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SAMPLE NPO FISCAL POLICIES AND PROCEDURES
Approved by the Board of Directors, DATE
© 2012 CompassPoint Nonprofit Services Fiscal Policies & Procedures
Page | 2
Tip
:
When possible, s
omeone
other than the person posting
transactions should reconcile
bank accounts. Someone who
doesn’t reconcile should
always review the reports.
Bank Reconciliations
SAMPLE Policy: All bank statements will be opened and
reviewed in a timely manner. Bank reconciliation and
approval will occur within 30 days of the close of the
month.
SAMPLE Procedures:
• All bank statements and cancelled checks will be opened, reviewed and initialed
by the Director of Operations upon receipt.
• Once reviewed, bank statements are submitted to the Office Manager for reconciliation.
• The Executive Director will review and approve reconciliation reports by signing and dating
the report in the upper right hand corner.
Monthly Close
Questions to consider in developing Policy:
• When are books closed (i.e. by the Xth of the following month)
Questions to consider in developing Procedures:
• What are the basic monthly steps involved in closing the books
• Who is responsible for these monthly steps
• Who oversees closing the books and ensures that these steps
are completed
Recordkeeping
Questions to consider in developing Policy:
• What is the document retention policy (i.e. how long are specific documents maintained and
where)
Questions to consider in developing Procedures:
• How/where are accounting records kept (locked file cabinet, e-files, etc.)
• How often is filing done and by whom
• How often are financial records archived and/or shredded and by whom
Tip
:
A sample records
retention policy is
available at the
CompassPoint web
site under resources/
downloads.
