Thank you for your patience everyone as we've worked to get a new policy hashed out and settled before we accepted any money from those who want to help. I'm excited to say that we're ready! Serenla Sedai worked hard leading up to the board meeting that was held on November 16th, 2012 to get us ideas and suggestions of how to go forward. After time to discuss things we've got a policy that I'm really happy with and comfortable with to protect both us as well as all of you.
After the meeting, we've set up a new bank account at Chase bank, and this next part is especially important for all of you in the future...we have a new paypal account tied to the new checking account. It is now PAYABLE@tarvalon.net so take note of that!
For this list, the dual control option has been turned on for Chase bank and accounts have been created for all officers as well as Caerwyn who was appointed by the Board to help oversee financial matters for 90 days (this was enacted at the beginning of November.). Once a new CFO has been chosen by the Board of Directors, that position shall then take over from the Keeper who is currently assigned as the second authorizor of all transactions we initiate with Bill Pay. I have chosen to not order checks at all for this account, so that Bill Pay will be the primary way to send deposits/reimbursements/etc.
I'm in the process of getting the Officers view only accounts on paypal as well...this will be accomplished this week.
Which leads us to the next part of this post: We are officially open and ready to accept donations once again! There will be some very important announcements also made today and tomorrow about our events for 2013, deposits and so forth so make sure and read through those prior to donating if you're intending to attend an event this year. Tree will also be talking about our plans for the annual Feast of Lights fundraiser so watch for further information on that as well. But otherwise we have a rather extensive list of commitments that we need to try and meet over the next month or so. These commitments/debts include:
Asandra-refund for 1 ticket FB
Server costs for 2013, also if able we'd still like to purchase the backup server so that Defen doesn't have to do this for us anymore
Deposit for Euro 2013 location
Deposit for Anni 2013 location
Additional debts we need to pay though not needed immediately are:
Caerwyn - FB costs
Viv - Scholarship/bank account start up
I absolutley know that this time of year is super tight for everyone and that timing frankly sucks :P If you're able to give please do so, even if it's only a dollar or two. Thank you so much everyone for all that you do - and for all of your support in this really difficult time as we strive to get ourselves back on a financially even keel going into the new year.
To recap: to donate to Tarvalon.net, you can go to paypal and send funds to PAYABLE@Tarvalon.net Anything other than that are old accounts so please only use this one! Make sure and leave a note with that payment giving me your TOWER NAME and clearly what it is for...so either December fundraiser, or event ticket funds. I need a note with every single transaction so please please please don't make me hunt you down :P
If you'd prefer to mail a check, you can absolutely do so. Make the check out to TARVALON NET and mail it to me so that I can deposit it (in the future you'll mail these to the CFO) My address is:
Kristen Bowersox
5525 E. Monument Dr.
Castle Rock, CO 80104
If you would like confirmation that your payment was received, simply send an email to shatayan@tarvalon.net (I am currently checking this email and want to keep everything in one place) and I'll be more than happy to let you know! Also if you have further questions please feel free to ask here or via that same email.
After the meeting, we've set up a new bank account at Chase bank, and this next part is especially important for all of you in the future...we have a new paypal account tied to the new checking account. It is now PAYABLE@tarvalon.net so take note of that!
Financial Procedures
Our goal is to use dual control wherever possible. We will have risk associated with a check card that is unavoidable. Our processes are lined up to limit that risk wherever possible and put checks in place for the CFO and the CEO.
Banking:
The CEO/President and the CFO/Treasurer will be signers on the account for TarValon.Net.
The account at Chase Bank has Bill Pay. Moreover, the system can be set up so that one person creates a transaction and a second person has to authorize it before it is processed. TarValon.Net will adopt this as our procedure for outgoing payments whenever possible (see PayPal for more information).
The CFO will create an outgoing payment in the Chase Online Banking system. The payment will stay in a pending status until the CEO authorizes the transaction. Likewise, if the CEO needs to initiate a payment, the transaction will stay in pending status until the CFO authorizes it.
At no time should any physical check be written off of the bank account without prior written request and approval of the second signatory. All outgoing payments should be attempted first by electronic transfer, Online Banking. If necessary, the Online Banking system will create a physical check and mail it to the recipient.
The Chase Bank account has the option to have view only logins. All Officers of TarValon.Net will have access to a view only login and should check the bank account periodically. This raises chances of not only catching fraudulent activity, but stemming it in the first place.
The bank account will be reconciled on a monthly basis and a detailed transaction report will be provided to the CEO no later than the 10th day of the following month.
