Accounts Authorisation Procedures

From 24-7Wiki

The following points detail the sign off procedures that must be in place for any account that is run by 24-7 in the UK. It is recommended that other nations follow the same practices where possible.

• All 24-7 bank accounts must require dual signatures for all payments (e.g. cheques, online payments, etc.).
• Both the 24-7 Financial Director, and the Trustees must approve any change in signatories.
• No credit or debit cards are to be issued for 24-7 accounts, or for 24-7 usage.
• Bank transfers between 24-7 accounts must be signed off by two signatories from the originating account. This can be done using the 24-7 Transfer Authorisation form.
• Expenses must be signed off by at least two signatories of the account from which they are being paid (e.g. 2 mission teams signatories, 2 City Boiler Room signatories).
• Individuals can make on-line banking payments, where 24-7’s Financial Director and the Trustees have agreed this facility. Once the online banking facility has been made available, auditable dual sign-off procedures must still be followed. A template form for this purpose is the 24-7 Online Payment Authorisation Form. For invoices or statements, two signatures on the invoice or statement clearly indicating that the payment has been authorised by the signatories, is sufficient. Electronic dual sign off is also acceptable, provided it is secure and auditable.
• Expenditure variances from budget of £250 or more must be approved by the Finance Director and at least one Board member.
• The Finance Director and the 24-7 Trustees must approve all expenditure that will result in an account going beyond the total budgeted expenditure. Income into restricted funds that is ring fenced for other, non - 24-7 Prayer charitable causes (e.g. Living Generously donations to third party charities) is outside this stipulation.
• All expenditure over £2k must be signed off by the Finance Director and at least one Board member.

These procedures are to be fully implemented for all 24-7 Bank Accounts by 1st April 2007.

Updated policy 14/12/2009.