CASH DEBURSEMENTS - PROCEDURES

Authorization and Processing of Disbursements:

* Purchase orders are to be experimented with in Peachtree in the course of our
coming year. T-shirt orders from vendors like A&G, Troy or others and Screen
Print suppliers like NazDar, MidWest Screen Printing and Crafty Beaver will be
our focus. At the end of our fiscal year we will update these policies to reflect
how we are using Purchase Orders in Peachtree Accounting Software. Stay tuned to
this web site!

* The purchase orders are maintained in a file labeled "Purchase Orders - Un-Received"
until the order arrives. Once inventory of the order against the Purchase Order is
successfully completed the Purchase Order is marked complete and filed in a folder
labeled "Purchase Orders - Complete." These files are sorted chronologically
for inputting to Peachtree Accounting.

* A separate list of purchase orders given out is maintained and periodically checked
for orders sent out, received or still outstanding. An original copy of the approved purchase orders will be submitted to the Bookkeeper (when we have staff) for to be used
for comparison with and attachment to the vendor's related invoice for payment

* Receiving reports (packing slips) are compared to actual items received, by the
Administration, to ensure completeness and accuracy of the items received.
Any discrepancies must be noted on the receiving report. The receiving report
and notice of any actions taken (items being returned/exchanged) must be filed
with the purchase order it belongs to. The Bookkeeper will be responsible for
attaching receiving reports to the respective purchase orders.

* All invoices received are marked with the date it was received, by the
Administration, and promptly filed in the folder "UnPaid Invoices. Invoices
are compared with their purchase orders when PO's exist. When an invoice is
paid it is filed in a folder labeled "Paid Invoices." These files are sorted
chronologically for inputting to Peachtree Accounting. The
Bookkeeper will be responsible for comparing the invoices to the original documentation
(i.e., purchase orders/receiving reports) to verify accuracy. Any discrepancies
noted will be brought to the attention of the Executive Director.

* The Executive Director writes all checks, Purchase Orders and OK's all invoices
until a staff is funded. Bookkeeper will be responsible for obtaining approval of all
invoices and expenditures by the Program Directors (when they exist> and Executive
Director. No payments will be made from statements. Unpaid invoices, with supporting
documentation, will be filed in the unpaid bill file.

* The Executive Director is responsible for writing the correct account
distribution on all invoices and, along with the Treasurer, for inputting
all invoices into the computer system, utilizing the account distribution
written on the Invoice.

* The Fxecutive Director is responsible for ensuring the correct account
distribution for all invoices. The Bookkeeper will be responsible for inputting
all invoices into the computer system, utilizing the account distribution
provided by the Financial Manager. This Financial Policies and Procedures Manual will
be the Bookkeepers training manual.

* Checks are prepared as need by the Executive Director. This policy will develop
further as we gain staff

* The Executive Director is responsible for paying invoices by check as needed
and for setting all fiscal priorities within the annual budget. The Bookkeeper
will one day be responsible for the preparation of all checks, using pre-numbered checks.

* Any checks for amounts over $500.00 require a second signature. The checks
and supporting documentation are then presented to the Executive Director who
reviews all checks and supporting documentation prior to signing the checks

* The check numbers of all payments are written on supporting documentation
like store receipts, invoices etc. Whenever paying for corporate filings, taxes
or contractural transactions a copy of the check is kept with the invoice or
supporting documentation.

Manual Contents Page

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

Introduction

SPW Art

T-shirts Sold