Financial and Legal Controls Policy

Financial and Legal Controls Policy PDF Download

Financial and Legal Controls Policy

1. Annual Financial Statements and Financial Review

a. A financial review will be completed annually by an external accountant or accounting

firm.

b. Annual, externally reviewed financial statements shall be made publicly available prior to

the Annual Members Meeting and presented at the Annual Members Meeting.

2. Signing Authority

a. Science Atlantic cheques and legal documents must have two signatories. Only one of

these signatories may be an authorized member of staff; the other must be either an

Officer of the Board (the Chair, the Chair Elect, or the Treasurer), or a local Institutional

Representative.

b. It is the duty of all signatories to verify that there are sufficient funds available for

payment of cheques before affixing his or her signature.

3. Credit and Borrowing

Board approval must be obtained for all applications of credit and loans. At least two signatures,

at least one of which must be a Board Director, are required to obligate Science Atlantic for any

loan or extension of credit.