MFS Financial Reporting Policy

Policies for Financial Reporting and Accountability within the Monaro Folk Society

On an annual basis, in May of each year, MFS event organisers will provide to the MFS Treasurer a proposed budget for the forthcoming financial year to be approved, or returned to the event organiser for reworking, prior to spending Society funds.
Any expenditure over $50 not authorised within an approved budget must be authorised by the Treasurer.
Any one off expenditure of $1,000 or more should be approved by MFS Committee before proceeding with the purchase.
On a quarterly basis, reports will be provided by MFS event organisers to the Treasurer, summarising the financial transactions and financial position of the relevant MFS events including updated projection of their financial results.
MFS event organisers will make accounts available to the Treasurer for the purposes of audit.
All accounting is to be done on a cash rather than accrual basis.

We should apply some definitions:

MFS Event - any event sanctioned to be run under the auspices of the MFS.

MFS Event Organiser - any person or committee duly authorised and delegated by the MFS Committee to organise and run MFS events.

Content Manager: MFS Treasurer; Approved By: MFS Committee; Status: Approved 13 October 2009 to apply financial year 2009-10 onward