NHMBB - Internal Control Procedures

Revenues

Program Assistant
            Opens mail and distributes                                                           
            Mails accounts payable checks
            Gives checks to Executive Director for deposit and coding of receipt for computer input

Executive Director
            Deposits checks and codes receipt for computer input
            Responsible for investment of cash balances
            Records receipt in computer and prints cash receipts report
            Reconciles Accounts Receivable and Borrowers’ Issuance Fees

Expenditures

Program Assistant
            Places orders for miscellaneous office supplies
            Gives invoices, checks and check register to Executive Director for review and to sign checks
            Files paid invoices and matches invoices with packing slips

Finance Director
            Reviews invoices and codes for computer input
            Enters coded invoices in computer system and print checks
            Processes electronic transfers
            Reconciles Accounts Receivable
            Mails checks after approval by Executive Director and Treasurer of the Board

Executive Director
            Reviews invoices with printed checks
            Sends check register to Treasurer of Board for review and approval
            Signs checks after receiving approval from the Treasurer and initiates payroll and credit union direct deposits
            Gives invoices and signed checks to the Program Assistant for mailing

Treasurer of Board
            Reviews check register before checks are mailed
            Reviews original invoices
            Prepares monthly bank reconciliation from bank to the general ledger

Employee Reimbursements
            Executive Director approves reimbursements for Assistant Director and Program Assistant
            Treasurer of Board approves reimbursements for Executive Director
            Treasurer of Board approves reimbursement for Directors of Board
            Chairman of Board approves reimbursement for Treasurer of Board
            No one shall approve their own reimbursements

Authorized Signatures

Checking Accounts
           Executive Director and State of NH Treasurer (only one signature required)

Absence of Treasurer
           In the event that the Treasurer is unavailable, the Vice-Chairman will assume the Treasurer responsibilities.  If the Vice-Chairman is unavailable, the Chairman will designate a director to assume the Treasurer responsibilities.

Adopted 2/16/06, includes amendments adopted 6/23/06, 02/16/11, 5/11/11, 8/7/12, 3/3/15, 6/20/17, and 2/15/22.