Cheque Signing and Electronic Funds Transfer Approval Policy

Type: Corporate

Target audience: Staff, Volunteers

Document ID POL-COR-16

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

3.1 Cheque Signing Authority

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

  • Treasurer
  • CEO   
  • Senior Leadership Team members [1]

 

Signing authority is as follows:

  • For amounts of $5,000.00 or less one signature is required
  • For amounts over $5,000.00 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 

Director of finance will review each cheque and supporting documentation

 

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 (EFT) transactions:

  • CEO
  • Treasurer
  • 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.

 

Individual EFT to a vendor/payee/recipient

Individual EFT payment Amount Authorized Signing Officers
(by signature or electronic approval)
Up to $5,000 One signature from one of the above signing officers
$5,000 up to $200,000 Two signatures from the above signing officers
Over $200,000 Two signatures, one of CEO or of VP, Talent and Corporate Services

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