a. Shall include
all areas where the corporation’s assets are at risk,
much of which can be protected by insurance, such as Workmen’s
Compensation, Disaster, Property and Casualty, Employee
Fidelity,
Directors and Officers, Errors and Omissions, Automobile
Liability,
Travel Accident, Fire and Safety, and Business Interruption.
b. The Treasurer shall appoint a committee consisting of experts
in the
insurance field consisting of an appraiser,
advisor, agent and others. Such
committee shall be chaired by the Treasurer.
3. Comptroller (Accounting)
a. Check
Signatures
(1) Payroll Transfer and
Payroll-Related Checks:
Require facsimile signature
of the Treasurer, or signature of
the Finance Manager or Board officer. One officer must
review and initial copy.
(2) Checks under $1,000:
Require one signature of the following: facsimile signature; -
Finance Manager; Senior Manager - Finance/Administration or
Board officer. Finance Manager or an available Senior Manager
must review and initial copy.
(3) Checks over $1,000:
Require two signatures. First signature may be facsimile
signature, Finance Manager, Senior Manager -
Finance/Administration or Board officer. Second signature must
be a Board officer. Finance Manager, an available Senior Manager
, and one Board officer must review and initial check copy.
(4) Manual Checks over $1,000:
These checks are limited to C.O.D. fuel, emergencies, or as
directed by the Senior Management for non-interruption of
services. Two signatures are required. The first signature
will be facsimile plate, Finance Manager, or Board officer. The
second signature will be the Finance Manager, Senior Manager -
Finance/Administration or Board officer. Finance Manager, an
available Senior Manager one Board officer must review and
initial check copy (after disbursement is approved).
b. Capitalization of Expenditures
(1) Those items that have a life span in excess of five years
and cost
$5,000 or more will generally be
capitalized. The past practices of
the Recreation Centers of Sun City,
Inc. with reference to the
capitalization or expense of an
individual item will be the most
influential consideration in making
that decision adjusted by
contemporary accounting practices.
By following this guideline, a
greater degree of consistency will be
achieved in the presentation of
the financial statements from year to
year.
(2)
Items that cost less than $5,000 but are a part of a larger project
which is a capital item will be
included in that project and be
capitalized. The location and use of
a particular item will be taken
into account when the determination
is made whether that item
should be capitalized or expensed.
(3) Decisions as to capitalization or expense of any item will
be made
by the Comptroller based on good
business practices within the
guidelines of this policy.
c. Allocation of
Certain Expenses:
(1) All capital
costs of repairing, maintaining, and/or improving all
buildings and parking lots will be considered corporate costs
and do not necessarily need to be funded by any one specific
department’s operating cash flow or budget.
(2) Real Estate and Personal Property Taxes are shown
by department
and are charged to the unallocated department of centers, bowling,
or golf.
(3) Legal expenses incurred on behalf of the
entire corporation are
considered General and Administrative Expense.
(4) General and Administrative expenses consist of operating
expenses and costs for the following
departments: Senior Manager -
Finance and Administration, Board of
Directors, Membership,
Accounting, Material Management, Human
Resources, Information
Systems and Communications.
d. An accounting procedure may be
developed to implement this policy.
