This policy has been developed to ensure that Springs, Inc. is managed in accordance with sound accepted fiscal principles in order to conserve resources and to maximize the availability and continuity of services.  Springs, Inc. further ensures that accurate fiscal information and documentation of revenue and expenses will be maintained for purposes of proper allocation and analysis and to facilitate the annual audit.

Springs, Inc. will maintain fiscal records on an accounting system that provides data relative to revenue and expenses by the program area producing the revenue and incurring the expense.  Administrative revenue and expense will be maintained separately from program revenue and expense.

• The fiscal year of Springs, Inc. will be July1 to June 30.

• The books and records of springs, Inc. will be maintained on an accrual basis.

• Springs, Inc. will develop a general ledger chart of accounts which accumulates information in proper detail to meet the varied needs of management, the board of Directors, auditors, and other interested parties.

• Those individuals who maintain, or have access to the books and records of Springs, Inc. will not handle cash or other negotiable items on behalf of Springs, Inc.  Such individuals shall not be authorized signers on bank accounts.

• All financial records shall be maintained for a minimum of six years.

• Property and equipment are carried on the books at cost or estimated fair market value at date of purchase or donation.  Depreciation is computed on an appropriate basis over the estimated useful lives of the respective assets.  A physical inventory of fixed assets is taken annually in preparation for the annual audit.

• Any individual, staff or consumer, who willfully damages property belonging to Springs, Inc. is may be required to pay for the repair or replacement of the damaged property.

• Springs, Inc. is a not-for-profit organization incorporated under the laws of the State of Oklahoma in 1982 and is exempt from income taxes under Section 501(c) (3) of the Internal Revenue Code.

• The Executive Director will prepare an annual operations budget prior to the beginning of the fiscal year.

• The budget will be presented to the Board of Directors for consideration and approval.

• The Executive Director is authorized to expend monies in accordance with the approved operational budget without additional approval.

• The Executive Director may re-budget specific line items.

• The Executive Director will provide an internal financial statement and budget to actual line-item comparison report of each program for review by the Board of Directors at each regularly scheduled Board Meeting. Having an item budgeted does not necessarily mean that any amount budgeted cannot be exceeded.

• A full audit of Springs, Inc.’s fiscal activities will be performed annually by a certified public account independent of the agency, in accordance with contract requirements of the Department of Human Services.

• The Board of Directors will review recommendations in the auditor’s management letter and the financial statement.

• The Executive Director will be responsible for the distribution of the audited financial reports as required by third parties.

• The Executive Director will obtain input of individuals receiving services and the staff who work directly with those individuals through staff meetings, and council meetings prior to preparation of the household budgets.

• The Board of Directors authorizes the Executive Director, President of the Board, and accountant to be the authorized signatures on the operating and household bank accounts.

• Receipts or invoices will be required for all disbursements.

• Bank accounts shall be reconciled monthly.  

• Checks shall be deposited within 7 days of the receipt.  Cash shall be documented when received with a receipt and deposited within 7 days.  The money received through the Oklahoma Health Care Authority has been requested to be electronically deposited.

• The Executive Director may establish charge accounts for Springs, Inc. as required, proved that persons authorized to the accounts are designated in writing with each business.

• Billings for services rendered shall be in accordance with the contract established with funding sources and shall be billed at the earliest possible date in order to accelerate, when possible, the receipt of funds.

• In the event that funding changes are made which affect the lives of the individuals served, Springs, Inc. will make the necessary budget adjustments and instruct staff on how to implement the changes.  If government funding is reduced, the Agency will use the best efforts to increase its fundraising, seek other funding and make reasonable budget adjustments in order to ensure that the quality of life will not be adversely affected.