The purpose of this policy is to clarify the roles and responsibilities of staff and the Leadership (Finance Committee, Executive Committee and Board of Directors) when there is a need to modify expenses outside of the approved budget.
a. This policy applies to the Finance Committee, the Executive Committee, the Board of Directors, APTA Affiliate organizations, and APTA Staff.
b. All modifications to the budget must adhere to current financial policies including approval/signature authority for contracts and expenses.
c. All modifications to the budget must adhere to the procurement policy.
d. All modifications to the approved budget must be reviewed by the finance office prior to final approval as outlined in this policy.
a. APTA Bylaws Article VII, Section A (“Organization”).
b. APTA Bylaws Article VIII, Section A (“Board of Directors”).
c. APTA Bylaws Article IX, A and E (“Executive Committee”).
Definition: The budget is comprised of assumptions based on historical information as well as planned activity included in the business plan. As the year progresses, there may be a need to modify, eliminate or add to the approved budget. For example, a budget modification may be a new program, a new or continuing grant opportunity or a change in the organization’s priorities.
a. Finance Committee
- Responsible for monitoring financial expenditures of APTA.
- Approve modifications to the budget within financial authority.
- Recommend approved budget modifications to the Board.
b. Executive Committee
- Review and recommend approval of budget modification recommendations from Finance Committee.
- Receive and review financial reports from Finance Committee.
c. Board of Directors
- Review and approve budget modifications over $100,000.00.
- Receive reports from the Finance Committee.
d. APTA Staff
- Develop and manage annual budget for APTA and its affiliate organizations in accordance with approved financial policies.
- Reports on the financial results compared to budget on a regular basis to the Finance Committee, Executive Committee and Board of Directors.
All expense budget modifications up to $100,000 may be approved by the President/CEO subject to available revenue offsets to support expenses. All requests must follow the approval authority limits. The authority to approve new expense requests without revenue offsets that were not included in the approved budget is as follows:
- Up to $25,000 – President/CEO has authority to approve
- $25,000- $50,000 – President/CEO has authority to approve with notice to the Finance Committee.
- $50,000- $100,000 – President/CEO has authority with prior approval and consent by the Finance Committee Chair.
- $100,000 and above – requests must be submitted to the Board of Directors for approval.
All expenses proposed by APTA Leadership outside of the annual approved budget must be submitted and approved by the Board of Directors.
Certification of Secretary/Treasurer
I hereby certify that the above “Board of Directors’ Attendance Policy” was adopted by the Board of Directors of APTA at a properly called meeting with an appropriate quorum present.
This 10 day of June, 2017
Printed name: Kim Green
Signature: ______Signature on file______________
Acknowledgment of APTA Chair
This 10 day of June,
Printed Name: Doran J. Barnes
Signature: _______Signature on file_____________