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Bounce Fitness Financial Policy and Procedure

The financial policy and procedure document outlines objectives and processes to ensure accurate financial records and accountability at Bounce Fitness. The objectives are to develop procedures for accurate financial transactions, ensure spending aligns with Bounce Fitness' mission through an annual budget, and conduct annual audits of finances. The procedures establish roles for drafting, approving, and presenting the annual budget. Financial records can be accessed by board members, CEO, and general manager of finance. Spending authority levels are defined for center managers, general manager of finance, and CEO.

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890 views2 pages

Bounce Fitness Financial Policy and Procedure

The financial policy and procedure document outlines objectives and processes to ensure accurate financial records and accountability at Bounce Fitness. The objectives are to develop procedures for accurate financial transactions, ensure spending aligns with Bounce Fitness' mission through an annual budget, and conduct annual audits of finances. The procedures establish roles for drafting, approving, and presenting the annual budget. Financial records can be accessed by board members, CEO, and general manager of finance. Spending authority levels are defined for center managers, general manager of finance, and CEO.

Uploaded by

lygiabuu28
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Financial Policy and Procedure

Introduction

Management need to ensure efficient administration of Bounce Fitness and accurate financial
accountability to ensure that the funding received is used toward achieving the goals of the missing
and to ensure that all legal requirements are met.

Objectives

 To develop agreed procedures that will ensure records of all financial transactions are
accurate and up to date
 To ensure that a budget guides spending so that objectives in the Bounce Fitness Mission,
Vision and Objectives are met
 To develop agreed procedures that will ensure all incomes and expenditure is audited
annually, and these accounts are available to the Board and Stakeholders
 To develop agreed processes for spending so that it is clear who needs to authorise various
levels of spending

Procedure

 The annual budget is drafted by the General Manager Finance and is overseen by the Chief
Executive Officer from budget actuals, bank statements and records maintained by the
Bookkeeper and approved by the General Manager Finance. The Chief Executive Officer
approves the final budget and presents it to the Board of Directors
 An independent audit of the financials is conducted annually by the Accounting Firm
representing Bounce Fitness.
 The Accounting Firm will audit accounts annually and present a Statement of Financial
Performance on each occasion to the Chief Executive Officer who will in turn present it to
the Board
 Financial records may be accessed by the Board Members, Chief Executive Officer and the
General Manager Finance. Other information may be accessed as needed by the Bookkeeper
or Administrative Assistants with the approval of the General Manager Finance
 Centre Managers are responsible for planning, approving and keeping to their budgets and if
an overrun is foreseen or occasioned, the General Manager Finance is informed at the
earliest possible time
 Monthly reports are produced for the Centre Managers and they convey information related
to targets such as budgeted expense vs actual expense, projected sales vs actual sales.
Variations must be reported to General Manager of Finance at the earliest possible time.
 Centre Managers manage Petty Cash to the value of $100 per item and may spend up to
$500 of budgeted funds on agreed and budgeted area. Any other expenses must be
approved in advance by the General Manager Finance.
 General Manager Finance may authorise expenditure up to $5,000 without consultation.
Any unbudgeted expenditure or amounts above that must be approved by the Chief
Executive Officer
 Chief Executive Officer may authorise expenditure up to $10,000 without consultation. Any
unbudgeted expenditure or amounts above that must be approved by the board.
 When any department wishes to make extra adjustments to the allowance budget, approval
from the General Manager of Finance and the superiors is required.
 Only 40% of the budget is permitted to use in a single quarter, the remaining 60% is saved
for other three quarters. And at least 10% of the budgeted budget must be set aside for
unexpected expenses.

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