What is the Financial Delegations Policy?
This policy defines the financial authority granted to specific roles within our Club, outlining who can approve expenditures and sign contracts. The main purpose is to create a framework that safeguards our Club’s finances while ensuring that those in leadership roles have the necessary authority to fulfill their responsibilities.
Financial Delegation Summary:
- Transparency and Control: The policy establishes clear guidelines for financial decisions, ensuring that all transactions are necessary, reasonable, and within budget.
- Defined Roles: Financial delegations are assigned to positions rather than individuals, promoting accountability and consistency in our financial practices. Our current financial delegates are the Management Committee and Caretaker.
- Purchasing and Approval Process: Before any commitments are made, all expenditures must be approved by the relevant financial delegate, either the Management Committee or the Caretaker. It’s crucial that expenses are supported by an invoice with a preferable minimum payment term of 14 days. If a supplier cannot provide an invoice, please send me a request via the treasurer email with the financial delegate approval of purchase, supplier payment details, and I will arrange payment via the Club purchase card. This ensures we manage our funds efficiently and transparently.
- Member Expense Claims: Should be a last resort. We encourage all members to use the approved process for expenses. This reinforces our commitment to financial responsibility.
- Contracts: All contracts for goods & services are to be forwarded to the Management Committee President, Vice President and Secretary for review prior to signing.
- Breach of Policy: Any breach by the Management Committee or Club member of any aspect of the Policy may result in disciplinary action including termination of position and/or membership.
Any Club significant purchases, particularly capital expenses exceeding $1,000, will require a Business Case and Management Committee approval.
Review the full finance delegations policy here.
We believe that these new guidelines will empower us to make informed financial decisions while safeguarding our club’s resources. If you have any questions about the policy or the purchasing process, please contact our club treasurer.
Thank you for your continued support and dedication to the Tamarama Surf Lifesaving Club!