Expenditure Policy.
Adopted by the Board of Directors
November 15, 2006
The Board’s role in financial management of the Greater Dayton Advertising Association is an ongoing fiduciary responsibility for stewardship of monies.
Any expenditure or disbursement over $250.00 (two hundred fifty dollars), not already approved by the Board as part of the budget, or over the amount in the budget must be approved in writing (which may include email) prior to making the expenditure or disbursement by at least two of the following: the President, Treasurer, Executive Director, First Vice President or Second Vice President. If the person requesting the approval of the expenditure or disbursement is either the President, Treasurer, Executive Director, First Vice President or Second Vice President, then the requesting individual must obtain the approval of at least two other individuals of the five listed.
In emergencies, the expenditure or disbursement may be approved verbally, but that verbal approval should be followed by the written approval described above within 3 days.
The approving individuals should consider the budget when making any such approval, but are not restricted by the budget.
Any expenditures or disbursements that are over ($5,000) (five thousand dollars) require involvement of the executive committee for approval of a majority of the Board.
