ACT SECTION 15 — FISCAL MATTERS

Checks, drafts, post office money orders, postal notes, or other negotiable instruments coming into the hands of anyone else shall be promptly transmitted to the Secretary-Treasurer, the office of the NSS, or agents designated by the Secretary-Treasurer.

No cash, checks, or other negotiable instruments intended for the NSS or its committees shall be negotiated by anyone other than the Secretary-Treasurer or his designated agents.

Individual committee chairmen may open bank accounts to conduct Society business only with the permission of the Executive Committee. The Secretary-Treasurer, or his designee, and the committee chairman will have signature authority on such accounts. The NSS federal ID number will be used on the account. Checks themselves may be imprinted any way the committee desires.

The Secretary-Treasurer is responsible for bonding Society employees and members, including NSS Convention Treasurers, who have access to significant Society funds on a regular basis.

To keep the general membership informed of the financial state of the NSS, of its income and outgo, of the uses made of the expenditures, and of reasonable future expectations, the Secretary-Treasurer will write an annual informative report of the financial position of the NSS to be published in the NSS NEWS or the Members Manual.

The original copies of all Society contracts and deeds shall be kept in a Society safe deposit box under the control of the Secretary-Treasurer and the President. (The box is in Huntsville)

The Secretary-Treasurer is authorized to establish securities accounts with brokerage firms and to sell securities donated to the Society and its various funds. The Board of Governors hereby passes such formal resolutions as may be required to accomplish these actions.

The Executive Committee is authorized to negotiate loans to implement the approved NSS Capital Budget.

Proceeds derived from the NSS credit card, travel service, and rental car programs will be deposited in the Headquarters Fund. Net proceeds from the sale of the special 50th anniversary items will be deposited in the Headquarters Fund.

Any NSS committee, activity, or individual that uses the NSS's federal tax identification number must comply with all procedures outlined in Section 15 of the NSS Board of Governors Manual.

NSS Committees and Commissions that use the NSS federal tax identification number shall periodocally report their income and expense activity to the NSS Secretary-Treasurer at intervals to be established by the Secretary-Treasurer.

The Secretary-Treasurer shall arrange for the reconciliation of each Society bank account by someone who does not have signature authority for the account. The Secretary-Treasurer shall arrange to have bank account statements sent to the person doing the reconciliation independently from the persons with signature authority. The Secretary-Treasurer shall also arrange to have a copy of each statement sent to those with direct responsibility for managing the account.

The NSS shall engage the services of a certified public accountant or accounting firm to conduct an annual financial audit of the NSS accounting and bookkeeping records in conformity with auditing standards generraly accepted in the United States of America (US GAAS audit). The NSS Board of Governors or a designated audit committee must approve the Treasurer's selection of an auditor.

The NSS Board of Governors or a designated committee must review and approve the audited financial statements.

The Secretary-Treasurer may open and close bank and other financial institutions' accounts on behalf of the National Speleological Society Inc., consistent with the Acts of the Board and the budget approved by the Board of Governors, as necessary to manage NSS funds appropriately. The Board of Governors hereby passes such formal resolutions as my be necessary to establish these accounts on behalf of the National Speleological Society with signature authority granted to the Secretary-Treasurer, other NSS Officers or the Operations Manager and agents designated by the Secretary-Treasurer.

The Secretary-Treasurer is authorized to establish an NSS money market fund for the purpose of managing excess cash funds on a short term basis.

NSS committees and commissions that seek to procure capital items are encouraged to use the normal NSS budget process to gain approval of the capital budget items. NSS capital items that cost more than $500.00 may be procured only with Board approval. The appropriate NSS officer may approve the procurement of capital budget items that cost less than $500.00. In an emergency the NSS President may authorize an NSS committee or commission to procure a capital budget item up to $10,000.00.

The Society shall maintain general liability insurance with a minimum coverage of one million dollars. The general liability policy will include coverage for the annual convention.

Any contract for audits shall contain clauses guaranteeing performance for cost not to exceed a fixed amount.

Each NSS officer is responsible for the review and approval of expenses incurred by activities in his department. The NSS Secretary-Treasurer has fiduciary responsibility for all payments of NSS Funds.

The Society shall maintain Directors' and Officers' insurance with a minimum coverage of one millino dollars. Such insurance shall cover any act or omission or alleged act or omission arising from their status as an NSS officer, director, or committee chairman provided their actions were not taken in bad faith or dishonestly.

The position of Chief Accounting Manager is created in the Department of the Secretary-Treasurer. The Chief Accounting Manager will oversee the Society’s       bookkeeping, close the Society’s books monthly, and at the end of each fiscal year serve as vice chairman of the Finance Committee.

The Audit Committee is established under the Board of Governors according to the Audit Committee Policy. (Appendix AV).

The NSS Treasurer will include a financial report that includes the latest financial information, budget to actual comparison, and the values of all NSS and NSF held funds as part of the Secretary-Treasurer’s report for Board of Governors meetings.

Cross References

28-389 Dues Structure
Section 56 - Convention
Appendix AT Grant Proposals
Appendix AV Audit Committee Policy

9-15-07

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