FINANCIAL POLICIES AND PROCEDURES
- Which policies are required and which ones should you have?
- What should purchase authorization levels be?
- Who should sign purchase requisitions, purchase orders and checks?
Appropriate policies and procedures help maintain fiscal control over your operations, whether that control relates to accounting, purchasing, or property and supply. The purchasing function may be the least understood management system in your Tribal organization. Yet, everyone relies on the purchasing function every single day. Purchasing policies and procedures are the guidelines you use to purchase goods and services. They go hand in hand with your financial and accounting policies and procedures. Property and supply policies relates to managing the goods you have already purchased. Policies and procedures vary from one Tribal entity to the next, although there are specific federal guidelines that may apply to your Tribal entity. Navigating the maze of federal audit requirements, federal funding agency requirements, and developing your own financial policies and procedures for Tribal funds can be an overwhelming task.
We can analyze your organizational structure, evaluate staff skill levels and make the necessary changes to keep you in compliance with Generally Accepted Accounting Principles (GAAP). Even if your staff is inexperienced, procedures can be implemented to help maintain a healthy financial picture. If you have lost grants due to poor accounting records and controls, you are not alone and you are definitely not the first. By implementing specific financial control procedures, we can help you keep the grants you already have and help you get more grant funding. Policies and procedures are also critical to getting clean audits. We have developed policy and procedure manuals for many Tribes and Tribal enterprises. We can assist you in developing a system that works for your Tribe or Tribal enterprise as well.
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