Fiscal Management Policy

I. Purpose

The purpose of this Fiscal Management Policy is to establish guidelines for the management of financial transactions and decision-making to ensure the assets of the Carrie Tingley Hospital Foundation (the “Foundation”) are used effectively and responsibly.

II. Scope

This policy applies to all members of the Foundation, including the Board of Directors, officers, employees, and volunteers who are involved in the financial operations of the Foundation.

III. Responsibilities

  1. Board of Directors
    • Approve the annual budget and any significant changes to the budget.
    • Review quarterly financial reports and ensure financial decisions align with the Foundation’s mission.
    • Ensure proper financial controls are in place to safeguard the assets of the Foundation.
  2. Executive Director
    • Implement the fiscal policies approved by the Board of Directors.
    • Oversee all financial transactions, ensuring they are executed according to this policy.
    • Prepare and present financial reports to the Board of Directors.
  3. Finance Committee
    • Assist in the preparation of the annual budget.
    • Monitor the Foundation’s financial practices and report any concerns to the Board of Directors.
    • Review and recommend financial policy changes to the Board of Directors.

IV. Budget

  • The Executive Director shall prepare an annual budget for approval by the Board of Directors.
  • The budget shall reflect the strategic objectives and priorities of the Foundation.
  • Any material deviations from the budget must be approved by the Board of Directors.

V. Internal Controls

  • The Foundation shall maintain a system of internal controls to ensure the integrity of its financial information.
  • Financial duties and responsibilities must be separated to prevent fraud and abuse.
  • All financial transactions must be recorded accurately in the Foundation’s books and records.

VII. Reporting

  • The Foundation shall prepare quarterly financial statements, including a balance sheet, income statement, and cash flow statement.
  • An annual financial audit shall be conducted by an independent certified public accountant.
  • The results of the audit shall be presented to the Board of Directors and made available to the public.

VII. Investment Policy

  • The Foundation shall adopt a conservative investment strategy that prioritizes the preservation of capital.
  • Investments shall be diversified to minimize risk.
  • The Finance Committee shall review the investment portfolio at least annually.

VIII. Conflict of Interest

  • All financial decisions shall be made in the best interest of the Foundation.
  • Any potential conflicts of interest must be disclosed and managed according to the Foundation’s Conflict of Interest Policy.

IX. Amendments

  • This policy may be amended by a quorum vote of the Board of Directors as necessary to ensure it remains relevant and effective.
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