K. Financial Policies

Fiscal Policies

1. Chapter Dues

   1. Payment Requirements

Annual Chapter dues for APA members shall be payable to APA in accordance with the Chapter Bylaws. Dues for Chapter-Only members as defined below shall be payable to the executive offices or bookkeeping offices of the Chapter. 

2. Exemptions

Any member of the Utah Chapter who has retired from planning employment and has been a dues-paying member of APA and/or its preceding organization for at least ten (10) consecutive years shall hereby be exempt from paying Chapter-Only dues. 

3. Chapter-Only Dues

The Board shall establish the annual dues for Chapter-Only members based upon a program and budget for the Chapter. Chapter-Only dues shall be equitably related to the Chapter dues collected by APA and shall, at minimum, be sufficient to cover the costs associated with the Chapter-Only member services provided by the Chapter.  

2. Oversight/Access

The APA Utah Chapter  prioritizes financial transparency, accountability, and proper oversight to ensure responsible management of its funds.

3. Account Access:

   1. The Administration and Finance Committee Chair,  Chapter President, and chapter bookkeeper shall have access to all accounts for oversight purposes.

   2. To facilitate administrative duties and ensure seamless financial operations The Executive Manager shall be added to and maintain access to appropriate Chapter financial accounts to facilitate administrative duties.

4. Authorization to Move Funds:

   1. Any transactions involving the movement of funds must adhere to the Chapter’s financial policies and require the appropriate documentation and authorization.

   2. The Executive Manager is not authorized to move, withdraw, or transfer funds.

5. Oversight and Reporting:

   1. The Administration and Finance Committee Chair is responsible for overseeing all financial activities, ensuring compliance with the Chapter's budget and financial policies.

   2. Regular financial reports must be presented to the Board, providing details on account balances, transactions, and overall financial health.

6. Budget Reports

This policy applies to all budget reports prepared by the APA Utah Chapter, including monthly, quarterly, and annual financial summaries, as well as special budget reports for events or projects.

1. Budget Reporting Process

   1. Preparation

      1. The Administration and Finance Committee Chair is responsible for preparing all budget reports.

      2. Reports must include:

         1. Revenue and expense summaries categorized by program or activity.

         2. Comparison of actuals versus budgeted amounts.

         3. An explanation of significant variances.

         4. Balances of restricted and unrestricted funds.

   2. Frequency and Deadlines

      1. Monthly Reports:

         1. Distributed to the Board before each monthly board meeting.

      2. Quarterly Reports:

         1. Include more detailed analysis and trends; shared at the first board meeting following the end of the quarter.

      3. Annual Budget Report:

         1. Prepared for presentation to the membership at the Chapter’s Annual Meeting or Conference.

      4. Special Reports

         1. Special budget reports may be prepared for significant events or initiatives (e.g., conferences, networking events, or awards receptions).

         2. These reports will be shared with the Board as part of event planning and post-event evaluations.

   3. Review and Approval

      1. Board Review

         1. Budget reports will be reviewed during monthly board meetings.

         2. The Administration and Finance Committee Chair will present key findings and address any questions or concerns raised by board members.

      2. Approval Process

         1. Any adjustments or reallocations of funds recommended in the reports must be approved by a majority vote of the Board.

         2. Annual Budget Reports require formal approval by the Board before being shared with the membership.

   4. Recordkeeping

      1. Approved budget reports will be archived by the Administration and Finance Committee Chair for recordkeeping.

      2. Financial documents will be maintained in compliance with APA Utah Chapter’s retention policy and any applicable legal requirements.

   5. Accessibility and Transparency

      1. A summary of financial performance, including the Annual Budget Report, will be made available to the membership via the Chapter’s website or newsletter to promote transparency.

   6. Compliance

      1. Budget reports must comply with APA Utah Chapter bylaws, applicable financial standards, and any guidelines set by the national APA organization.

7. Payments

This procedure applies to all payments made by the APA Utah Chapter, including vendor payments, event-related expenses, and other financial obligations.

1. Payment Approval Process

   1. Authorization

      1. All payments must be authorized by the Administration and Finance Committee Chair and, when applicable, the Chapter President or Vice President when the President is unavailable.

      2. Expenses exceeding $500 require prior approval by the Board unless previously budgeted.

   2. Supporting Documentation

      1. Payment requests must be accompanied by appropriate documentation, such as:

         1. Invoices or receipts.

         2. Contracts or agreements (if applicable).

         3. Completed reimbursement forms (for individuals).

         4. Reference to th budgeted line item where payment should be drawn from.

      2. Incomplete or unclear documentation may delay payment processing.

   3. Payment Processing

      1. Submission of Requests

         1. Payment requests should be submitted to the Administration and Finance Committee Chair via the online form (or email, if necessary).

         2. The Administration and Finance Committee Chair will verify the request for compliance with the approved budget and policy.

