KHSAN Financial Management Rules 2021

 KHSAN passed Financial Management Rules on 1 June 2021 by Committee decision. 

The rules are posted here as adopted, and copied below: 

   Kempsey High School Alumni Network (KHSAN) Incorporated   

   Financial Management Rules 2021   


About the KHSAN Financial Management Rules 2021 (“Rules”) 


  1. These Rules set out the agreed process for the KHSAN Committee to collect funds, and to propose, approve, execute payments and report on the management of KHSAN funds.


  1. The Rules will ensure rigorous, transparent and ethical collection and use of funds by the Association. The Rules bring into effect checks and balances for proposing, authorising and expending any funds held by KHSAN.  


  1. The Rules should be read alongside the KHSAN Constitution. Any collection and use of funds must be consistent with the NSW Associations Incorporation Act 2009 and any other relevant laws and regulations. 


  1. KHSAN is a non-profit association, and in accordance with Section 41 of the KHSAN Constitution, the Act, and other relevant laws and regulations, it must apply its funds and assets solely in pursuance of the objects of the Association and must not conducts its affairs so as to provide a pecuniary gain for any of its members.  


Sources of funding 


  1. Consistent with the requirements of Section 39-40 of the KHSAN Constitution, KHSAN will collect a membership fee (set at $10 for lifetime membership) from its members, and will seek donations from members to support activities that contribute to the achieving the vision and mission of the association. KHSAN may also apply for grant funding. 


  1. Any funds collected by KHSAN must be deposited directly into the official KHSAN Bank Account. The account name is Kempsey High School Alumni Network Incorporated, and the account has been established as a Society Cheque Account with the Commonwealth Bank of Australia.


Proposing expenditure - additional safeguards 


  1. Proposed expenditure must be directly related to the objects of the association (its Vision and Mission). 


  1. Budget must be available for any proposed expenditure. The Treasurer can assist on questions of budget availability.


  1. The KHSAN Constitution states under Section 40 (v) (2): All cheques, drafts, bills of exchange, promissory notes and other negotiable instruments must be signed by 2 authorised signatories. 


  1. In practice, the KHSAN Committee is geographically dispersed, making it impractical for 2 authorised signatories to sign an instrument for making a payment.


  1. Instead, the Committee has determined that: 


  1. Members can only move a motion to propose expenditure at a meeting where quorum is met. 
  2. Only the Treasurer, President, Vice President, or Diversity and Inclusion Officer may second a motion for proposed expenditure. 


  1. If seconded by an officer at 11.B., and passed by majority at a meeting where quorum has been reached, the Committee is taken to authorise the expenditure. The additional steps at 11.A and 11.B are taken to meet the intention of Section 40 (v) 2 of the Constitution, namely for any expenditure to be checked off by appropriately authorised officers.  


Making payment for an expense


  1. Noting the issues of current geographic dispersion of the authorised signatories, and the potential for this to remain a feature of the association’s elected officers in the long-term, the Committee has decided that payments may be executed by the Treasurer or their delegate, following approval of the Committee. 


  1. The Treasurer may delegate responsibility for making a payment to a committee member who is also an authorised signatory of the KHSAN bank account (the President, Treasurer, and the Diversity and Inclusion Officer are the only signatories of the KHSAN bank account).


  1. Prior to making a payment, the Treasurer will check a valid motion has been recorded in the Meeting Minutes, cite a valid invoice or receipt for an expense that corresponds to the motion, and maintain records.


Acquitting and reporting expenditure  


  1. Consistent with responsibilities of Section 17 of the KHSAN Constitution, the Treasurer will report monthly on payments made over the proceeding month. 


  1. The Treasurer or their delegate will maintain accounts of all invoices and receipts for all expenditure. The Treasurer’s delegate for maintaining accounts can be an appropriately qualified member of KHSAN.


  1. Consistent with responsibilities of Section 26 (d) of the KHSAN Constitution, the Treasurer will present a financial statement on income and expenditure at the Annual General Meeting (AGM).


  1. Consistent with the responsibilities outlined in Section 16 of the KHSAN Constitution, The Secretary will keep a record in the Minutes of all motions relating to expenditure, and reports by the Treasurer. 


  1. The Minutes are available to any Member of the Association on request.

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