TARRY HOUSE, INC.

 

Subject:  Financial Management Policy                      

 

Procedure Number:  B.P. 01

Site: Tarry House & Respite

 

Issued By: Executive Director

Effective: 1/97

Approved By: The Board of Trustees

Revised: 11/25/02; 11/29/05; 3/3/08

Reference Policy:

Reviewed: 1/98; 12/99; 1/10/01; 11/30/01; 11/25/02; 11/25/04; 11/29/05; 3/3/08

 

Standards Reference:

CARF: Section 1 H & I

ODMH: 5122-30-19

 

I.                   Purpose

 

                        To maintain acceptable fiscal practices, and remain fiscally solvent as an organization.

 

II.                Policy

 

A.     In its financial management, Tarry House, Inc. shall follow generally accepted accounting principles and adhere conform to legal requirements, based on sound financial planning and be prudent in management of capital, assets, income and expenses.  Tarry House, Inc. shall undertake:

 

1.      Efficient and accurate recording, reporting and control of revenue, expenses, assets and liabilities.

2.      The determination of costs of service and activities at least annually.  Provide financial reporting to the Board of Trustees at least four times a year (quarterly).

3.      The preparation and use of an annual operating budget prepared according to the generally accepted accounting principles.

 

B.     Tarry House, Inc. shall prepare an annual operating budget that includes income and expenses.

 

1.      Budget will be monitored to ensure compliance.

 

C.     The Finance Committee of the Board of Trustees who participates in budget and management responsibilities shall be provided sufficient information by staff to make informed judgments about operations and needs.

 

D.     The Board of Trustees shall:

 

1.      Approve the annual budget.

2.      Review at least every two years the policies for the administration of funds.

3.      Review monthly the Agency’s financial status.

4.      Delegate to an auditing firm the responsibility for completion of an annual audit of the financial records in compliance with governmental regulations.

 

E.      The budget requests submitted shall reflect program needs as determined by staff, and shall be consistent with resources available.

 

F.      There shall be a formal system of internal control for dealing with financial management.

 

G.     Tarry House, Inc. shall have fiscal policies and procedures that include, but are not limited to; cash disbursements, cash receipts, investments, purchasing and donations.

 

H.     Unless otherwise provided by law, Tarry House, Inc. shall have risk protection, including insurance that includes professional liability, fire, theft and disaster.  All Tarry House owned vehicles shall also be insured.

 

I.        Tarry House, Inc. shall provide in writing, when requested, its fees and rents such as Tarry House Recovery Homes residential fee and rents for apartments.

                 

 

           

_____________________________________________                              _____________________

Executive Director                                                                                            Date