2. Payment Methods

Payments will be processed using one of the following methods:

1. Electronic Payment: Preferred method (e.g., bank transfer or digital payment platform).

2. Check Payment: For vendors or individuals requiring physical payment.

3. Credit Card Payment: For online purchases or specific vendors, managed by the Treasurer.

3. Processing Timeline

   1. Standard payment requests will be processed within 7 business days of receipt, provided all required documentation is submitted.

   2. Urgent requests (e.g., event-related expenses) must be clearly marked and will be prioritized.

8. Reimbursement Requests

   1. Eligibility

      1. Individuals seeking reimbursement must have prior approval for the expense and provide itemized receipts.

   2. Submission

      1. Reimbursement forms must be submitted within 30 days of the expense, along with supporting receipts.

   3.  Approval and Payment

      1. The Administration and Finance Committee Chair will review reimbursement requests for accuracy and compliance before issuing payment.

9. Recordkeeping

   1. The Administration and Finance Committee Chair will maintain detailed records of all payments, including:

      1. Copies of invoices, receipts, and payment confirmations.

      2. Details of the payee, amount, payment date, and purpose.

   2. Payment records will be stored securely and included in the Chapter’s financial reports.

10. Fraud Prevention and Accountability

    1. Payments will only be issued to legitimate vendors or individuals with a valid claim.

    2. Any suspected misuse of Chapter funds will be reported to the Administration and Finance Committee Chair or Chapter President for investigation.

11. Policy Review and Amendment

These policies will be reviewed periodically by the Board and updated as necessary to reflect best practices and the Chapter’s evolving needs

12. Audits

13. This policy applies to all financial audits related to APA Utah Chapter finances, including annual audits and any special audits that may be required due to significant financial changes, concerns, or events.

    1. Frequency of Audits

       1. Regular Audit:

          1. An external financial audit will be conducted at least every three (3) years by a certified public accountant (CPA) or an independent auditing firm.

          2. The audit will cover the Chapter’s fiscal practices, reviewing financial records, statements, and policies.

       2. Special Audits:

          1. Special audits may be initiated at any time by the Board if there is a concern about financial discrepancies, fraud, or significant financial changes.

    2. Audit Process

       1. Appointment of Auditor

          1. With the recommendation of the Administration and Finance Committee Chair, the Board will select and approve an independent auditor or auditing firm. 

          2. The auditor must be a licensed CPA or have equivalent qualifications and experience.

          3. The Board may issue a request for proposals (RFP) to select an auditing firm or professional.

       2. Preparation for Audit

          1. The Administration and Finance Committee Chair will ensure that all financial records, including statements, invoices, receipts, bank statements, and tax filings, are organized and accessible for review.

          2. The Administration and Finance Committee Chair will also provide the auditor with any necessary documentation or explanations related to financial activities during the audit period.

       3. Auditor’s Responsibilities

          1. The auditor will review the Chapter’s financial records and processes, ensuring compliance with accounting standards and internal controls.

          2. The auditor will assess the accuracy of financial statements, identify discrepancies, and evaluate the Chapter’s overall financial health.

          3. The auditor will also review the Chapter’s adherence to budgeting and financial planning practices.

       4. Audit Report

          1. At the conclusion of the audit, the auditor will provide a detailed written report that includes:

             1. A summary of the financial findings.

             2. Any discrepancies or issues identified during the audit.

             3. Recommendations for improving financial practices and internal controls.

             4. A statement of the Chapter’s financial health and compliance with applicable standards.

    3. Review of Audit Findings

       1. Board Review

          1. The audit report will be presented to the Board for review at the next scheduled meeting.

          2. The Board will discuss the findings, any issues identified, and any recommended actions to address discrepancies or improve financial management.

       2. Corrective Actions

          1. If the audit identifies areas for improvement or corrective actions, the Administration and Finance Committee Chair will recommend to the Board an implement a plan to address the auditor’s recommendations.

          2. The Administration and Finance Committee Chair will be responsible for overseeing the implementation of corrective actions, with periodic follow-up reports to the Board on progress.

    4. Transparency and Reporting

       1. Accessibility of Audit Report

          1. The final audit report will be made available to APA Utah Chapter members to ensure transparency and foster trust in the Chapter’s financial practices.

          2. The audit report may be shared via email, posted on the Chapter’s website, or presented at the annual meeting or conference.

       2. Annual Financial Summary

          1. An executive summary of the audit findings, including any corrective actions taken, will be included in the Chapter’s annual financial summary.

    5. Confidentiality and Conflict of Interest

       1. The auditor will maintain the confidentiality of the Chapter’s financial information and will not have any conflict of interest related to the audit.

       2. Any potential conflicts of interest will be disclosed before the auditor is appointed, and the Board will take appropriate action to address any concerns.

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