OPERATING PROCEDURES

* The Executive Director and Treasurer have the primary responsibility for
designing and maintaining the accounting system. Bookkeeping support will be
provided by Volunteers and/or paid staff. When a paid staff is established,
monthly reports shall be provided to the Executive Director covering receipts,
disbursements, receivables and payables. Presently the volunteer Executive
Director or the Board Treasurer will provide such reports quarterly.

* The Executive Director or staff will be required to include budget comparisons
in periodic financial reports to the Treasurer and the Board. Standard Journal
Entries should be reviewed quarterly by the Treasurer in the presence of the
Executive Director. Non-standard journal entries will be reviewed by an auditor
once our annual expenditures exceed $50,000.

* The Finance Committee will be required to provide semi-annual budget reviews
and annual reviews of the adequacy of insurance coverage.

* The Board of Directors will be required to secure an independent audit
annually once annual expenditures exceed $50,000.

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Uptown Multi-Cultural Art Center (UM-CAC). Click here for contact Info or to E-mail UM-CAC at umcac@art-teez.org click here. Ph.773/561-7676

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