Financial Policies

Grassroots Connect Financial Policy


The purpose of financial management in the operation of all Grassroots Connect activities is to fulfill the organization’s mission in the most effective manner and to remain accountable to all stakeholders and the community. To accomplish this, Grassroots Connect commits to providing accurate and complete financial data for internal and external use by the Board of Directors.


The Board of Directors is ultimately responsible for the financial management of all activities. The Treasurer or designee is authorized to act on the Board’s behalf on financial matters when action is required in advance of a meeting of the Board of Directors.

  • The Treasurer is responsible for the day-to-day financial management of the organization. The Board authorizes the Treasurer to pay bills, receive funds, and maintain bank accounts. 
  • The Treasurer is authorized to sign checks up to $500. Checks for amounts greater than $500 requires signatures of the Treasurer and Board President.
  • The Treasurer is authorized to enter into agreements to support projects that have been approved by the Board, including but not limited to fiscal sponsorship agreements.
  • The Treasurer is authorized to manage expenses within the parameters of the overall approved budget, reporting to the Board of Directors on variances and the reason for these variances.
  • The Board of Directors must approve any use of a board designated cash reserve fund.



The Treasurer shall ensure that:

  • Account for donor restricted, project specific, and board designated funds separately from general operating funds, and clearly define the restrictions applicable to these funds.
  • Report the financial results of Grassroots Connect operations according to the schedule established by the Board of Directors.
  • Set up individual sub-accounts with bank for approved projects.
  • Pay all obligations and submit required reports in a timely manner. 
  • Make no contractual commitment for bank loans, corporate credit cards, or for real estate leases or purchases without specific approval of the Board of Directors.
  • Obtain competitive bids for items or services costing in excess of $100. Selection will be based on cost, service, and other elements of the contract. Grassroots Connect may award the bid to any provider and is not required to accept the lowest cost proposal.
  • Send donors a gift receipt with information needed for tax deduction

The Board of Directors shall:

  • Review financial reports at each board meeting.
  • Provide adequate training to members to enable each member to fulfill their financial oversight role.

In no case shall Grassroots Connect borrow funds without specific authorization from the Board of Directors.


Financial Transactions Documentation

All receipts / spending must be documented on a monthly basis. Documentation can be done by filling out a simple form for each transaction soon after it happens, and/or by a monthly report on all transactions. The documentation needs to include receipts for all purchases. 

Reconciliation will be done monthly. Anything not already documented will be sent to the project or GC spender for documentation (explanation and receipt).


All business done with contractors must have a signed contract explaining the terms of the agreement. 

Contractors must send invoices to be paid. Only the GC Treasurer can pay invoices to contractors.


To ensure that planned activities minimize the risk of financial jeopardy and are consistent with board-approved priorities and long-term organization goals and objectives, the Treasurer shall:

  • Submit operating budget (GC internal funds, not projects) to the Board of Directors in time for reasonable approval by the Board prior to each fiscal year.
  • Use responsible assumptions and projections as background, with the general goal of an unrestricted surplus.

Gift Acceptance

Grassroots Connect will accept stock or other negotiable instruments as a vehicle for donors to transfer assets to the organization. Transfer and recording the value of the asset shall be done in a consistent manner and in compliance with accounting standards. The Treasurer shall sell any stock or cryptocurrency given to the organization immediately upon receipt by the organization.

Grassroots Connect shall accept contributions of goods or services other than cash that are related to the projects and operations of Grassroots Connect. Any other contributions of non-cash items must be reviewed and approved by the Board of Directors before acceptance.

Asset Protection

To ensure the assets of Grassroots Connect are adequately protected and maintained, the Treasurer shall:

  • Avoid actions that would expose the organization, its board, or committee members to claims of liability.
  • Protect intellectual property, information, and files from unauthorized access, tampering, loss, or significant damage.
  • Receive, process, and disburse funds under controls that are sufficient to maintain basic segregation of duties to protect bank accounts, income receipts, and payments.