Accounting & Financial Records
Generally Accepted Accounting Principals for Government entities should be followed. All financial transactions must be accounted for and periodic reports (quarterly) must be prepared and presented to the board of directors as part of the treasurer’s report. In the interest of saving time, it is recommended that the financial reports be made available to board members at least one week prior to the board meeting where the treasurer’s report will be reviewed and approved.
The following financial records must be kept, at a minimum:
|1||the date on which its fiscal year commences;|
|2||its operating budget for the current fiscal year;|
|3||its annual financial statements, including any amounts held in reserve for the fiscal year immediately preceding the current annual disclosure;|
|4||the results of any financial audit or review for the fiscal year immediately preceding the current annual disclosure;|
|5||a list of all district insurance policies, including, but not limited to, property, general liability, District director and officer professional liability, and fidelity policies. Such list shall include the company names, policy limits, policy deductibles, additional named insured, and expiration dates of the policies listed.|