At Orapuh, our financial management serves a vital purpose: to fulfill our organization’s mission while remaining accountable effectively and efficiently to all stakeholders. This includes our clients, partners, funders, employees, and the community. To achieve this, we are committed to providing accurate and complete financial data for both internal and external use by the President and Oversight and Academic Board (OAB).
The ultimate responsibility for financial management lies with the OAB. However, the Director of Administration & Finance (DAF) is authorized to act on behalf of the OAB in financial matters that require immediate attention, even before a formal OAB meeting takes place.
The President oversees day-to-day financial management. The OAB grants the President the authority to hire and supervise staff, volunteers, interns, and independent consultants. Additionally, the President has the power to pay bills, receive funds, and maintain bank accounts.
The President can sign checks up to $1,000 (USD). Checks exceeding this amount require the signature of the DAF or OAB Chair.
The President is authorized to enter contracts for activities that have been approved by the OAB as part of budgets or plans. However, any contracts outside of these parameters and all contracts exceeding $15,000 (USD) in value must be authorized by the OAB.
The President has the authority to manage expenses within the approved budget, and any deviations must be reported to the Finance Committee along with an explanation.
The use of the board designated cash reserve fund must be approved by the OAB.
The President’s responsibilities include:
- Keeping donor restricted and OAB designated funds separate from general operating funds and clearly defining the restrictions associated with these funds.
- Reporting the financial results of Orapuh operations according to the schedule established by the OAB, at least quarterly.
- Timely payment of all obligations and filing required reports.
- Not making contractual commitments for bank loans, corporate credit cards, or real estate leases or purchases without specific approval from the OAB.
- Recording fixed assets with purchase prices exceeding $500 (USD) as capital assets in accounting records.
- Depreciating furniture and equipment over a maximum of five years, and computer and other technology equipment over a maximum of three years.
- Maintaining vendor credit accounts at prudent and necessary levels.
- Obtaining competitive bids for items or services costing over $5,000 per unit. The selection will be based on cost, service, and other contract elements. Orapuh may choose any provider and is not obligated to accept the lowest cost proposal.
The OAB’s responsibilities include:
a) Reviewing financial reports at each board meeting.
b) Providing adequate training to members to ensure they can fulfill their financial oversight role.
Financial Transactions with Insiders:
Advancing funds to officers, employees, volunteers, interns, and independent contractors is not authorized. However, direct, and necessary expenses, including travel for meetings and other responsibilities, shall be reimbursed.
Under no circumstances should Orapuh borrow funds from any employee, officer, or director without specific authorization from the OAB.
To minimize financial risks and align planned activities with board-approved priorities, long-range organization goals, and specific five-year objectives, the President shall:
- Submit operating and capital budgets to the OAB for reasonable approval before each fiscal year.
- Use responsible assumptions and projections with the general goal of achieving an unrestricted surplus.
- Orapuh will only accept gifts and grants that align with its mission.
- Donations from individuals, partnerships, corporations, foundations, government agencies, or other entities will generally be accepted without restrictions.
- Orapuh welcomes donations in the form of money, real property, personal property, stock, and in-kind services.
- Certain types of gifts will require a prior review before acceptance, as they may entail special liabilities for Orapuh. Examples of gifts that will undergo review include gifts of real property, gifts of personal property, and gifts of securities.
To safeguard the assets of Orapuh and ensure their proper maintenance, the President is responsible for the following:
- Obtain insurance coverage to protect against theft, damage, and liability losses for the organization, Board members, and staff. The coverage levels will be determined in consultation with professionals.
- Develop and implement suitable measures to protect and maintain our property, buildings, and equipment.
- Avoid actions that could expose the organization, its board, or staff to potential liability claims.
- Safeguard intellectual property, information, and files from unauthorized access, tampering, loss, or significant damage.
- Establish robust controls for receiving, processing, and disbursing funds. These controls will ensure the basic segregation of duties to safeguard our bank accounts, income receipts, and payments