Rules of Business Practice for the 2010–2015 USP Board of Trustees

11. Management of Assets

11.01 Oversight by Treasurer

In addition to those responsibilities contained in the Bylaws, the Treasurer shall be responsible for:

1. Overseeing that accurate and complete financial records are kept.
2. Monitoring the financial situation of the organization through analysis of the various budget and financial reports that are prepared by staff, and providing regular reports to the Board.
3. Overseeing that there are both adequate physical controls and internal controls over the assets of the organization.

11.02 Checking Accounts

Two checking accounts shall be maintained: one account for payroll and the other a general account for all transactions other than payroll. Both accounts shall require two signatures for withdrawal of funds. The two signatures are those of (i) the Treasurer or Chair and (ii) the EVP-CEO, or Chief Operating Officer, or Secretary. Facsimile signatures of the aforementioned officers may be utilized provided they are applied in accordance with established procedures.