Purpose:
This document contains processes to govern the details of handling financial affairs of the different projects and that of the organization.
Expenses
Projects with assigned bank accounts
- Project leader is fully authorized to make payments and reimbursements pertaining to their project, in accordance with the approved project budget.
- Project leader is responsible for making sure that their account is not overdrawn.
- Project leader is responsible for maintaining good bookkeeping. This includes:
o Keeping details of all checks written
o Keeping labeled receipts/invoice with following info on each receipt:
§ Name of project
§ Check#
§ Check payable to
§ Date of payment
§ Nature of the payment (i.e., salary, contract work, supplies, equipment rental, outside vendor, etc)
§ For expenses with no receipts/invoice i.e., salary, prepare detail of above on a blank sheet of paper
- Project leader is required to submit details of checks written, copies of receipts, and invoices to treasury, by the 15th of each month. The envelope marked “Paid receipts and invoices”, is provided in the office.
Projects with funds in main project account
- Project leader is to authorize the payments and reimbursements pertaining to their project, in accordance with the approved project budget.
- Project leader will submit the receipts/invoices to treasury for payments. Use the envelope marked “Un-paid receipts and invoices”.
- Project leader must provide following info on each receipt:
§ Name of project
§ Name of individual or vendor to be reimbursed
§ Nature of the expense (i.e., salary, contract work, supplies, equipment rental, outside vendor, etc)
§ For expenses with no receipts/invoice i.e., salary, prepare detail of above on a blank sheet of paper
- The treasury will issue a check within two week of submission of receipt/invoice.
Note:
ALL PROJECT LEADERS AND STAFF ARE REQUESTED TO SUBMIT THE FINANCIAL MATERIAL (receipts, invoices, copies of check payments etc. ) BY THE 15th DAY of each MONTH TO THE DESIGNATED PERSON. THE TREASURY WILL PROCESS THE INFO AND GENERATE A FINANCIAL REPORT FOR THE UPCOMING PROJECT LEADERS’ MEETING.
Revenues
By Check
Projects with assigned bank accounts
- Project leader must make a copy of checks and deposit checks in their project account, promptly.
- Project leader must leave copy of checks and deposit slip in the envelope marked “Deposits to Ihsan”. Write following details on each check:
o Name of the person receiving the check
o Name of customer/donor
o Project that the check was made for
o Nature of the payment(i.e., monthly service fee, registration fee, entrance fee, lunch money, donation, etc)
- 25% overhead of all revenues received for each project will be withdrawn.
Projects with funds in main project account
- Project leader will leave checks in the envelope labeled (“Deposits to Ihsan”)
- Project leader will leave a brief description with the check, including:
o Name of the person receiving the check
o Name of customer/donor
o Project that the check was made for
o Nature of the payment(i.e., monthly service fee, registration fee, entrance fee, lunch money, donation, etc)
- Treasury will make copies and deposit checks.
- 75% of all revenues received for each project will be available to the project.
By Cash
Projects with assigned bank accounts
- Project leader must deposit cash in their project account, promptly.
- Project leader must leave deposit slip in the envelope marked “Deposits to Ihsan”. Write following details on deposit slip:
o Name of the person receiving the cash
o Name of customer/donor
o Project that the payment was made for
o Nature of the payment(i.e., monthly service fee, registration fee, entrance fee, lunch money, donation, etc)
- 25% overhead of all revenues received for each project will be withdrawn and transferred to appropriate accounts.
Projects with funds in main project account
- Immediately notify the treasury upon receipt of any amount of cash.
- You can notify the treasury by text, phone call or email.
- Treasury will collect money and deposit it into operations accounts.
- 75% of all revenues received for each project will be available to the project.
One time credit card charge:
- All charges made through credit card machine are set to go to operations account (PNC A/c# …1521).
- Upon the completion of the transaction, the machine will print two copies of receipt.
- Give one copy to the customer/donor for their record.
- Ask customer/donor to sign the second copy.
- Keep signed copy for Ihsan use.
- Write down following info on the signed copy of receipt.
o Name of the person using the machine/charging credit card
o Name of customer/donor
o Project that the charge was made for
o Nature of the charge (i.e., monthly service fee, registration fee, entrance fee, lunch money, donation, etc)
- Leave the receipt in the envelope marked (“Credit Card Receipts”)
- If charge is approved, 75% of all revenues received for each project will be available to that project.
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For Ihsan to receive credit card payments, a closing process needs to be performed every day before closing the center. Please ask a member of Ihsan staff to perform this processing.
Recurring credit card charges:
Recurring credit card payments are made through paypal.com. These funds are transferred to appropriate checking accounts monthly. Only the treasury is authorized to set up, edit and cancel the payments on www.paypal.com.
Individuals with Ihsan Credit Card
- All Ihsan credit cards are property of Ihsan and assigned to individuals temporarily and for Ihsan use only.
- Make sure that you understand the purpose, use and limit of the credit card assigned to you.
- Use the credit card for designated use only and make sure that credit card has enough funds before each use.
- Keep receipts for all transactions.
- Label receipts with following information:
§ Name of project
§ Name of individual using credit card
§ Nature of the expense (i.e., supplies, equipment rental, etc)
- Submit an expense report with all receipts by 15th of each month to treasury.