Internal Controls
Memorial Baptist Church of Middlebury, Vermont
(Passed August 25, 1993 - to be attached to 1998 By-Laws Revised 10/31/04)
1. Consolidate all funds into one interest-bearing checking account, including the benevolence fund.
2. Income from the Ilsley fund, ABEC, Atlantic Richfield, Minnie Averill account, etc., should be direct deposited to the checking account.
3. Trustee to count weekly collections with the Financial Secretary or the Assistant Financial Secretary. Duplicate deposit slip to be signed by both people: one copy to be given to the Treasurer, and one to the bank.
4. No checks to be written to and signed by the same person.
5. Monthly Treasurer's report given to the Trustees should detail prior and current month's activity for comparison, as well as year-to-date and budgeted totals.
6. Detailed description of all church revenue should be given on the monthly Treasurer's report given to the Trustees.
7. Records to be available for quarterly audit:
Bank statements
Paid invoices and receipts
Canceled checks and deposit slips
General Ledger
Revenue Journal
Monthly Treasurer's Reports
8. Standardized checklist of audit functions performed, to be attached to the monthly records audited.
9. Written request or invoice required before check can be generated.
10. Excess funds recommended for investment into ABEC only.
11. Guidelines should be established for bequests, etc.
12. Financial Secretary or Trustee only should be making deposits.
13. Limited number (2) of people authorized to write and sign checks.
14. Written procedures should be developed for Treasurer's and Auditor's duties.
15. To direct the Trustees to look into bonding the finances of the church.
16. To store the records of the church at the church in a fireproof safe.
17. To mail all statements to the church (which is already happening).
18. Only one (1) signature is required on a check. (This control added at Annual Meeting, January 26, 1994.)
These controls are open to discussion, amendment, and additions by the Church membership.
Final Internal Control guidelines will be audited for compliance at least once yearly.
