Cheque Signing and Electronic Funds Transfer Approval Policy

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Type: 
Corporate
Document ID: 
POL-COR-16
Version: 
3.0
Approved By: 
Board of Directors
Date Approved: 
11/25/2015
Date Effective: 
01/01/2017
Date Revised: 
12/16/2016

1.0   RATIONALE

The Ontario Trillium Foundation is accountable for the responsible disbursement of public funds.  Financial controls are an important tool in ensuring accountability, and the goal is to be as prudent as possible, while at the same time enabling the Foundation to operate efficiently.

2.0   PURPOSE

The purpose of this policy is to ensure that adequate controls are in place for the proper authorization of grant and operating disbursements and to identify the Foundation officers who are permitted to sign cheques and authorize electronic payments.

3.0   POLICY

3.1   Cheque Signing Authority

In respect to all of the Foundation’s bank accounts, the following are designated signing officers of the Foundation:

  • Chair
  • Vice-Chair
  • Treasurer
  • CEO   
  • Senior Leadership Team members [1]

 

Signing authority is as follows:

  • For amounts of $1,000.00 or less one signature is required
  • For amounts over $1,000.00 two signatures are required
  • For amounts over $200,000.00, one of the two signatures must be that of the CEO or Vice President, Talent and Corporate Services 

 

3.2   Electronic Funds Transfer Approval Authority

In respect to all of the Foundation’s bank accounts, the following are authorized to approve electronic funds transfer transactions:

  • CEO
  • Senior Leadship Team members

 

Electronic funds transfers in any amount require the approval of two of the above officers, and any with individual payments of more than $200,000.00 require the approval of one of the CEO or the Vice President, Talent and Corporate Services.

 

3.3   Additional Review of Large Payments

As an additional control, a list of payments over $50,000.00 will be prepared on a weekly basis and reviewed by the Vice President, Talent and Corporate Services. 
 

4.0   KEY WORDS

Payments, electronic funds transfer, EFT, cheques, signing authority
 

5.0   TARGET AUDIENCE(S)

Staff, Volunteers

 


[1] Senior Leadership Team members are people who hold executive positions or office at OTF with Chief or Vice President in their title.

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