|Promoting Educational Opportunity in New England|
Event Cancellation Policy
New England Educational Opportunity Association Fiscal PolicyBoard Approved Changes - 9/4/2005
Minor error in line 41 corrected 1/11/05
Check card policy added on 10/1/2008
Policy Seminar reimbursement policy added on 3/28/2011
Check card policy updated on 9/28/2015
I. POLICY TITLE: BUDGET
A. Fiscal Year
The NEOA annual fiscal year shall begin on September 1 and conclude August 31 of the following year.
B. Preparation of an Annual Budget
The President, working in collaboration with the Treasurer, Finance Chair and appropriate Committee Chairs, shall prepare an Annual Budget for the Board for approval at the first annual meeting of the Board of Directors. Such budget shall divide income and expenditures related to different activities into separate cost centers as is necessary to meet contractual obligations and to comply with standard accounting practices.
C. Budget Modifications
The Finance Committee may recommend modifications to the annual budget as a result of changes in the Association’s financial position or priorities during the course of the fiscal year. All suggested budget modifications must be presented to and approved by the chair of the finance committee and the Board prior to expenditure.
II. POLICY TITLE: FINANCIAL REPORTS
Standard financial reports will be prepared for each regular scheduled meeting and distributed by the Treasurer to the Board of Directors. These reports shall include a listing of income and expenditures for the reporting period in each cost center by sub-account together with the variance between budget and actual expense, year-to-date.
The Finance Chair shall prepare a reconciliation of all bank accounts on a monthly basis and shall provide a reconciliation report to the Finance Committee at each regularly scheduled Board meeting. Should concerns arise in the reconciliation process, the Finance Chair shall work the Treasurer and other appropriate individuals to address the concerns in a timely fashion and report the outcome to the Finance Committee.
A. Inquiries Concerning Financial Reports
Board members and current and prospective funding agencies having questions concerning NEOA’s financial reports shall relay those questions to the Treasurer or President. The Treasurer and President shall review the questions with the chair of the finance committee, and prepare a reply. All inquiries must be responded to within 30 days of the inquiry date.
III. POLICY TITLE: RECEIPT AND DISBURSEMENT OF NEOA FUNDS
The receipt and disbursement of NEOA funds is the responsibility of the Treasurer.
A. Bank Accounts
No agreement to open any NEOA bank account shall be entered into without the specific approval of the Board of Directors. No person shall open any bank account or use any existing account as a depository for NEOA funds without the specific approval of the Board of Directors.
B. Receipt of Funds
Monies received shall be deposited by the Treasurer or his or her designee in an account authorized by the Board of Directors. No expenditures shall be made from cash collections.
C. Disbursal of Funds and Authorized Signature
The Treasurer and President shall be the authorized signatories for NEOA. Pursuant to authorization ($100.00 or less verbal, excess $100.00 written) all checks drawn on NEOA funds shall be signed by the Treasurer or President. If the Treasurer is unavailable or is unable to perform this function, the President may do so in his or her stead. No disbursement shall be made without a written invoice, with original receipts attached, or to meet an on-going contractual obligation evidenced by written documentation.
D. Check Card Policy & Procedures
All policies related to proper use of NEOA funds and appropriate documentation hold true for use of the check card.
E. Stop Payment for Lost/Missing Checks
In the event that NEOA issues a check that is not received or is reported lost, the Treasurer may issue a stop-payment on the original check if the amount is over $100 and issue a replacement. On the rare occasion that a travel reimbursement check issued is lost more than once, the Treasurer, in consultation with the Finance Chair, may elect to not issue a third replacement.
IV. POLICY TITLE: SELECTION OF VENDORS
Vendors shall be selected for their capability to serve the needs of NEOA and its members in the most economical and efficient manner possible. Past performance and cooperation are important factors to be considered in the selection. Only vendors in compliance with the Equal Opportunity Act (Executive Order 11246 Amended) shall be utilized.
A. Minority Vendors
NEOA shall purchase from firms or organizations operated or owned by minorities and/or women to the extent that this is feasible.
Necessity of Quotation shall be secured when the purchase in question exceeds $1000.00.
C. Sole Source
In instances where only one vendor can supply the goods or services sought in a timely fashion or of a quality required, a sole source purchase shall be required. If a sole source purchase is utilized, the Treasurer or requester shall provide written documentation as to the reasons a particular vendor is appropriate.
