Rules of Business Practice for the 2005–2010 USP Board of Trustees

14. Management Of Assets

14.01 Oversight by Treasurer

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

1. Overseeing that accurate and complete financial records are kept.
2. Monitoring the cash flow of the organization through analysis of the various budget and financial reports that are prepared by staff.
3. Overseeing that there are both adequate physical controls and internal controls over the assets of the organization.
4. Anticipating financial issues and problems and advising the Board of their potential consequence.

14.02 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 Chairperson and (ii) the EVP–CEO, or Chief Financial and Administrative Officer, or Secretary. Facsimile signatures of the aforementioned officers may be utilized provided they are applied in accordance with established procedures.