Financial Policies

Financial Policies

Montreal Toheed Society's Financial Policies

1. All purchases must be accompannied by invoices.
1.1.Expenses without invoices up to $ 10, will be classified as credit for the individual and the amount is will not be refunded.

2. The safety stock.
2.1. The portion of 10% of any income earned by the organization will be saved in the safety stock to pay for unplanned and emergency expenses up to $ 1,000.
It is to be noted that sudden and emergency expenses require the approval of the Board of Directors.

3. The management costs.
3.1. The portion of 5% of the total annual revenues, up to $ 300, is to be spent on administrative costs, including the costs regarding weekly meetings of the board and other special meetings during the year.

4. All purchases must be approved by the Board of Directors.
4.1. In
situations of emergency and lack of time for the approval of the Board, in consultation with the Secretary and Chair of the board, the Treasurer of the Organization is allowed to withdraw 5% of the annual revenues for a total value up to $ 400.

5. ِDonations collected are to be registered with the name of the donor.

6. The annual budget for the coming year is to be determined before the general assembly of that year.

7. The organization's belongings and estate such as camera, microphones and so on are to be kept in safety and care.