ACCOUNTING PRACTICES & POLICIES
- A standing resolution and board policy: The Executive Board shall maintain the continuity of the current accounting procedures for the business of Broken Arrow Soccer Club. The procedures will be written and maintained in the BASC Policies Manual. Any changes to the current accounting procedures must be approved by the Broken Arrow Soccer Club Executive Board and the designated Certified Public Accountant
- A BASC check written over $1000 should have a second signature with the following exceptions:
- A special board approved purchase at the direction of the BASC president.
- Payments for contract labor which BASC is currently under contract and are normal operating expenses which are currently budgeted.
- A standing resolution and board policy: The Executive Board shall be limited to no more than $5,000 of non-budget funds for emergency use, defined as requiring payment prior to the next General Membership meeting, per year. Any single expense greater than $1000 not accounted for in the annual budget must be presented to the General membership for a major vote; excluding those expenses associated with an approved Special Project.
- BASC will retain a certified CPA to reconcile the monthly BASC bank accounts each month and file the club's yearly 941, 990, 1099, W-2 and W-3 tax reports with the IRS. The general manager and club treasurer will work in conjunction with the certified CPA to ensure these items are done in a timely fashion.
- The BASC Chart of Accounts in the QuickBooks file should not be altered or items changed without the prior knowledge and conference with the BASC certified CPA on record.
- Expense records should be kept for at least 5 calendar years, per the BASC accountant.