Accounting
This policy establishes the accounting standards and procedures for the Child Safety Fund (CSF). It ensures that all financial activities are managed with integrity, transparency, and accountability to support the organization’s mission and long-term sustainability.
Oversight and Responsibilities
CSF maintains sound accounting practices to ensure accurate financial reporting, responsible stewardship of resources, and transparency to stakeholders. All accounting activities are performed in accordance with generally accepted accounting principles (GAAP) and documented internal controls.
The Board of Directors holds ultimate fiduciary responsibility for CSF’s financial management and oversight.
The Treasurer oversees the integrity of accounting records, reviews financial statements, and ensures that bank reconciliations are completed and approved on schedule.
The Designated Officer is responsible for the day-to-day management of financial transactions, ensuring that all receipts, disbursements, and records are properly documented and accurately entered into CSF’s accounting system.
Accounting Records and Documentation
CSF maintains all accounting records in an electronic accounting system capable of producing GAAP-compliant financial statements and grant-specific reports when required.
Every financial transaction must be supported by appropriate source documentation (e.g., invoices, receipts, contracts, payroll records).
Records must clearly identify the purpose of the expense and its connection to CSF’s mission or approved program.
Internal Controls and Segregation of Duties
To the extent practicable based on staffing capacity, CSF maintains a segregation of duties among authorization, custody, and record-keeping functions.
Bank reconciliations are completed monthly by the Managing Director and reviewed by the Treasurer.
All expenditures require appropriate approval and supporting documentation prior to disbursement.
Financial management practices are guided by the internal control principles set forth in the GAO Green Book and the COSO Internal Control Framework.
Financial Reviews and Reporting
Financial statements are prepared monthly and reviewed by the Treasurer and Designated Officer.
The Board of Directors conducts quarterly reviews of CSF’s financial statements and bank reconciliations.
Significant financial decisions, including budget approvals, account openings, and policy changes, are recorded in official meeting minutes.
Record Retention
All financial records, bank statements, reconciliations, and supporting documentation are retained for at least five (5) years, or longer when required by law, audit, or contractual obligation.
Compliance with External Standards
Where external funding or regulatory requirements impose additional accounting standards, CSF applies those standards in conjunction with this policy to ensure full compliance.
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