AAIM's Statement of Fiscal StewardshipAAIM's Board and Management take their fiduciary responsibilities, including financial responsibilities, seriously. Our commitment is to carry out our mission as an interfaith organization and at the same time promote fiscal responsibility for our donors and our community. Management and the Board of Directors review our financial statements on a monthly basis and make decisions based on that information. AAIM has a variety of controls in place to assure that it is a good steward of all funds contributed to AAIM, including the following:
First, the Board has the following financial responsibilities, according to Article VII, Section 3:
to oversee the finances of AAIM, including preparation, approval, and implementation of the annual budget and the authorization of major fundraising efforts;
Second, the Treasurer is charged with the following responsibilities, in Article VIII, Section 7:
The Treasurer shall have the authority and responsibility ordinarily associated with that Office, including overseeing the revenue and expenditures of AAIM, maintaining the financial records of AAIM (or reviewing the records maintained by employees, accountants or auditors retained by AAIM) and reporting to the Board on the financial condition of AAIM. The Treasurer shall undertake such other duties as the Board may designate.
Third, the Budget and Audit Committee's responsibilities include the following, pursuant to Article IX, Section 2:
The Budget and Audit Committee shall be chaired by the President-Elect or his or her designee. This committee shall have the responsibilities of preparing an annual budget for AAIM, recommending the budget to the Board for approval, overseeing the finances of AAIM, selecting an auditor and insuring that an annual audit is conducted each year, and conducting an initial review of the audit report. The Treasurer shall be a member of this committee.
Fourth, Article XI, Section 2 provides:
All checks, drafts, or orders for the payment of money, and notes or other evidences of indebtedness issued in the name of AAIM shall be signed by an Officer, the Chief Executive Officer, or other such person as may be authorized by the Board of Directors. The Board of Directors may specify that instruments drawing upon or committing the financial resources of AAIM above a specific sum shall be signed by the CEO and either the President or the Treasurer.
Finally, AAIM has adopted the following written policies and procedures to clarify our processes:
- The Treasurer shall review the underlying financial records, including bank statements, at least monthly. The Treasurer shall have, at all times, full access to all bank statements online.
- AAIM's bylaws require an annual audit, with an auditor selected by the Budget and Audit Committee. The Budget and Audit Committee shall select an independent auditor, who has no relationship with any AAIM employee, and the selection of such auditor shall be ratified by the Board.
- The auditor shall meet, in person, with the Budget and Audit Committee and with the Board of Directors to review the annual audit report, provide his or her recommendations, and answer any questions.
- All checks, drafts, or orders for the payment of money, in excess of $5000 shall be signed by both the CEO and either the President or Treasurer.
- All notes or other evidences of indebtedness issued in the name of AAIM shall be signed by both the CEO and either the President or Treasurer.
- AAIM shall run a criminal background check on anyone who has access to AAIM's funds, whether staff or volunteer - before such person becomes a signatory on an AAIM account, including the CEO, President and Treasurer. If any such person's criminal background check results in a finding that he or she has been convicted of a crime involving dishonesty, he or she will not be allowed signatory authority on any AAIM account or access to AAIM cash.
 For
questions or
further information contact Simone
Talma Flowers, Chief Officer of Operations. |