Chase Bank gives us the option of limited check cards. These cards can be limited by amount and by the length of time they are valid. If necessary for an Event, the CFO will request a limited check card for an Admin or Officer attending a TarValon.Net event. This card may not be issued without prior written approval of the CEO.
Paypal:
Paypal will still be utilized to receive payments from our members.
The Paypal account should only have incoming transactions, exception noted below. On a bi-monthly (twice per month) basis, all funds in the Paypal account should be transferred to the Chase Bank checking account. At no time should cash stay in the Paypal account for more than two weeks without prior written approval of both the CEO and the CFO.
Outgoing payments from Paypal are acceptable if funds need to be sent in foreign currency, or if it is the only feasible way to return funds to a member. Funds should never actually be transferred into the Paypal account, rather the transaction should be initiated via Paypal and the Paypal system should draw funds from the checking account if needed.
At no time should any payment or reimbursement be made to an Officer, Board member or Administrator of TarValon.Net via the Paypal account without prior written approval of both the CEO and the CFO.
Paypal has the option of view only accounts. All Officers of TarValon.Net will have acccess to a view only login for our Paypal account.
The Paypal account will be reconciled on a monthly basis and a detailed transaction report will be provided to the CEO no later than the 10th day of the following month.
Reporting:
The CFO is responsible for reconciling both the checking account and the Paypal account on a monthly basis. A detailed reconcilement will be presented to the CEO no later than the 10th day of the following month.
The CFO will provide a cash in/cash out report to the Board on a monthly basis.
The CFO will be responsible for logging all transactions on a spreadsheet that is accessible by all Officers of TarValon.Net.
The CFO will be responsible for keeping copies of a request for funds form for each payment/outgoing transaction. The CFO is also responsible for keeping an electronic copy of receipts for any payments or reimbursements made on behalf of TarValon.Net.
Any Officer of TarValon.Net has the right to question a transaction that appears in the bank accounts or in the Paypal account. A complete accounting/justification for that transaction must be provided.
*This procedure will be re-evaluated no less than 3 months after it is instituted. Appropriate changes will be made at that time with the approval of the Board of TarValon.Net.*
For this list, the dual control option has been turned on for Chase bank and accounts have been created for all officers as well as Caerwyn who was appointed by the Board to help oversee financial matters for 90 days (this was enacted at the beginning of November.). Once a new CFO has been chosen by the Board of Directors, that position shall then take over from the Keeper who is currently assigned as the second authorizor of all transactions we initiate with Bill Pay. I have chosen to not order checks at all for this account, so that Bill Pay will be the primary way to send deposits/reimbursements/etc.
I'm in the process of getting the Officers view only accounts on paypal as well...this will be accomplished this week.
Which leads us to the next part of this post: We are officially open and ready to accept donations once again! There will be some very important announcements also made today and tomorrow about our events for 2013, deposits and so forth so make sure and read through those prior to donating if you're intending to attend an event this year. Tree will also be talking about our plans for the annual Feast of Lights fundraiser so watch for further information on that as well. But otherwise we have a rather extensive list of commitments that we need to try and meet over the next month or so. These commitments/debts include:
Asandra-refund for 1 ticket FB
Server costs for 2013, also if able we'd still like to purchase the backup server so that Defen doesn't have to do this for us anymore
Deposit for Euro 2013 location
Deposit for Anni 2013 location
Additional debts we need to pay though not needed immediately are:
Caerwyn - FB costs
Viv - Scholarship/bank account start up
I absolutley know that this time of year is super tight for everyone and that timing frankly sucks :P If you're able to give please do so, even if it's only a dollar or two. Thank you so much everyone for all that you do - and for all of your support in this really difficult time as we strive to get ourselves back on a financially even keel going into the new year.
To recap: to donate to Tarvalon.net, you can go to paypal and send funds to PAYABLE@Tarvalon.net Anything other than that are old accounts so please only use this one! Make sure and leave a note with that payment giving me your TOWER NAME and clearly what it is for...so either December fundraiser, or event ticket funds. I need a note with every single transaction so please please please don't make me hunt you down :P
If you'd prefer to mail a check, you can absolutely do so. Make the check out to TARVALON NET and mail it to me so that I can deposit it (in the future you'll mail these to the CFO) My address is:
Kristen Bowersox
5525 E. Monument Dr.
Castle Rock, CO 80104
If you would like confirmation that your payment was received, simply send an email to shatayan@tarvalon.net (I am currently checking this email and want to keep everything in one place) and I'll be more than happy to let you know! Also if you have further questions please feel free to ask here or via that same email.
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