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Article 9: Grants
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For each funded grant proposal, the Treasurer of Troubled Times, Inc. will establish a separate account. Disbursement from this account can be either as reimbursement for expenses already paid or as prepayment for anticipated expenses. Both disbursements require receipts. Petty cash accounting will be regularly forwarded to the Treasurer, who may issue a single check to cover a number of petty cash expenses. Where the grant is over $5,000, a bonded bookkeeping service will be employed. Disbursement checks can be issued singly, for each expense, or may cover a number of expenses. In either case, itemization must be maintained so that a complete audit trail relating checks and expense items is maintained.
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An Internal Audit team of volunteers from the Troubled Times, Inc. membership will review all grant disbursement activity. The Internal Audit team hold elected positions and are elected yearly along with the officers and board members. A copy of the face of checks issued by and signed by the Treasurer must be made, to be forwarded to the Audit team monthly along with a copy of the bank statement. The A bookkeeper, if such bookkeeper is not the Treasurer, will likewise receive these copies. All receipts will be sent to the Treasurer, who will make a copy to be forwarded to the bookkeeper. The original of the receipts will be maintained by the Treasurer, for tax purposes. If a gift of $5,000 or greater is received by the corporation, or if the total amount of gifts within a given year exceeeds $25,000, a CPA will be hired to review the accounts annually.