Fiscal control policy

ARTICLE I - PURPOSE

1. Purpose. The purpose of this policy is to ensure that Wikimedia District of Columbia manages its financial resources in a manner consistent with law and best practices for U.S. nonprofit organizations.

ARTICLE II - BUDGETING

1. Drafting and Initial Approval. Thirty days prior to the beginning of a fiscal year, the Treasurer shall prepare a draft budget. The budget represents a good faith projection of the revenues, expenses, and cash balances for the fiscal year. At the last meeting of the Board of Directors prior to the beginning of the new fiscal year, the Board of Directors shall review the draft and recommend a budget for the approval by the members.

2. Budgetary Gaps. In the event a new fiscal year begins and no budget has been approved by the members, spending shall continue at levels authorized by the last approved budget. Upon the adoption of a new budget, best efforts shall be made to reconcile such expenditures with the newly adopted budget.

3. Monthly Reporting. Each month, the Treasurer shall submit a report to the Board of Directors, documenting revenues and expenses relative to the budget.

ARTICLE III - FUNDS AND EXPENDITURES

1. Bank Accounts. Wikimedia District of Columbia shall maintain a checking account at Wells Fargo Bank, constituting the general treasury of the Corporation. The President and the Treasurer may open or cause to be opened such additional accounts as may be necessary to comply with donation agreements the Corporation may enter into, provided that such accounts are reported to the Board of Directors. All bank accounts shall be held in the name of the Corporation, using the Corporation's Employer Identification Number, and shall list only the President and the Treasurer as account signers.

2. Separation of Authority. Expenditures shall only be authorized by the President or through a resolution of the Board of Directors, subject to the restrictions established by the Bylaws and the Delegation of Authority Policy. The Treasurer shall be the only officer authorized to make expenditures in accordance with such authorizations, and may decline to make an expenditure if doing so would constitute an improper use of funds or would jeopardize the financial well-being of the Corporation.

3. Payment Instruments. The Treasurer shall be granted a debit card and online banking account, and shall receive access to the Corporation's check stock and online merchant accounts. The Treasurer shall keep payment instruments secure and prevent their misuse. Cash or other payment instruments shall not be used except where subsequently authorized by the Board of Directors. The President may have online banking and merchant account access for informational purposes, provided that he or she does not use this access to make expenditures in breach of the Treasurer's authority.

4. Related Policies. The procedures for expense reimbursement and grant disbursement are documented in the Expense Reimbursement Policy and the Grants Policy respectively.

ARTICLE IV - DONATIONS

1. Recognition of Donations. For donations of $25 or above, the Treasurer shall prepare a letter acknowledging the donation, as well as any restrictions or conditions placed on the donation. The letter may be sent electronically.

2. Restrictions. Restrictions or conditions placed on a donation shall be noted in the Corporation's financial records. In the event that the Corporation cannot adhere to a stipulated restriction, the donation shall be returned. In the event the donor's intent is unclear or communicated orally, the Treasurer shall request written confirmation regarding the donor's intent. The nature of the restriction, including its being lifted altogether, may be altered only with the donor's written permission.

3. Cash. Precise records shall be kept of cash received in the course of operations, and receipts shall be provided for cash transactions. Cash received shall be promptly deposited into the Corporation's bank account.

ARTICLE V - ACCOUNTING

1. Accounting Standards. The Treasurer shall maintain financial records that are consistent with the United States Generally Accepted Accounting Principles (U.S. GAAP), particularly with respects to FASB 116 and 117.

2. Chart of Accounts. The Treasurer shall maintain a chart of accounts consistent with the line items designated in the budget.

3. Accrual Basis. The Treasurer shall recognize revenues upon their being pledged, regardless of the timing of the receipt of cash. The Treasurer shall recognize expenses upon their being incurred, regardless of the timing of the expenditure of cash. Invoices and similar documents are sufficient to demonstrate the accrual of revenues and expenses under this policy.

4. Closing of Books. On the last day of the fiscal year, the Treasurer shall close the books and report the revenue and expenses for the year.