Cheque Signing and Electronic Funds Transfer Approval Policy

1.0 Introduction

The Ontario Trillium Foundation (OTF) 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 OTF 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 OTF officers who are permitted to sign cheques and authorize electronic payments.

3.0 Scope

This policy applies to staff and volunteers.

4.0 Policy

4.1 Cheque Signing Authority

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

• Treasurer
• CEO
• Senior Leadership Team members [1]
• Director of Finance

Signing authority is as follows:

• For amounts of $5,000.00 or less one signature is required
• For amounts over $5,000.00 to $200,000.00, two signatures are required
• For amounts over $200,000.00, one of the two signatures must be that of the CEO or Vice President, Operations

Director of Finance will review each cheque and supporting documentation.

4.2 Electronic Funds Transfer Approval Authority

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

• CEO
• Treasurer
• Senior Leadership 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, Operations.

Individual EFT to a vendor/payee/recipient

Director of Finance to review each individual EFT and supporting documentation.

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