Financial Standards and Accountability Policy (WEDC) WYLIE ECONOMIC DEVELOPMENT CORPORATION
FINANCIAL STANDARDS & ACCOUNTABILITY POLICY
DRAFT MAY 3, 2006
The following Policy will govern all WEDC expenditures and financial activity.
Purchasing limits for the Executive Director
The Executive Director is authorized to approve any PO or Payment
Authorization Request (PAR) in an amount up to and including $5,000. Any
expenditure in excess of $5,000 will require the additional signature of WEDC
President or WEDC Treasurer and be presented to the City of Wylie Finance
Director, and or their designated representative, prior to processing said PO or
PAR.
Reimbursements and Credit Card Expenditures
Personal reimbursements and credit card expenditures by the Executive Director,
and or their representative, will require submission of a receipt and
documentation providing the specific business purpose for the expenditure. An
expense report providing said documentation will be attached to the WEDC
Treasurer's report each month for review and approval by the WEDC Board of
Directors.
Gifts
The giving of gifts purchased with WEDC funds is strictly prohibited. A gift is
identified as an item or service purchased for an individual or organization which
has no identifiable promotional or business purpose.
Personal Expenditures
Expenditures made outside the course of business activities are strictly
prohibited. Personal expenditures are identified as the funding of activities or the
purchase of services which have no identifiable promotional, business, or public
purpose and do not develop new or expanded business enterprise.
Reporting Requirements
The WEDC Executive Director shall meet with the City of Wylie Finance Director,
and or their designated representative, on a monthly basis to review all WEDC
financial activity so that such activity can be accounted for properly.
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