‍Financial Controls and Accounting Policy‍

‍Purpose: This policy is established to ensure the financial integrity and accountability of The Mini Mountain Farm Sanctuary Inc. through the implementation of comprehensive financial controls and accounting practices. It aims to facilitate prudent financial management and decision-making within authorized limits, safeguarding the organization's assets.

Scope: This policy applies to all financial transactions and decisions made by the organization, including but not limited to, operational expenses, capital expenditures, investments, and fund allocations.

Authority and Approvals

Section 1. General Financial Transactions: The President of The Mini Mountain Farm Sanctuary Inc. is authorized to approve and execute financial transactions up to $1,000.00 without the need for board approval. This includes operational expenses such as supplies, minor equipment purchases, utility payments, and other routine expenses necessary for the day-to-day operations of the organization.

Section 2. Land Improvement and Building Projects: For expenditures related to land improvement and building projects, including acquisitions, improvements, repairs, and maintenance, the President is authorized to approve and execute transactions up to $5,000.00 without board approval. Projects exceeding this amount must be presented to and approved by the Board of Directors in writing.

Procedures and Documentation

Section 1. Transaction Documentation: All financial transactions, regardless of their amount, must be accompanied by appropriate documentation, including but not limited to invoices, receipts, contracts, and written approvals. Documentation must clearly detail the nature of the expense or investment and the approval process followed.

Section 2. Financial Reporting: The Treasurer, in collaboration with the President, shall prepare monthly financial reports summarizing all transactions, including those authorized solely by the President. These reports will be presented to the Board of Directors for review. This does not supersede or replace otherwise agreed reporting in previously documented and approved bylaws or other governance documentation.

Section 3. Annual Budget: An annual budget, outlining expected revenues and expenditures for the coming fiscal year, shall be prepared by the Treasurer and approved by the board of directors. The President's authority to approve transactions within the specified limits must align with the approved budget.

Section 4. Audit and Review: As required by law, the organization's finances shall be subject to an annual audit by an independent certified public accountant. Additionally, the board of directors may request a review of financial procedures and transactions at any time to ensure compliance with this policy.

Section 5. Amendments: This policy may be amended at any time by a majority vote of the Board of Directors, provided that all members are given notice of proposed amendments at least 30 days prior to the vote.

Section 6. Compliance: Adherence to this Financial Controls and Accounting Policy is mandatory for all members of The Mini Mountain Farm Sanctuary Inc. Any violations or deviations from this policy may result in disciplinary action, up to and including dismissal from the organization.

This policy was adopted as of March 7th, 2024 by Board Consent.