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SOUTH ORANGE RESCUE SQUAD,INC. <br /> North Carolina <br /> Standard Operations Manual <br /> Subject: Accounting Practices SOP No.: FIN-003 <br /> Effective Date: September 8,2005 <br /> Revision Date: Authorization Signature: <br /> 1. PURPOSE <br /> 1.1. To establish guidelines and procedures for Accounting Activities carried out by the Treasurer, <br /> Finance Committee and others performing financial duties. <br /> 2. OSHA REQUIRMENTS <br /> 2.1. N/A <br /> 3. CERTIFICATION LEVELS <br /> 3.1. All <br /> 4. POLICIES <br /> 4.1. SORS shall follow the accrual accounting method. <br /> 4.2. Financial records shall be made public and kept current. <br /> 4.3. SORS shall strive to maintain an adequate Operating Reserve. <br /> 4.4. At least two persons shall review financial records. <br /> 4.5. The Secretaiy shall maintain archived squad financial records for a period time consistent with <br /> IRS regulations. <br /> 5. PROCEDURES <br /> 5.1. The Treasurer shall maintain records appropriate and consistent with accrual accounting. <br /> Procedures shall be promulgated and followed by SORS members to ensure that these records are <br /> complete. These records shall include: <br /> 5.1.1. Accounts payable. <br /> 5.1.2. Accounts receivable. <br /> 5.1.3. Purchase Orders. <br /> 5.1.4. All income. <br /> 5.1.5. All expenditures. <br /> 5.1.6. All donations and gifts. <br /> 5.1.7. Valuations and depreciation of capital assets. <br /> 5.2. To assure timely and public financial records the Treasurer shall be provided tools to update the <br /> appropriate section of the squad web site. <br /> 5.3. Records placed on the web site shall include: <br /> 5.3.1. Income and Expense Statement, <br /> 5.3.2. Balance Sheet, <br /> 5.3.3. Year-to-date Budget to Actual, <br /> 5.3.4. Status of Grants and Accounts. <br /> FIN-003 Accounting Practices.doc <br /> -Page 1 of 2- <br />