed.
  • Ensures that management of investments aligns with the policies described in Investment Policy.
  • Reviews investment accounts quarterly, ensures that there are proper segregation of duties and limitations on signatories and that account statements are received by and reconciliations performed by personnel who are not signatories.
  • Ensures that management of the annual audit aligns with the policies described in Audit and annually reports formally to the Audit Committee with:
    • a list of all bank or investment accounts newly opened or closed during the year,
    • a list of all existing brokerage accounts, investment, mutual funds, CDs and bank accounts,
    • a statement of all account balances with sufficient detail to confirm that the Funds are invested in accordance with the Investment Policy, and
    • procedures taken during the year to control the accounts.
  • Ensures that audited financial statements are uploaded to LLLI website.
  • Annually, prior to the date Leader numbers are assessed, reviews the cost-sharing (entity affiliation fee) formula with the Finance Committee and Treasurer, and the DCE administrators in order to make an appropriate recommendation to the Board for the coming fiscal year.
  • Negotiates loans for LLLI with the approval of the Board Chair/co-Chairs and the Treasurer.
  • Transfers securities in consultation with the Treasurer and the Board.

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