1 Purpose and Maintenance of Policy

  1.1 Purpose of this Document
    1.1.1 The Financial Policy for the College of Rencester is established in order to provide
    adequate control of the financial transactions of the College. These policies will ensure our
    compliance with regulations pertaining to our tax-exempt status and maintain the continuity of
    our administrative functions in support of our event-related activities.

  1.2 Maintenance of Financial Policy
    1.2.1 College of Rencester Council of the Exchequer
      1.2.1.1 This policy will be maintained by the College Council of the Exchequer. This Council
      shall consist of a physical meeting of a quorum of officers. A quorum is defined as a simple
      majority of officers that must include the College Seneschal and the College Exchequer. A
      minimum of three officers must be present to constitute a quorum.
    1.2.2 Changing Financial Policy
      1.2.2.1 Proposed changes to College Financial Policy will require a simple majority of the
      Council. If the proposal is disapproved, the council may rework or resubmit during the
      following council meeting.
      1.2.2.2 The College Council of the Exchequer shall meet at the beginning of each academic
      school year and at request of Exchequer or Seneschal as needed.
      1.2.2.3 Approved changes made to Financial Policy will become effective upon publication on
      the webpage and/or submission to the listserv.

2 Accounts and Administration

  2.1 Bank Accounts
    2.1.1 College Accounts
      2.1.1.1 The College of Rencester shall have one bank account for the use of all funds.
      2.1.1.2 The account must be administered to follow policies set forth in the Exchequer's
      Handbook.

  2.2 College Internal Accounting Structure (Ledger Accounts)
    2.2.1 General Funds
      2.2.1.1 General Funds are defined as monies collected by the College to support the
      administrative and event related functions of the College. Unless otherwise specified all
      money collected will be considered to be General Funds.
    2.2.2 Permanent Funds
      2.2.2.1 No permanent funds are established at this time.
      2.2.2.2 Permanent funds may be established by a majority of the Council of the Exchequer.
    2.2.3 Temporary Funds
      2.2.3.1 Temporary Funds will be established for use as short-term obligations occur. The
      amount of time these funds will remain allotted will not exceed one academic year, or a
      designated period of use approved by a quorum of officers, whichever is longer. Funding for
      temporary funds will be determined by the purpose of the fund.

3 Income

  3.1 Definition
    3.1.1 Income shall include all monies that come to the College through event proceeds,
    fundraising efforts or direct contributions.

  3.2 Designation of Funds
    3.2.1 Funds donated to the College by groups or individuals may be designated for a specific use
    at the time of donation or as general funds. Any donation that does not specify a particular
    fund at the time of donation or any donation specified for a fund that no longer exists will be
    placed into the General Fund.

  3.3 College Event Profits
    3.3.1 College Event profits are those monies remaining from event receipts after all expenses
    have been paid. Cost of the site, food, prizes, and supplies for decoration, advertising, or
    administrative purposes, are acceptable expenses to be charged to an event. Acquisition of
    items, which will be retained by the hosting group (such as serving gear or cooking gear), will
    not be considered expenses of the event.

  3.4 Reporting for College Events
    3.4.1 Autocrats of College Events are responsible for filing financial reports and turning over
    event profits to the College treasury within one week from the date of the event.
    3.4.2 Individuals must submit receipts for event reimbursement by the first meeting after the
    event.
    3.4.2 The autocrat should request an Event reporting form from the College Exchequer prior to
    the event and shall meet with the Exchequer as well as another member of the Council to
    determine a budget for the event. A copy of the budget will be provided for the Seneschal.

4 Disbursements

  4.1 Definition
    4.1.1 Disbursements are any monies released from the College account for the purposes of funding
    events, activities or administration of the College.

  4.2 Approved Disbursements
    4.2.1 The College Exchequer is authorized to make the following regular disbursements from
    General Funds:
      4.2.1.1 Normal office expenses of the College Officers shall be reimbursed to a maximum of
      $25.00 per academic semester. The money shall be disbursed within two weeks of the end
      thereof. All postage costs associated with the execution of an office will be reimbursed.
      4.2.1.2 An officer may only be reimbursed for officer specific related expenses without
      approval. Any other reimbursements require approval a quorum of the Council of the
      Exchequer.

  4.3 Controls
    4.3.1 Advance payments can only be made with the prior approval a quorum of the Council of the
    Exchequer that must include the Exchequer. A signed cash advance form will be required from the
    recipient prior to disbursement. Receipts or repayment must be provided to cover the total
    amount disbursed within two weeks of receipt of the advance or after the close of the books for
    a College event.
    4.3.2 Disbursements that are reimbursements for approved expenditures will require the request
    for reimbursement that includes the legal and society name of the individual requesting
    reimbursement, explanation of expenditures and documentation of their approval and all receipts.
    4.3.3 Disbursements for items not specified in this document or otherwise budgeted for may be
    requested by individuals. Approval of requests requires a quorum of the Council.
    4.3.4 Under no circumstances will reimbursement be made without a receipt of expenditure. All
    non-event related and non-officer expense related receipts must be presented to the College
    Exchequer for reimbursement within two weeks of the expenditure.
    4.3.5 An accounting of expenditures shall be made at the monthly College meetings.
    4.3.6 Telephone expenses of Officers and will not be reimbursed under any circumstances.
    4.3.7 Should the College Exchequer deem any requested amounts unreasonable, he/she shall consult
    the College Council of the Exchequer.