CEDAR VALLEY NAUVOO USA MISSION CENTER
INTERNAL CONTROL PROCEDURES FOR FINANCES

General Principles

Internal control procedures for mission center finances are in place to protect the church as well as the individuals charged with the responsibility of handling the funds, accounts, income and expenses. A general principle of internal control is that no single individual has sole responsibility to receive funds, disburse funds, make journal entries and/or set up accounts. An internal auditor approved by the Presiding Bishopric of the church annually audits the mission center books and prepares a statement to the mission center conference.

Financial Statements

The Mission Center Financial Officer provides quarterly income and expense statements and balance sheet reports to the mission center council by the 5^th week following the end of the quarter. The CV-N MC follows a fiscal year beginning on January first. In addition, the mission center council may request additional reports be sent to selected individuals who have specific expertise in reviewing financial statements. A Mid-year Income and Expense Report will be to the Mission Center Leadership and Support Team and to the Congregations within the Mission Center.

Bank Accounts

The Mission Center Financial Officer is responsible for all mission center accounts and funds. Normally, another signatory is appointed by the financial officer to facilitate uninterrupted payment of bills. The Presiding Bishop of the church also is a signatory on all mission center accounts.

In some situations, bank accounts are opened and maintained for specific program purposes. These programs typically have a high number of income and expense transactions not directly processed by the Mission Center Financial Officer. Examples are:

• Family Camp accounts
• Campground accounts
• Youth activity accounts

The appointed program financial officer, the Mission Center Financial Officer and one or two other designees are the signatories on the account. These accounts are annually audited as part of the mission center finances.

Receiving and Disbursing Funds

Normally, the Mission Center Administrative Assistant, will open the mail in the presence of either the Mission Center Financial Officer or The Mission Center President and log all income, by date, payer, amount, and description. The Financial Officer will complete the deposit slips, make the bank deposits and records the transaction on the electronic financial accounting system. Copies of deposited checks are kept in the Mission Center files located in the Mission Center office. Bills, junk-mail, and other miscellaneous mail may be opened by a single person.

Normally, all disbursed funds on behalf of the Mission Center are made by checks prepared and signed by the Mission Center Financial Officer or the designated signatory. Copies of checks are kept in the Mission Center files.

Bank Account Reconciliation

Normally, all bank statements are opened by the Mission Center Financial Officer, or a designee and reconciled with the general ledger. The Mission Center President reviews the bank reconciliation and the financial reports following the closure of the financial records for each month.