Free Download: Expense Authorization Policy Template
The policy defines individuals who are authorized to approve expenses, including their specific limits, to ensure transparency and accurate reporting. This includes positions like the Executive Director, Finance Director, Department Heads/Managers, and the Board of Directors, each with their own authority levels based on their roles and budgetary responsibilities.
Furthermore, the policy outlines a robust expense reporting system requiring appropriate documentation for any incurred expenses. This system promotes accountability through detailed reports including original receipts, contracts, and invoices, among other supporting documents. Any expenses compliant with this policy are eligible for reimbursement, with the finance department reviewing and processing these requests. The Expense Authorization Policy is subject to regular reviews and updates to align with the organization's evolving financial needs, ensuring continued responsible financial management.
If you’re interested in investing in a trained accountant to help your nonprofit ensure transparency and accountability in finances, conduct your research. Here are some additional resources you can look into for more guidance:
Working With a Nonprofit Accountant: What to Expect
Working with an accountant can help your organization develop an effective budget. Read more about what an accountant can do for you in this comprehensive article.What to Expect
Bookkeeping and Accounting for Nonprofits
Looking to hire or outsource a finance team? Learn more about both bookkeeping and accounting for nonprofits, specifically about the difference between them.Jitasa’s Services
Top 10+ Outsourced Nonprofit Accounting Firms
Working with an accountant specifically dedicated to nonprofits is important for developing a well-informed nonprofit budget. Learn more about Fundly’s top ten picks for outsourced firms.Read Post