Purpose of this document
This document sets out the principles and processes for how we manage BSANA’s finances.
Principles
- Our handling of the BSANA finances must be transparent and open to scrutiny
- As we are handling public money, or money kindly donated, we must always seek to get the best value for our purchases. This means getting comparative quotes where the sum involved is over £200
- We spend first in the neighbourhood, or in Reading, wherever possible and compatible with the principle of ‘best value’
- The sub-groups understand their allocated budget
Processes
Spending money
All payments must be in accord with the line items on the monthly budget sheet issued by the Treasurer – any deviations must have the agreement of the Treasurer and Chair.
- If paying by cheque from the BSANA account, there must be two signatories (who cannot be related or from the same household)
- If paying by bank transfer from the BSANA account, there must be two people authorising the spend (who cannot be related or from the same household)
- If an individual spends his/her own money with a view to claiming back the expense, then:
- if over £50 this must be pre-agreed with the Chair, Vice-Chair or the Treasurer
Keeping records
- Keep all receipts for BSANA purchases and pass them to the Treasurer
- Monthly, the Treasurer compiles a budget sheet for presentation at the Management Meeting: this shows actual spend and forecast spend, per sub-group at line item level of detail
- Monthly, the Treasurer compiles a sheet showing spend and income
- Monthly, the Treasurer reconciles spend against the BSANA Co-op bank statement
- All payments must have a receipt or an invoice associated with them (and for reimbursement to individuals there must be an expense sheet with receipts attached – see below). BSANA cannot make payments if there is no receipt or invoice
Claiming expenses
If an individual makes a purchase on behalf of BSANA, using his/her own money, then he/she will be reimbursed providing that the purchase was in line with the budget sheet, and pre-agreed (if over £50). If in any doubt, ask the Chair or the Treasurer before buying something.
Please complete the “Expenses claim form” and staple the relevant receipts to it and pass the expense sheet and receipts to the Treasurer. Alternatively photographs of the receipts can be pasted into the form and the form be emailed to treasurer@bsana.org.
Monthly accounting
At the Management meeting, usually every other month, the Treasurer presents a report showing what has been spent (actuals). The members of the sub-groups are responsible for advising on the forecast for the current and upcoming months. There should be no surprises. This way, we will understand where and by how much we are underspending, and we will be certain not to overspend.
Donations and gifts
Donations and gifts include monetary contributions/payments and non-monetary contributions, and/or in-kind contributions of goods or services provided to BSANA by individuals, businesses or other organizations. BSANA reserves the right not to accept any restrictions on use of donations; however, if one specifically requests at the time of donation that funds be used toward a specific project, event or initiative, BSANA will try to honour such requests as long as they are in line with planned activities and not conflict with BSANA’s aims. BSANA may refuse any gift that does not sufficiently benefit the association, is in conflict with BSANA aims, puts the reputation of BSANA at risk, or is prohibited by law. BSANA reserves the right to refuse donations that it deems are overly restrictive or not useable.
Once a gift or donation is received, it is no longer considered the donor’s, but instead it is considered BSANA’s to benefit our beneficiaries’ interests and BSANA’s activities and aims. Donors should not expect their donations and gifts to BSANA will be refunded or returned. Non-monetary donations or in-kind donations of good or services are non-refundable; these include but are not limited to donations of items of value for use by BSANA or for its fundraising efforts. If such donations are not used by BSANA for the project, event, or purpose for which it was intended, BSANA reserves the right to use such gift for a future project, event or purpose at BSANA’s sole discretion, unless the donor made known an express intent at the time of the donation to have the gift returned to the donor if it went unused.
BSANA is grateful to its donors but does not endorse any product or service.
BSANA respects and protects its donors’ privacy. If a donor does not wish to have BSANA share their name publicly, the donor must inform BSANA of this intent. If accepted, BSANA will not publicly share the donor’s name without their express approval.
This Statement is dated 16th June 2020 and is due for review in June 2022.