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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 /> 5.4. The records on the web site shall be updated at least monthly. <br /> 5.5. Monthly statements as presented at squad meetings shall be retained on the web site for at least <br /> two years. <br /> 5.6. Other reports may be stored on the web site as deemed appropriate by the Treasurer. <br /> 5.7. The Treasurer shall report to the membership if the Operating Reserve falls below$20,000. <br /> 5.8. In the last month of each Fiscal Year the Finance Committee shall determine what amount of <br /> unencumbered funds should be allocated to debt retirement or capital reserve so that adequate <br /> Operating Reserve is maintained. <br /> 5.9. SORS shall have its books reviewed by a CPA at least every six months. The CPA shall provide <br /> an Annual Statement to the Board of Directors concerning the state of the books. <br /> 5.10.Any audit of the books beyond the CPA's annual review shall be performed at the discretion of <br /> the BoD. The Treasurer and CPA shall provide all required information and cooperation to any <br /> such authorized audit. <br /> 5.11.The Secretary shall reconcile the monthly bank statements and have full access to all records as <br /> part of monthly bank statement review. <br /> 6. GUIDELINES <br /> 6.1. N/A <br /> 7. TERMS <br /> 7.1. Operating Reserve shall be computed to be cash and liquid assets(checking accounts,CDs and <br /> the like),minus Accounts Payable,Purchase Order encumbrances, Capital Reserves,and other <br /> designated funds. <br /> 7.2. SORS: South Orange Rescue Squad Inc. <br /> 7.3. BoD: SORS Board of Directors. <br /> 7.4. CPA: Certified Public Accountant. <br /> 8. REFERENCES <br /> 8.1. None. <br /> FIN-003 Accounting Practices.doc <br /> -Page 2of2- <br />