Accountability: (1) Update SOBA America's financial system
A: Revamp financial reporting structure
Vision: We will institute and implement a system of checks and balances within the administration.
Discussion: The financial reporting structure has been the one blemish in the Itoe administration. Without going into details, there have been significant challenges in getting information from the treasurer to the financial secretary. Consequently, timely generation of reports has been challenging. There are several reasons for this. One example is the current system of seven different methods of paying membership dues, which include at least two methods with dues going into the treasurer’s personal account before being transferred into SOBA America’s coffers. The Ayah-led fact-finding committee made several great recommendations. The Itoe administration has started implementing some of the recommendations. The Fote administration will follow through with the recommendations, in addition to putting other modalities in place to assure accountability.
Action items: The Fote administration will strengthen the current process put in place by the Itoe administration for authorization of expenses. These will be enforced.
(a) Process: The administration will enforce a process that requires written authorization by the President (or Vice-President when so delegated) to the Treasurer, with the financial secretary copied. The financial secretary shall use QuickBooks Accounting software to record authorized transactions as accounts payable. The treasurer, upon executing the transaction shall send written notification to the financial secretary, with the president copied. The financial secretary shall make the entry in QuickBooks to indicate payment of the invoice, thereby moving the item to the appropriate expense column. The treasurer shall send a copy of any checks paid to SOBA America or Sasse Alumni Association via email to the financial secretary for record keeping prior to depositing in the appropriate account.
(b) Reporting: By ensuring appropriate data entering within a few days (no longer than 2 weeks) of a transaction, the financial secretary will be able to generate all standard accounting reports in a timely manner. Reports shall be posted in the appropriate section in the membership portal no later than 30 days after the end of the reporting period. This includes quarterly, annual and convention reports. The financial secretary shall be responsible for presenting SOBA America reports.
(c) Collaboration: The treasurer and financial secretary shall be required to communicate at least bi-weekly to ensure the books are in order. The president shall be notified immediately if there are any issues with communication.
(d) Ayah report and Kamga/Mukete recommendations: The Fote administration shall make necessary adjustments to the plan above to incorporate elements of the report and recommendations that may not be addressed here.
(e) SAGI: The administration will create a separate accounting entity for the management of SAGI funds. We will appoint a SAGI coordinator outside of the NLT to help manage the day to day SAGI obligations. The coordinator will work in collaboration with the financial team.