Financial and Administrative Matters
11.1. Policy. The Program shall be administered in a professional and businesslike manner at all times. Funds shall be invested in licensed and chartered financial institutions and complete and accurate financial reports shall be made regularly to the Board.
11.2. Investments. All Program funds shall at all times invested or maintained in state or federally chartered U.S. banks or licensed financial institutions. The officers of the Program have a fiduciary duty to the Board to ensure the proper handling of all financial transactions.
11.3. Banking. The Treasurer shall be responsible for establishing banking arrangements for purposes of deposits and withdrawals to conduct Program business transactions. The Treasurer shall recommend to the Board the appropriate persons to have signature authority.
11.4. Expenditure Authority. The Board shall designate levels of authorization required for expenditures. Until modified by Board action, the Executive Director shall have sole authority to expend up to $500 per vendor, supplier or provider of services. Any amount in excess of $500 up to $5,000 to any one vendor, supplier or provider of services, shall require approval by a member of the Executive Committee in addition to the Executive Director. Any one expenditure to a vendor, supplier or provider of services in excess of $5,000 shall require Board approval.
11.5. Financial Transactions. Investment of funds not immediately needed for business purposes shall be under the direction and control of the Treasurer; provided that the Board shall set general investment strategies and guidelines. Until modified by the Board, the Tulsa Community Foundation (TCF) shall serve as investment advisor and custodian of such excess funds.
11.6. Investment Policy. All revenue received by the Program not needed for a reasonable period of time for program operations shall be invested in order to achieve profit, gain or income. Until modified by the Board of Directors, invested funds shall held and managed by the TCF pursuant to its standard Designated Fund Agreement (DFA). The Board may decide to exit the TCF or its DFA at any time so long as a prudent alternative managed fund or qualified advisor has been selected. Investments shall not be invested solely at the discretion of the Board or any of its officers without the advice and assistance of a professional, qualified investment advisor.
11.7. Insurance. The Program, its officers, directors and employees must be insured at all times against risk of liability for negligence, errors and omissions. In addition, Program property, including but not limited to all real property and furniture and furnishings must be insured at all times against risk of damage or loss. It is the responsibility of the officers, with Board approval, to make maintain such insurance in reasonable amounts and deductibles.
11.8. Accounting. The Program shall maintain a current and complete set of books of account for all assets, receipts and disbursements. Records of all such financial transactions shall be maintained for a minimum of five years. Such internal accounting shall be the responsibility of the Executive Director The Program shall use the services of an outside certified public accountant to prepare monthly and annual statements of profit and loss and an ongoing balance sheet. Monthly accountings shall be presented to the Board of Directors for approval.
11.9. Employment Policies and Non Discrimination. The Program shall comply with all state, federal and local statutes, ordinances and rules concerning employment. The Program shall not discriminate in making employment decisions on the basis of race, religion, national origin or sexual orientation. The Executive Director, in consultation with the Policies and Procedures Committee, shall write, update and maintain an Employment Manual containing all rules and conditions and statutory requirements pertaining to employment.
11.10. Contracting. Contracts and Agreements between the Program and vendors, service providers, sellers, lessors and other contracting parties should at all times be properly negotiated and executed. All such contracts and agreements must be in writing and signed by an authorized representative of both the Program and the other contracting party. Procedures which apply to the implementation of contracts are as follows:
- 11.10.1. Services. Persons and entities who provide services to Participants are referred to as Service Providers. Service Providers shall enter into written contracts or memoranda of understanding clearly defining the nature of services, cost, duration and other terms and conditions necessary to define the services. Contracts or memoranda of understanding with Service Providers shall require full cooperation in maintaining appropriate privacy of Participants. Contracts or memoranda of understanding with Service Providers shall require full cooperation in providing measurement data, findings and statistics for participants to allow the Program to measure and track outcomes. Contracts and memoranda of understanding shall all provide that the Program may cancel the agreement upon reasonable notice for no cause and immediately for cause. All Service Providers contracts and memoranda of understanding shall be approved in advance by the Executive Committee and executed by the President.
- 11.10.2. Employment. Employment Contracts between the Program and its employees shall be entered into as needed. Employment Contracts shall establish a W-2 bona fide employment relationship and not a service or consulting agreement unless expressly agreed to by the Executive Committee. For example, accounting and bookkeeping services may be outsourced to an accounting firm on a contract basis. All Employment Contracts shall be in writing and shall clearly define the nature and scope of employment duties, the amount and period for compensation and benefits and duration. All Employment Contracts shall provide that both parties may cancel the contract without cause upon reasonable notice; and 1st Step may cancel the contract immediately for cause. All Employment Contracts shall be approved in advance by the Board of Directors and executed by the President.
- 11.10.3. Contracts in General. Other contracts such as vendor agreements, equipment or real property leases may be entered into from time to time to further the mission of the Program. Other agreements shall be in writing and clearly define the nature of the goods and/or services provided, cost and duration (if appropriate). Expenditure authority is provided in Section 11.4 above.