106 Board Financial System
Original Approval Date: March 18, 1997
Revision Effective: June 17, 2015
Supersedes: #149
It is the desire of the Board that the Tri-County Board have a financial and accounting system that is exemplary and protects the interests of the Board, the organization and the community at large. This system must be sophisticated enough that it contains all information necessary for prudence and efficiency in the expenditure of public funds. The Board recognizes its fiduciary responsibility and the need to account for every dollar received and expended by the Board to satisfy state, federal, and local funding sources. Receipts will be tracked according to the requirements of each funding source. Expenditures will be made in accordance with approved plans and funding source requirements.
The financial system will be maintained according to the procedures established by the Board, Board staff, and the Board’s fiscal agent, the Miami County Auditor. The Board may not incur indebtedness without securing the consent necessary by Ohio law, Auditor’s procedures and Board policy. Receipts will be recorded and deposited in the Treasurer’s office in a timely manner and with appropriate separation of duties in handling the receipts. All staff handling and expending funds will be covered under appropriate insurance. Purchases which meet the criteria set out in Ohio Revised Code Section 307.86 will be competitively bid. Restricted account funds will not be expended without Board approval. Expenditures will conform to Board policies and procedures with appropriate approvals. Budgets will be constructed accurately and approved by the Board. The Board administrative budget will be tracked and reported on throughout each fiscal year based on expenditures within the chart of accounts approved in the budget for the year. The Board may also approve additional line items as needed throughout the year. Deficit budgets which require the expenditure of Board reserves shall not occur without Board approval. The Board will maintain financial projections for planning purposes.
Audits will be conducted annually by the Auditor of State or other independent auditor approved by the Auditor of State with the results reported to the Board. Current Board financial condition will be reported at every Board meeting and will include, at a minimum, all receipts and expenditures in comparison to budget projections. Annually the Board shall publish a report to the community that includes a financial and programmatic summary.
Revision Effective: June 17, 2015
Supersedes: #149
It is the desire of the Board that the Tri-County Board have a financial and accounting system that is exemplary and protects the interests of the Board, the organization and the community at large. This system must be sophisticated enough that it contains all information necessary for prudence and efficiency in the expenditure of public funds. The Board recognizes its fiduciary responsibility and the need to account for every dollar received and expended by the Board to satisfy state, federal, and local funding sources. Receipts will be tracked according to the requirements of each funding source. Expenditures will be made in accordance with approved plans and funding source requirements.
The financial system will be maintained according to the procedures established by the Board, Board staff, and the Board’s fiscal agent, the Miami County Auditor. The Board may not incur indebtedness without securing the consent necessary by Ohio law, Auditor’s procedures and Board policy. Receipts will be recorded and deposited in the Treasurer’s office in a timely manner and with appropriate separation of duties in handling the receipts. All staff handling and expending funds will be covered under appropriate insurance. Purchases which meet the criteria set out in Ohio Revised Code Section 307.86 will be competitively bid. Restricted account funds will not be expended without Board approval. Expenditures will conform to Board policies and procedures with appropriate approvals. Budgets will be constructed accurately and approved by the Board. The Board administrative budget will be tracked and reported on throughout each fiscal year based on expenditures within the chart of accounts approved in the budget for the year. The Board may also approve additional line items as needed throughout the year. Deficit budgets which require the expenditure of Board reserves shall not occur without Board approval. The Board will maintain financial projections for planning purposes.
Audits will be conducted annually by the Auditor of State or other independent auditor approved by the Auditor of State with the results reported to the Board. Current Board financial condition will be reported at every Board meeting and will include, at a minimum, all receipts and expenditures in comparison to budget projections. Annually the Board shall publish a report to the community that includes a financial and programmatic summary.
