SHEPHERD OF THE HILLS LUTHERAN CHURCH
SUMMARY OF FINANCIAL GUIDELINES POLICY
This Summary presents an overview of the Financial Guidelines approved by the Council at its April 14, 2011 meeting. For clarification or requesting a complete copy, please contact the Church Office.
- All capital items considered for purchase (costing $500.00 or more) must be approved by the Council and purchased through comparison shopping or a competitive bidding process. A request must be submitted through the Committee Chair (Council Representative) for presentation to the Council.
- Items costing less than $500.00 and still considered an inventory item (an item for long-term use) may not be purchased by any Ministry until approved by the Council.
- The Property Committee is responsible for conducting the bidding process for items $500.00 and above. No item may be purchased until review and approval by the Council.
- Ministries of the Church conducting fund raisers must present a financial report to the Treasurer within one week of the conclusion of the fund raiser. Contact Treasurer prior to event to arrange handling of cash receipts. This must include an itemized list of expenses and an itemized list of income, purpose of the fundraiser, directive regarding dissemination of funds. Simply list expenses incurred and include receipts, show income from sales, donations, etc and total each column.
- Finance Committee will recommend who is authorized to make charges on the credit card (this should be an employee or officer only).
- Personal (non-business related charges) are prohibited.
- All expenditures must be supported by proper documentation (i.e., receipt and notation of business purpose).
- No reimbursement will be made without acceptable documentation.
- Request for reimbursement must be submitted within 60 days of incurring the expense. Reimbursement request forms will be located on the form rack outside the Secretary’s Office.
- Purchases exceeding $500.00 may not be reimbursed if prior approval has not been given by the Council.
SUBSTANTIATION RULES OF THE IRS
- Any single contribution of $250.00 or more can no longer be substantiated by a canceled check.
- For every “quid pro quo” contribution of $50.00 or more (a payment that is partly a contribution and partly a payment for goods or services received), the Treasure will provide an itemized receipt to the donor that gives the amount of the payment that is tax deductible and provides the donor with an estimate of the value of goods or services. If you do not receive a statement, please contact Dee Shields, 352.432.3342.
TRAVEL (Arranged by the Church)
- Reimbursement for expenses such as airfare, hotels, mileage, parking, phone expense and meals must be accompanied with supporting documentation. Receipts must be produced for any expense over $25.00.
- For any SOTH activity, anyone participating as a driver must produce proof of insurance and a current, valid driver’s license before departure. Driver’s license and proof of insurance must be validated visually and documented (in writing) by adult in charge of the activity; documentation will be filed with expense report when submitted to the Treasurer.
- For any participant 18 years or younger, a parent’s permission slip is required.
- Standard IRS rates will apply for mileage reimbursement; submit request for reimbursement form.
TO OBTAIN CASH ADVANCE
- See the Treasurer.
For additional information, clarification or specific needs, please contact Dee Shields, Treasurer; Phone – 352.432.3342 or e-mail – firstname.lastname@example.org.