FOR Cairde Le Cheile Committee CLG (2025)

Responsibilities

• We recognise that financial management is a collective responsibility of the trustees
• We authorise Damien Mc Kay to undertake   Financial management tasks

Budgeting

• We prepare an annual budget as part of our annual work plan
• The budget is not valid until it has been approved by the governing body

Expenditure

• The chairperson and treasurer can approve expenditure up to €25,000 provided that this is for items listed in the approved budget
• All expenditure approvals should be documented in writing to/by the treasurer (email is acceptable)
• Any expenditure that is not already reflected in the budget and/or any expenditure that is beyond €25,000 is considered exceptional and must be pre-approved by the governing body
• All invoices must be matched with their expenditure approval confirmation (PO)
• All invoices must be linked to the appropriate budget item
• Invoices are approved and paid within 31 days
• Expenditure approvals are reviewed quarterly by the treasurer and any outstanding invoices are followed up
• This also applies to standing orders and direct debits
• All expenditure is recorded in a monthly spreadsheet
• All associated paperwork is filed

Petty cash

• The petty cash float is held by the treasurer/manager who is responsible for keeping it safe
• The float may not exceed € 200
• Receipts must be obtained and retained for all petty cash expenditure

Out-of-pocket volunteer expenses, including trustee expenses

• The following are allowable expenses:   Travel / subsistence
• Administered by the Treasurer, Expense claim forms should be submitted as early as possible after being incurred
• Claims not submitted within six months are considered void
• Receipts are required for all subsistence expenses
• Expenses up to €150  may be claimed from petty cash
• Expenses over € 150 must be formally pre-approved by the governing body

Income

• With the exception of grants received or Gov subsidies, all income (cash, cheque or other) is receipted
• Monies must be given to the treasurer as soon as possible after receipt
• The treasurer must lodge money as soon as possible after receipt
• All income is recorded in a monthly spreadsheet
• All associated paperwork is filed

Bank accounts

• The governing body makes decisions about bank accounts and signatories
• We have three bank account(s), the details of which are:
• Cheque books are held by the treasurer who is responsible for keeping them safe
• There are three authorised signatories who are: Treasurer / Assist. Treasurer & Chairperson
• Signatories may never be related to each other
• Two signatories are required to sign cheques, withdraw or transfer any funds from the account(s)

• Passwords for internet banking are held by Treasurer / Assist. Treasurer & Chairperson
• Passwords are changed regularly and this is done immediately on a relevant trustee’s departure from the governing body
• All online banking transactions have a hard copy

Bank statements

• Bank statements are obtained on a quarterly basis at minimum
• All items are checked off against income and expenditure records
• Bank records are reconciled with the accounting records each quarter
• Any discrepancies are investigated

Financial reporting

• Quarterly income and expenditure accounts are prepared which are discussed at governing body meetings
• An annual financial statement is prepared that is approved by the governing body

Assets management

• The assets owned by the Cairde Le Cheile Committee CLG that are worth over €200 are listed on an Assets register which is updated annually in line with the groups financial accounts
• In line with the constitution/Memorandum of Articles of Assoc, only the governing body can approve the disposal, sale, or transfer to another charity, of any assets that are no longer of use to us

Record keeping

• All financial records are retained for six years

Review

• This policy will be reviewed every three years or sooner if circumstance’s change

Signed:         ­­­­­­­­­­­_________________________

(Chairperson )

Date:            ­_________________________                     

Signed:        __________________________

                              (Treasurer)

Date:            __________________________