PURPOSE: This Operating Procedure contains guidelines for establishment and operation of DCC checking accounts for major DCC events Reference DCC Operating Procedures for DCC Accounting and DCC Budget, OPOO1F and 0P003F
ESTABLISHMENT: Accounts separate from the DCC General bank accounts may be established by the DCC Board of Directors for payment of expenses incurred by DCC specifically for conduct of major events (including Huffman 100, Wright Wride tours and River Festival Races). The checkbook, check register, account statements, and all other documentation associated with major event accounts shall be DCC property and must be presented to the DCC Treasurer upon demand of the DCC President or Treasurer
ACCOUNT UTILIZATION: Major event checking accounts shall be utilized only for disbursement of DCC funds. Deposits of all income or proceeds from major events shall be made to a DCC general account through the DCC Treasurer. Transfer from a DCC General account shall be the only source of funds for a major event checking accounts.
Checks drawn on a Major Event Checking Account shall normally be signed by the event Director who must be an elected member of the DCC Board of Directors. In addition to the event Director, the DCC Treasurer and one other DCC Officer shall be authorized to sign Major Event Checking Account checks. Each check shall require one signature.
Major Event Checking Account checks (and register) shall be held by the Treasurer except for the period of time beginning 60 days prior to the major event date and ending 30 days after the last day of the major event. During this time period, the event Director shall:
- Write and sign checks as necessary to offset event expenses.
- Maintain the check register and account balance in a neat and orderly manner.
- Provide copies of the check register to the Treasurer at the end of each month.
- Advise the Treasurer when transfer of funds to the account is necessary to assure that the account balance is always greater than $500 00 (or an amount specified by the Treasurer).
- Obtain and retain an invoice (or completed DCC reimbursement form) for each check The number of the check used for payment must be indicated on each invoice and the event Directors signature and the number of the check used for payment must appear on reimbursement forms.
- Return checks and register and provide all invoices to the Treasurer within 30 days after the last day of the major event.