LGIFR Financial Policies

 

LGIFR Financial Policies Revised





(by Board Resolution 7-18-2014)

 

 

1.  The Board shall retain the services of an independent financial consultant to provide consulting, budgeting, accounting, record keeping, file storage, and other similar services.

 

2.  Accounting shall be on an accrual basis as opposed to a cash basis.

3.  All accounting and financial reports shall be separated by class.

 

4.  The proper terminology for classes is:

Fire & Rescue

EMS

 

5.  No later than the last Board meeting of December of each year, the Chief (in consultation with the Chairman, the Treasurer, and the financial consultant) shall present to the Board for Board adoption a Budget for both classes for the coming year.  Each budget shall include income, expenses, and capital expenditures. Line items on the quarterly and yearly financial reports shall match the line items on the Budget as closely as possible.

 

6.  No later than January 15 of every odd-numbered year, the Chief (in consultation with the Chairman, the Treasurer and the financial consultant) shall present to the Board for Board adoption an estimated budget for each of the next two following years.

 

7.  The estimated budgets adopted by the Board in every odd-numbered year for the next two years (see #6 above) shall be provided in Summary Form to Charlotte County no later than January 31.

 

8.  A Treasurer’s Report shall be distributed quarterly to the Board either at a Board meeting or by email and shall be posted on the website.  The Treasurer’s Report shall show the Budget vs. the Actual for each class.

 

9.  Within 90 days after the end of each year, the Treasurer or the Treasurer’s designee shall submit to Charlotte County a full Financial Report for that just-ended year.

 

10.  The Chief shall provide notice to the Board of anticipated individual expenditures over $2,500.

 

11.  The Chief shall arrange duty schedules to avoid any obligation to pay for overtime under the FLSA.  As a general rule, no more than four paid employees (including the Chief) should be employed in providing fire-rescue service and EMS in any calendar week.  The “pay period” for the calculation of overtime pursuant to the FLSA shall be 14 consecutive days during which no paid nonexempt employee should be assigned duty for more than 106 hours.  Nonexempt employees shall be paid at the end of every two week pay period for actual hours worked.

 

12.  An original and complete set of the Treasurer’s Files shall be maintained at the Fire House.  The Treasurer’s Files shall include Budgets, Estimated Budgets, Financial Reports, tax returns, Annual Financial Review Reports, insurance policies, grant reports, and all other similar materials.

 

13.  An original and complete set of the Secretary’s Files shall be maintained at the Fire House.  The Secretary’s Files shall include the Corporate Charter, the By-Laws, Tax Exemption certificates, operating licenses, Board election records, personnel files for the Chief and the Medical Director, contract documents (such as the contract with Charlotte County and the leases for the Fire House and the Chief’s residence), and all other similar materials.

 

14.  An original and complete set of the Chief’s files shall be maintained at the Fire House.  The Chief’s Files shall include the personnel files for all employees other than the Chief and the Medical Director, work schedules, the Chief’s Reports, incident reports, drug inventories, vehicle titles, and all other similar materials.

 

15.  The Treasurer, the Secretary, the Chief, and the financial consultant may maintain their own copies of any documents needed in their day-to-day operations.





















 


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