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St. Cloud OUT - Monetary Policy

Expenses

  1. All expenses must be approved by vote of the advisory committee and/or the regular membership.
    1. The vote must be recorded in the minutes of the general meeting.
    2. The vote may be a vocal yes/no vote, unless there is not a clear majority, in which case individual votes will be counted.
  2. Any future expenses should be approved with a maximum spending limit (i.e. “The SC-OUT membership approves the spending of up to $50 for a rainbow flag.”)
    1. Individuals will be reimbursed for out-of-pocket expenses that received prior approval by submitting a receipt for the expense to the Treasurer.
    2. The Treasurer will retain receipts for all expenses for 7 years.
    3. Capital expenditures over $75 must be put out on bid.
  3. The checkbook and account information for St. Cloud OUT will be kept by the treasurer, who will be elected by the membership for a term of 2 years.
    1. Signatories will be the treasurer, chair/facilitator, and one other person as elected by the membership at large.
    2. Two signatures from the above will be required for all checks written.
  4. The Treasurer will provide regular financial reports to the membership of St. Cloud OUT showing the current balance of funds, as well as current and/or anticipated expenses and receipts.
    1. Summary reports (verbal) will be provided at every regularly scheduled meeting of St. Cloud OUT.
    2. A written annual report will be presented to the membership during the annual meeting and a copy given to the chair/facilitator to keep with St. Cloud OUT records.
  5. Exceptions to the above policies may be made for funds provided from grants that require an outside fiscal agent.

Receipts

  1. St. Cloud OUT may receive income through grants, donations, and fundraisers.
  2. Any activity designed to generate income for St. Cloud OUT must be approved by a vote of the membership at a scheduled general meeting.
  3. All income will be deposited into the St. Cloud OUT checking account and reported to the membership in both summary and annual financial reports.
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