D. Lease or Rental of Equipment
Prior to recommending a lease or rental agreement covering equipment, the Treasurer or his/her representative shall examine the relative costs and benefits of the recommended selection and its alternatives. He or she shall report the findings to the Finance Committee. Such report shall indicate:
V. POLICY TITLE: TRAVEL
The basic policy guiding travel expense reimbursement for the NEOA Board of Directors, including others acting on behalf of NEOA, is that the individual traveler should neither gain nor lose personal funds as a result of travel assignments. Thus, each traveler is reimbursed for expenses incurred in connection with authorized travel on NEOA business consistent with these policies, and with any specific policies governing the grant or contract to which it is charged. Individuals are encouraged to obtain travel funds from alternative sources before submitting a request for reimbursements. With the exception of mileage, all travel-related reimbursements must be accompanied by supporting documentation (i.e. receipts).
A. Travel Authorization
B. Air and Rail Travel
Domestic air and rail travel is reimbursed on the basis of the actual costs of transportation used by the traveler, but reimbursement shall not exceed the cost of coach airfare by the usually traveled route. Coach should be utilized on all occasions when it is possible to do so. However, it is recognized that sometimes it may be necessary to use first class travel because on the lack of available space, time schedules, routing, cancellation of flights, etc. When first class transportation is used for any reason a statement of its necessity must be submitted with the required reimbursement request. Special airfares and discount rates shall be used when possible.
C. Automobile Travel
D. Other Transportation
Limousine service to and from airports and railroad stations plus reasonable gratuities shall be reimbursed to the extent that such service is not included in rail or airfares. Taxi fares, including gratuities, shall be reimbursed where public transportation or limousine service is not practical. This includes taxis between hotels and temporary place of duty. A receipt is required for reimbursement of any such trip.
E. Lodging (Hotels, Motels, Inns)
Authorized travelers should use standard accommodations in first class, but not luxury, lodging facilities. It is anticipated that if a traveler is attending a meeting he or she shall stay at the hotel where the meeting is held. All reasonable lodging expenses, related to the purpose for travel, shall be reimbursed when receipts are presented.
Expenses for meals for authorized travelers at restaurants shall be reimbursed when receipts for such meals are presented. Authorized association activities by committees, liaisons or task forces shall be reimbursed for reasonable meal costs.
G. Miscellaneous Expenses
Other expenses associated with normal travel that shall be reimbursed including the following:
H. Travel Advances
Cash advances in amounts anticipated to cover expenses of trip are available upon request if submitted in a timely manner. When travel arrangements are complete, the person authorizing the travel must sign a travel advance form. No travel advance will be issued until every prior advance has been accounted for.
VI. POLICY TITLE: CONSULTANTS
A. Definition of Consultants
A consultant is an individual who is engaged personally to give professional advice or services, for a fee, but not as an employee of NEOA. The term includes paid guest lectures and other paid guest speakers.
B. Consultant Payments to Federal Employees
Consulting fees paid to a Federal employee shall not be charged to a federal grant or contract or non-Federal share required by such grant contract.
C. Approval Requirements
All consulting agreements shall be in writing and signed by the President his or her designee. No consulting agreement shall be signed unless a specific line item for it is included in the annual budget.
D. Consultant Reports
VII. POLICY TITLE: INCIDENTAL ITEMS
Frequently, during the course of various events that NEOA sponsors, the organizing committee may wish to order and sell items associated with that event. These include, but are not limited to, T-shirts, mugs, pins, pens, raffles, etc. They are useful as a reminder of the experience as well as advertising for the organization.
The event organizing committee has the option to design and order these items, as long as they adhere to the general fiscal policies of NEOA. In addition, the following guidelines are expected to be followed:
FISCAL PROCEDURES FOR COMMITTEE CHAIRS
The following are recommended fiscal procedures for all NEOA Committee Chairs:
POLICY FOR EXPENDING FUNDS FOR COE POLICY SEMINAR
NEOA is committed to providing financial support to New England member states which send state leaders and alumni to the annual COE Policy Seminar. Each year, NEOA will budget at least $3,000 per state to support attendance at the COE Policy Seminar. Each state may seek reimbursement for actual expenditures after proper paperwork has been submitted. Expenses exceeding the amount approved by the Board will not be reimbursed. Any funds not expended will remain part of the general NEOA budget.
Of the total allocated for each state, one-third is available to support the expenses of the state designated team leader(s) with responsibilities for organizing travel to the Policy Seminar. The team leader assumes a leadership role for the delegation from that state and has numerous responsibilities during the event. In addition, the team leader is responsible for verifying, organizing and submitting a consolidated expense report to the NEOA Treasurer.
The remaining two-thirds can be used to cover expenses for TRIO alumni attending the COE Policy Seminar. How this breaks down is at the discretion of the team leader and takes into account what other funding might be available for this event. It is recommended that at least 2 alumni attend.
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