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SAMPLE NPO Fiscal Policies & Procedures
© 2012 CompassPoint Nonprofit Services
Table of Contents
Accounting Procedures ............................................................................................... 1
Basis of Accounting .................................................................................................................................................. 1
Journal Entries ........................................................................................................................................................... 1
Bank Reconciliations ............................................................................................................................................... 2
Monthly Close ............................................................................................................................................................. 2
Recordkeeping ........................................................................................................................................................... 2
Internal Controls ......................................................................................................... 3
Lines of Authority ..................................................................................................................................................... 3
Conflict of Interest .................................................................................................................................................... 3
Segregation of Duties .............................................................................................................................................. 4
Physical Security ....................................................................................................................................................... 4
Financial Planning & Reporting ................................................................................... 5
Budgeting Process .................................................................................................................................................... 5
Internal Financial Reports .................................................................................................................................... 6
Audit ............................................................................................................................................................................... 6
Tax Compliance ......................................................................................................................................................... 6
Exempt Organization Returns ............................................................................................................................... 6
Quarterly/Annual Payroll Reports ...................................................................................................................... 7
Revenue & Accounts Receivable.................................................................................. 7
Invoice Preparation ................................................................................................................................................. 7
Revenue Recognition .............................................................................................................................................. 8
Cash Receipts .............................................................................................................................................................. 8
Deposits ........................................................................................................................................................................ 8
Expense & Accounts Payable ....................................................................................... 9
Payroll ........................................................................................................................................................................... 9
Time Sheet Preparation & Approval ................................................................................................................... 9
Payroll Additions, Deletions, and Changes ....................................................................................................... 9
Payroll Preparation & Approval ......................................................................................................................... 10
Pay Upon Termination ............................................................................................................................................ 10
Purchases & Procurement ................................................................................................................................. 10
Independent Contractors ................................................................................................................................... 10
Invoice Approval & Processing ........................................................................................................................ 11
Cash Disbursements ............................................................................................................................................. 11
Petty Cash ................................................................................................................................................................. 11
Employee Expense Reimbursements ............................................................................................................ 12
Travel Expenses .......................................................................................................................................................... 12
Credit Cards .................................................................................................................................................................. 12
Expense Allocations .............................................................................................................................................. 12
Asset Management ................................................................................................... 13
Cash Management and Investments .............................................................................................................. 13
Capital Equipment ................................................................................................................................................. 13
Employee Retirement Accounts ...................................................................................................................... 13
Operating Reserve ................................................................................................................................................. 14
