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As a best practice, the Capital Vipers has instituted an annual audit of the financials.

A member who is a CPA was asked to reviewing the 2020 financials that included checking account, Paypal, and credit card.

He was able to match all transactions with a receipt and/or a board resolution to match a monthly and end of year balance provided by the Treasurer.

The member presented in our monthly membership meeting the methodology, process, and findings in a spreadsheet.

Our financial controls being Treasurer and Deputy Treasurer have signature authority. Financial approval of expenses approved by resolution BEFORE expenditure. The person presenting resolution for approval does not vote. Example, if the President presents a resolution for $500 to cover dinner at an event, then the President does not vote. Only the remaining 11 board members vote with majority to pass – assuming quorum.

The intention is to give membership certainty on how dues and sponsorship money is spent and expenditures are approved. By presenting a financial statement monthly that is audited yearly, transparency to membership is being delivered.

Any questions regarding anything mentioned, please feel free to call.

248-705-1245