ACCOUNTING PROCEDURE
A. Annual Budget
The Finance Committee is responsible for the annual budget preparation.
1. The annual budget is prepared in accordance with the Bylaws, Article VII, Section 4.
2. The Garden Club of Georgia’s programs and projects recommendations are reviewed before other programs and projects are considered for approval.
3. The Garden Club of Georgia’s fund request recommendations are reviewed before other fund requests are considered for approval.
4. A Chart of Accounts is established for both income and expenditures. This chart will fluctuate as accounts are added or deleted by the Finance Committee.
5. Club fiscal year covers period April 1 through the last day of March.
6. All income and expenditure transactions must be submitted in a timely manner.
7. Expenditures may not be carried over for reimbursement during the following fiscal year.
B. Amended Budget
Based on Article V, Section 6, when a new project or program is presented to the Finance Committee, it must include a mission goals statement and a proposed funding request.
1. If approved, the Finance Committee presents the project or program to the Executive Board for approval or disapproval.
2. If approved, the Executive Board presents the project or program to the Governing Board for final approval or disapproval.
3. If approved, the budget is amended and a new budget account designation is added to the Chart of Accounts by the Finance Committee.
4. If any Governing Board approved budget account will exceed its approved amount, it must be resubmitted to the Finance Committee prior to overrun for approval or disapproval.
C. Income
1. Income is defined as money received. All income transactions must be submitted in a timely manner.
2. Based on the Chart of Accounts, income transactions are accomplished by submission of a completed Income Deposit form combined with source documents.
3. Exception: Interest income and transfer of funds between savings and checking accounts.
D. Expenditures
Expenditures are defined as money disbursed.
Expenditures must be presented for reimbursement within thirty (30) days of the closing of the fiscal year which is March 31 (no later than April 30).
All expenditure transactions must be submitted in a timely manner. Expenditures may not be carried over for reimbursement during the following fiscal year. Until expenditure requests meet Accounting Procedure requirements, the Treasurer has the authority to refuse payment.
Based on Chart of Accounts, expenditure transactions are accomplished by submission of a completed Check Request form combined with source documents in accordance with the transactions listed below:
1. Approved budget line item transactions covering routine billings for rent, gas, insurance, water
2. Approved budget line item transactions covering other expenditures (excluding programs and/or projects) require (1) a completed Check Request form signed by the requesting Council member and (2) an invoice or receipt.
3. Approved budget line item transactions covering program and /or project expenditures require (1) a completed Check Request form signed by the Committee Chairman and the requesting Committee member and, (2) an invoice or receipt.
4. If any approved budget line item transaction will exceed approved amount, it must be resubmitted to the Finance Committee prior to approval or disapproval.
A. Annual Budget
The Finance Committee is responsible for the annual budget preparation.
1. The annual budget is prepared in accordance with the Bylaws, Article VII, Section 4.
2. The Garden Club of Georgia’s programs and projects recommendations are reviewed before other programs and projects are considered for approval.
3. The Garden Club of Georgia’s fund request recommendations are reviewed before other fund requests are considered for approval.
4. A Chart of Accounts is established for both income and expenditures. This chart will fluctuate as accounts are added or deleted by the Finance Committee.
5. Club fiscal year covers period April 1 through the last day of March.
6. All income and expenditure transactions must be submitted in a timely manner.
7. Expenditures may not be carried over for reimbursement during the following fiscal year.
B. Amended Budget
Based on Article V, Section 6, when a new project or program is presented to the Finance Committee, it must include a mission goals statement and a proposed funding request.
1. If approved, the Finance Committee presents the project or program to the Executive Board for approval or disapproval.
2. If approved, the Executive Board presents the project or program to the Governing Board for final approval or disapproval.
3. If approved, the budget is amended and a new budget account designation is added to the Chart of Accounts by the Finance Committee.
4. If any Governing Board approved budget account will exceed its approved amount, it must be resubmitted to the Finance Committee prior to overrun for approval or disapproval.
C. Income
1. Income is defined as money received. All income transactions must be submitted in a timely manner.
2. Based on the Chart of Accounts, income transactions are accomplished by submission of a completed Income Deposit form combined with source documents.
3. Exception: Interest income and transfer of funds between savings and checking accounts.
D. Expenditures
Expenditures are defined as money disbursed.
Expenditures must be presented for reimbursement within thirty (30) days of the closing of the fiscal year which is March 31 (no later than April 30).
All expenditure transactions must be submitted in a timely manner. Expenditures may not be carried over for reimbursement during the following fiscal year. Until expenditure requests meet Accounting Procedure requirements, the Treasurer has the authority to refuse payment.
Based on Chart of Accounts, expenditure transactions are accomplished by submission of a completed Check Request form combined with source documents in accordance with the transactions listed below:
1. Approved budget line item transactions covering routine billings for rent, gas, insurance, water
2. Approved budget line item transactions covering other expenditures (excluding programs and/or projects) require (1) a completed Check Request form signed by the requesting Council member and (2) an invoice or receipt.
3. Approved budget line item transactions covering program and /or project expenditures require (1) a completed Check Request form signed by the Committee Chairman and the requesting Committee member and, (2) an invoice or receipt.
4. If any approved budget line item transaction will exceed approved amount, it must be resubmitted to the Finance Committee prior to approval or disapproval.