§1—Effective Dates: This policy shall become effective on the date of enactment and remain in force until it is rescinded. It shall be reviewed each year, or at any time that some section appears inappropriate or out of date.
§2—Purpose and Accountability: This policy applies to all CATO financial activities and prescribes the decision making authority, methods for accountability and administration procedures for the accumulation, deposit and distribution of CATO funds.
2.1 The sole purpose of CATO funds are in furtherance of the CATO goals and objectives.
2.1.1 When the occasion demands, the CATO Board may authorize the use of funds for ancillary purposes, such as recognition of extraordinary performance, commemoration, sponsorships, and so forth.
2.2 The CATO Board of Directors shall be the sole authority for determining the decision making authority and allocation of funds or pledging the credit of CATO under any circumstances.
2.3 The CATO Treasurer shall be responsible for administering, accounting and reporting of all CATO finances, to include the accrual and deposit of income and the prompt payment of debts.
§3—Scope: This policy is all inclusive, to include any funds accrued in any manner or distributed for any purpose on behalf of the CATO organization.
§4—Policy and Procedures
1.1. Budgeting—The CATO Treasurer shall be responsible for preparing and recommending an annual budget to be approved by the Board of Directors.
1.2. Taxes—The CATO Treasurer is responsible for ensuring that all state and federal taxes are completed and submitted prior to the mandated deadlines.
1.3. Reporting—Budget reports shall be provided to all CATO members no less than twice each calendar year, one of which shall include an oral report at a Board of Directors meeting. All other reports may be presented in hard copy or electronically.
1.4. Unless waived by the Board of Directors, financial reports shall be due not later than the last day of January and July of each year.
1.5. At a minimum, this report shall include:
1.5.1. All capital expenditures within the reporting period
1.5.2. All consumable expenditures within the reporting period
1.5.3. Any funds paid as part of labor or contracts
1.5.4. Any funds spent on any special projects
1.5.5. Any funds spent on allocated projects as determined by the CATO Board of Directors as part of the annual budget
1.5.6. The projected indebtedness and income for the next reporting period
1.5.7. Notwithstanding any other reporting requirement, the Treasurer shall, without delay, notify the Board of Directors if any of the following occur:
126.96.36.199. Any unexpected increase in indebtedness or liability of $10,000 or more
188.8.131.52. Any unexpected increase in assets or income of $10,000 or more
184.108.40.206. The discovery of any unexplained discrepancy or potential malfeasance in the handling of CATO funds
1.6. Allocated funds—Allocated funds are moneys set aside for specific purposes as determined by the CATO Board of Directors.
1.6.1. The CATO Board of Directors may earmark funds to be used for functions, special projects and/or specific purposes.
220.127.116.11. Whenever funds are earmarked, the Board of Directors shall designate a Board member to oversee these funds.
18.104.22.168. Based upon the purpose and guidance by the Board of Directors, the Board member assigned to oversee allocated funds shall have broad discretionary authority on how and when these funds are dispersed but may not exceed or pledge the maximum allocation.
22.214.171.124. The Board member assigned to oversee allocated funds shall coordinate with the CATO Treasurer to ensure full accountability and prompt payment of debts, as well as providing the necessary information to be included in the Treasurer’s semi-annual budget report.
1.6.2. Funding for functions, special projects and/or specific purposes may not be used for other purposes without agreement by the Board of Directors.
1.7. Unallocated funds—unallocated funds are undesignated monetary assets.
1.7.1. Upon the approval of the President and the Treasurer, unallocated funds may be spent on any CATO expenses or projects.
1.8. Expedient funds—Expedient funds are moneys set aside to exploit unexpected opportunities and/or solve problems when they arise.
1.8.1. Any member of the Board and the Treasurer may authorize the use of expedient funds for expenditures up to the maximum amount established in the annual budget. Expenditures or pledges beyond the maximum amount will require Board approval.
Regional Rep $10K (approved)
CATO Academy $5K?
Expedient Funds $10K with maximum of $2,500?
After Action Review $10K (approved)