Financial Management Policy
How money moves through Inclusive Ski Touring: who can commit it, who can spend it, and who checks.
Contracts and other written commitments
The Board may authorize any officer to enter into a contract or execute an instrument in the name of the organization. Absent a specific authorization, instruments relating to real property are executed by the President, the Secretary or the Treasurer, and all other instruments are executed by the President, consistent with the bylaws section on executing instruments. No officer, employee or volunteer may commit the organization to a contract outside these limits.
Spending authority
Approval thresholds
| Amount | Who approves |
|---|---|
| Under $500 | Executive Director, no additional approval |
| $500 to $1,500 | Executive Director and Treasurer |
| Over $1,500 | Board of Directors |
Budgeted, recurring operating costs within an approved budget do not require separate approval at each occurrence.
Checks, cards and payments
Checks and drafts are signed as authorized by the Board. Organizational payment cards are issued only to the Executive Director and the Treasurer, are used only for organizational expenses, and every transaction requires a receipt. Personal funds are not used for organizational purchases except where a reimbursement is pre-approved.
Deposits and income
All funds received are deposited to the credit of the organization in accounts selected by the Board. Program registration income is received through our booking platform and donations through our donation platform, and both reconcile to the accounts monthly.
Loans
No loan may be contracted on behalf of the organization, and no evidence of indebtedness issued in its name, without authorization by the Board. No loans are made to directors or officers.
Reporting and oversight
The Treasurer, with the Executive Director, presents financial statements to the Board at its regular meetings, including income and expenditure against budget. The Board approves an annual budget before the start of the financial year, and approves the Form 990 before it is filed.
Our financial statements and tax filings are published on our transparency page.
Gift acceptance
We accept cash, in-kind gear, services and venue support. We do not accept a gift where the conditions attached to it would compromise our mission, our independence, or the no-questions-asked basis of our fee waivers. The Board decides any case that is not clear-cut.