Background

These policies and procedures are presented to provide a framework for the LGBT+ Rotary Fellowship for internal controls specifically but not exclusively in financial affairs. As Rotarians, we are guided by the principles of Rotary and we adopt the “4 Way Test” as our code of ethics in all that we think, say, and do.  As a Rotary International Fellowship, we are governed by our By-Laws and the current Rotary International Policies. We have also adopted a conflict-of-interest policy for our membership.

Policy

Expense

1. All disbursement requests must be accompanied by an invoice or other document describing the payment or disbursement and noting the use of the expense for Fellowship purposes 
2. Receipts or documentation are required for reimbursements of any expense. Reimbursement for any expense in excess of $100 requires prior approval 
3. At least two officers may approve any expense under $500 and full board approval for expenditures over that amount
4. At least two Australian members of the Fellowship shall act as ‘approvers’ for all disbursements from the Fellowship’s accounts. They shall seek evidence of approvals as per (3) prior to approving any disbursement 

Purchases

Three quotes are required for purchases over $1000 

Receipt of cash

All transactions are to be by electronic transfer or credit card payment. No cash is to be accepted at any time or for any reason.

Audit

1. Internal records will be maintained that record financial transactions of the Fellowship 
2. Audit records will be made available to board members, the audit committee, and others with a legitimate interest in such matters 
3. Financial records will be maintained in a shared “cloud” drive accessible to all board members 
4. An audit committee is appointed by the board each May and present their findings to the board and membership at the Annual General Meeting, this committee should include at least two non-board members

Reports

1. The treasurer will make a report to the board on the financial condition of the Fellowship as a part of each regularly scheduled board meeting 
2. Bank statements will be provided to the board at each regularly scheduled board meeting 

Fixed assets, property

1. A list is maintained that details fixed assets including acquisition, location, and cost value and is updated periodically on change
2. Review of the asset list is a part of the annual audit

Transparency

1. Upon request, financial statements will be provided to any member of the Fellowship with legitimate interest 
2. Whistle blower: A board member other than the officers will be selected to receive any concern or comment regarding financial impropriety. Any such comments will be reviewed as part of the annual audit 
3. A report of the audit committee is presented at the annual business meeting and is sent by email to all members 

Confidentiality of information

1. Personal information of our membership will be safeguarded considering the disparity of acceptance worldwide for LGBT+ individuals.
2. The account numbers of our financial institutions and accounts will be safeguarded to prevent unauthorized activity.