Philosophy

CaFFE, through its activities, tries to fulfill the organization’s mission in the most effective and efficient manner and to remain accountable to stakeholders, including clients, partners, funders, employees, and the community. To accomplish this, CaFFE commits to providing accurate and complete financial data for internal and external use by the Executive Director and the Board of Directors.

Authority

The Board of Directors is ultimately responsible for the financial management of all activities. The

……………… is authorized to act on the Board’s behalf on financial matters when action is required in advance of a meeting of the Board of Directors.

• The Executive Director is responsible for the day-today financial management of the organization. The Board authorizes the Executive Director to hire and supervise staff and independent consultants, pay bills, receive funds, and maintain bank accounts.

• The Executive Director is authorized to sign checks up to Rs. ……………. Checks for amounts greater than Rs. ……………. shall require the signature of the ………………..

• The Executive Director is authorized to enter into contracts for activities that have been approved by the Board as a part of budgets or plans. The Board of Directors must authorize any contracts outside of these parameters and all contracts with a financial value greater than Rs. …………….

Responsibilities

The Executive Director shall:

• Account for donor restricted and board designated funds separately from general operating funds, and clearly define the restrictions applicable to these funds.

• Report the financial results of CaFFE operations according to the schedule established by the Finance Committee, but at least quarterly.

• Pay all obligations and file required reports in a timely manner.

• Make no contractual commitment for bank loans, corporate credit cards, or for real estate leases or purchases without specific approval of the Board.

• Record fixed assets with purchase prices greater than $500 as capital assets in accounting records.

• Limit vendor credit accounts to prudent and necessary levels.

• Obtain competitive bids for items or services costing in excess of Rs. ………….. per unit. Selection

will be based on cost, service, and other elements of the contract.