Provide details regarding specific expenses and procedures relating to expense claims.
Allowable expenses are defined as those expenses incurred by staff and volunteers while conducting activity on behalf of World Kickboxing Federation Canada Inc. Examples include, but are not limited to, attendance at semi and annual meetings and attendance at sanctioned events.
Procedures for approval and reimbursement
Staff and volunteers are required to submit a World Kickboxing Federation Canada Inc. expense claim. This form must be remitted within 30 days of the accrued expense. The form must be authorized by any one of the signing officers.
Remuneration for Directors
Directors will follow the same procedures as all other staff and volunteers. Directors will be compensated for the same type of expenses listed in allowable expenses.
As of January 2014 the fiscal year will be January 1st to December 31st.
Financial budgets and controls are discussed yearly at the annual meeting and reviewed throughout the year with the Board of Directors.
All financial transactions are reviewed by the Board of Directors at least once per year. Financial transactions are reviewed on a regular basis to ensure that all parties are in agreement. At least two signature are required for any withdrawals from the bank or cheques payable.
Additional structure and operational procedures and/or policies are outlined within this document.