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Financial Regulations
1.0
Roles and Responsibilities
1.1
The Forum (Board) has overall responsibility for the
activities and functions of Rights and Equality West
Midlands, including the approval of its annual budget,
end-of-year accounts, and all income and expenditure.
1.2 The
Forum (Board) will appoint an Honorary Treasurer from among
its members to oversee its accounts and to ensure the proper
conduct of its financial business.
1.3
The Honorary Treasurer shall present to the Forum (Board)
for its approval a draft annual budget and quarterly reports
on income and expenditure.
1.4
The Honorary Treasurer will be responsible for ensuring that
proper accounts are maintained to record the finances of
Rights and Equality West Midlands and to ensure receipts and
payment of all authorised amounts due to and from Rights and
Equality West Midlands.
1.5
The Honorary Treasurer will normally be expected to use the
services of a suitably qualified and experienced finance
officer to undertake the day-to-day management of the
organisation. The Finance Officer post holder will be
responsible to, and report directly to the Honorary
Treasurer.
1.6
The REWM Director may authorise expenditure on behalf of the
organisation against the budget approved by the Forum and
within any upper limit imposed by the Forum. The Director
should consult with the Honorary Treasurer prior to
authorising any unusual or exceptional payment.
1.7
The REWM Director must not authorise any payment to
her/himself, but in cases where a payment is due to the
Director, it must be authorised by the Honorary Treasurer or
by another Honorary Officer designated by the Honorary
Treasurer.
1.8
The audit of accounts will be carried out as soon as
possible after the end of each financial year by the
auditors appointed by Rights and Equality West Midlands and
in time for the accounts to be accepted by the Forum (Board)
within three months of the end of the financial year.
1.9
End-of-year accounts will be drawn up by the Honorary
Treasurer from the financial records kept by Rights and
Equality West Midlands and the accounts when audited shall
be presented to the members of the Forum (Board) of Rights
and Equality West Midlands at the annual general meeting.
1.10
Where an irregularity is suspected by any member of the
Forum (Board) or of the staff, the Honorary Treasurer should
be informed immediately. S/he will in turn inform the chair
and a full investigation will be conducted by the members of
the Forum (Board). The investigation must be independent and
members or employees of Rights and Equality West Midlands
who are implicated must not in any way participate.
1.11
The REWM Director, in consultation with the Honorary
Treasurer, will be responsible for negotiating with the
funding authorities and ensuring that applications for
funding are completed and submitted to the relevant
authority by the due date.
1.12
The REWM Director will be responsible through the Honorary
Treasurer to the Forum (Board) for co-ordinating
fund-raising activities.
2.0 Records
2.1
All payments must be accompanied by a completed cheque
requisition form. Authorised cheque signatories will be the
Honorary Chair, Honorary Vice-Chair, Honorary Secretary,
Honorary Treasurer or Director. Any two signatures will be
required to authorise payment. No blank cheques will be
signed by a single signatory.
2.2 Authorised
signatories are defined by bank mandate, after Rights and
Equality West Midlands Forum (Board) has appointed its
Honorary Officers.
2.3
Grants to Rights and Equality West Midlands will normally be
paid by bank transfer directly into the REWM account. All
cheques or cash received by the Rights and Equality West
Midlands must be paid into the bank account within five
working days of receipt.
2.4
Salaries of employees will only be paid through the Banks
Automated Clearing Service (BACS) to a bank account.
2.5 Detailed financial records will be maintained by
the Finance Officer in consultation with the Honorary
Treasurer.
2.6 A
quarterly financial report will be produced for the Director
and Forum (Board), with analysis of the variants by the
Honorary Treasurer assisted by the Finance Officer.
2.7 Quarterly figures will be submitted to the Forum
(Board). These quarterly figures will be prepared by the
Honorary Treasurer assisted by the Finance Officer, both of
whom will be expected to be in attendance.
2.8
Reports on cash flow will be produced for the Honorary
Treasurer, Director and Forum (Board) by the Finance Officer
as and when required by the Honorary Treasurer, and any
other Honorary Officer or Director.
2.9
Rights and Equality West Midlands Administrative Officer,
liasing with the Honorary Treasurer and/or Finance Officer,
shall keep an up-to-date inventory of all equipment,
furniture and fitments belonging to Rights and Equality West
Midlands.
3.0 Payments
3.1 Signing
of cheques. All
cheques will be signed by two authorised signatories.
3.2 Purchase
of equipment. Items
of equipment costing in excess of £500 will be purchased
only after receipt of two or more quotes and be approved by
the Honorary Treasurer or other designated Forum (Board)
member.
3.3 Petty
cash. Rights and
Equality West Midlands Administrative Officer shall
be responsible for the petty cash account. No payments in
excess of £50 shall be made from petty cash. The petty cash
account shall be balanced monthly and the petty cash imprest
shall not exceed £75. The Finance Officer shall carry out a
check on petty cash once a month.
3.4
Salary levels shall be approved by the Forum (Board) as per
any national CRE/REC agreement and in relation to the
organisation's income and agreed annual budget.
3.5 Payment
of expenses. Payment of expenses will be by cheque.
Claims must be made on expenses claim forms and authorised
by the Director or, in her/his case, the Honorary
Treasurer. The Forum (Board) members may claim reasonable
travel and subsistence expenses for attending Forum (Board)
meetings or other events on behalf of the Forum (Board).
3.6 Ordering
of goods. The Director will be responsible for the
ordering, within budget, of goods or services on behalf of
Rights and Equality West Midlands. Official order forms
shall be used for this purpose and no invoices for goods
supplied shall be paid unless they are correctly certified.
Certification shall imply that the goods have been received
in good condition, or that the work and service rendered
have been completed satisfactorily and that the price is
correct.
3.7
The Rights and Equality West Midlands Administrative
Officer, in consultation with the Finance Officer shall be
responsible for raising official invoices in respect of
payments due to Rights and Equality West Midlands.
4.0 Transfers
4.1 Transfers between the different accounts held by
Rights and Equality West midlands will be reported to the
Forum (Board) or its finance sub-committee and authorised by
one authorised signatory.
5.0 Income
5.1 All income will be
banked within a minimum of five working days of receipt.
5.2 No
income will be utilised as petty cash.
6.0 Financial planning
6.1
Annual estimates for the forthcoming financial year of
income and expenditure shall be submitted by the Honorary
Treasurer in March of each year to the Forum (Board) for its
approval.
6.2
The financial year of Rights and Equality West Midlands
shall run from the beginning of April of one year to the end
of March of the next.
7.0 Review
This document was approved by
Race Equality West Midlands Forum on 7 February 2002,
amended October 2007 and reviewed on an annual basis by the
Chief Executive with the next date of review scheduled for
January 2009.
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