Signing Authority & Expenditure Approval Process Policy

SIGNING AUTHORITY AND EXPENDITURE APPROVAL POLICY

Sierra Gold Soccer Club Board of Directors

Prepared by: Comp Committee

Date: February 2026

PURPOSE

This policy establishes clear guidelines for who has authority to sign contracts, commit club

funds, and approve expenditures on behalf of Sierra Gold Soccer Club. Clear signing

authority protects the organization from unauthorized commitments and ensures proper

financial oversight.

I. CONTRACT SIGNING AUTHORITY

A. Who May Sign Contracts

The following individuals are authorized to sign contracts and agreements on behalf of Sierra

Gold Soccer Club:

1. President:

- All contracts and agreements

- Must consult with Treasurer on contracts with financial implications over $2,000

- Must obtain Board approval for contracts over $5,000 or multi-year commitments

2. Treasurer (with President approval):

- Financial services agreements (banking, accounting, insurance)

- Vendor agreements for budgeted expenses under $2,000

- Registration platform agreements (GotSport, etc.)

3. Vice President (in President’s absence):

- Same authority as President when President is unavailable

- Should notify President of any contracts signed

B. Contracts Requiring Board Approval

The following require majority vote of the Board before execution:

• Any contract over $5,000 annually

• Multi-year contracts or commitments

• Employment or contractor agreements for paid positions

• Facility leases or rental agreements over $2,000 annually

• Loans, lines of credit, or debt instruments

• Contracts that create ongoing financial obligations beyond current fiscal year

• Any contract that significantly changes club operations or programs

C. Prohibited Actions

No individual board member, contractor, volunteer, or staff member may:• Sign contracts on behalf of the club without proper authorization

• Commit club funds without following approval procedures outlined in this policy

• Use club credit cards or accounts for personal expenses

• Create vendor accounts or payment obligations without authorization

II. EXPENDITURE APPROVAL AUTHORITY

A. Approval Thresholds

Under $500:

• Approved by: Relevant program coordinator or board member with budget responsibility

• Process: Verbal approval, documented in expense report or reimbursement request

• Examples: Equipment purchases, referee fees, field line paint, small supplies

$500 - $2,000:

• Approved by: President OR Treasurer

• Process: Email or written approval before purchase

• Documentation: Receipt and approval record required

$2,000 - $5,000:

• Approved by: President AND Treasurer

• Process: Written request with justification, both must approve in writing

• Documentation: Full documentation required, reported at next board meeting

Over $5,000:

• Approved by: Board vote (majority required)

• Process: Presented at board meeting with full justification and budget impact

• Documentation: Recorded in meeting minutes, full documentation required

B. Budgeted vs. Unbudgeted Expenses

Budgeted Expenses:

• Follow approval thresholds above

• Easier to approve as funds are already allocated

Unbudgeted Expenses:

• Require more scrutiny

• Over $1,000 unbudgeted requires Board discussion of budget impact

• May require budget amendment vote

III. PAYMENT AUTHORIZATION

A. Invoice and Reimbursement Approval

Treasurer reviews and approves:

• All invoices before payment

• All reimbursement requests

• All contractor/vendor payments

Process:

1. Invoice/reimbursement submitted to Treasurer

2. Treasurer verifies: authorized expense, proper documentation, within budget

3. For invoices over $500: Treasurer confirms original expenditure was properly authorized

4. Treasurer approves payment

5. Payment processed within agreed timeframe

B. Consent Calendar for Routine Payments

The following may be approved via consent calendar at board meetings:

• Contractor invoices under agreed contracts (already board-approved)

• Recurring expenses under $2,000 (insurance, registrations, field permits)

• Reimbursements under $500 with proper documentation

• Payments for purchases already authorized per this policy

C. Check Signing

Bank Account Authorized Signers:

• President

• Treasurer

• Vice President

Check Signing Requirements:

• Under $2,000: One signature required

• $2,000 - $5,000: Two signatures required

• Over $5,000: Two signatures required + prior Board approval documented

Online Banking/ACH/Wire Transfers:

• Must be initiated by Treasurer

• Requires same approval as check signing based on amount

• President must be notified of all transfers over $1,000

IV. CREDIT CARDS AND PURCHASING CARDS

A. Authorized Card Users

Club credit/debit cards may be issued to:

• President

• Treasurer

• [Other positions as board determines necessary]

B. Card Use Requirements

• All card users must:

• Use cards only for authorized club expenses

• Obtain proper pre-approval per expenditure thresholds above

• Submit itemized receipts within 7 days of purchase

• Provide explanation/justification for each expense

• Never use club cards for personal expenses (even if planning to reimburse)

Failure to comply may result in:

• Card privileges revoked

• Reimbursement of unauthorized expenses

• Removal from board position if violations are serious or repeated

C. Monthly Reconciliation

Treasurer shall:

• Review all credit card statements monthly

• Verify all charges have proper documentation and authorization• Report any questionable charges to President immediately

• Present summary of all card activity to Board quarterly

VENDOR ACCOUNTS AND RECURRING PAYMENTS

V. A. Establishing Vendor Accounts

Authorization required before creating:

• Vendor accounts in club name

• Recurring payment arrangements

• Automatic renewals

• Subscription services

Process:

• Submit request to President and Treasurer with justification and cost

• Follow expenditure approval thresholds based on annual cost

• Ensure multiple board members have access to account

B. Review of Recurring Expenses

Treasurer shall:

• Maintain list of all recurring payments and subscriptions

• Review annually for continued necessity

• Recommend cancellation of unused or unnecessary services

• Ensure accounts can be accessed by multiple board members (not just one person)

VI. REIMBURSEMENT PROCEDURES

A. Eligible Expenses

Board members and volunteers may be reimbursed for:

• Pre-approved club expenses paid with personal funds

• Required background checks, certifications, or training

• Supplies purchased for club activities

B. B. Reimbursement Request Requirements

All requests must include:

• Completed reimbursement form

• Original itemized receipts

• Explanation of expense and club purpose

• Date of expenditure

• Approval signature (if pre-approval was required)

Submission deadline:

• Within 30 days of expense

• Before end of fiscal year for current year expenses

C. Processing

Treasurer:

• Reviews for completeness and appropriateness• Verifies expense was authorized if over approval threshold

• Approves and processes within 15 days of submission

• May request additional information or reject inappropriate expenses

VII.FINANCIAL REPORTING AND TRANSPARENCY

A. Monthly Financial Reports

Treasurer shall provide to Board monthly:

• Income and expense summary

• Budget vs. actual comparison

• List of all expenditures over $500

• Bank account balances

• Any unusual or concerning transactions

B. Annual Financial Review

Board shall:

• Review all signing authority annually

• Update bank signature cards as board members change

• Review and update expenditure thresholds if needed

• Consider whether financial review or audit is needed

C. Access to Financial Records

The following shall have access to all financial records:

• President

• Treasurer

• Full Board upon request

• Auditor or financial reviewer if engaged

VIII. VIOLATIONS AND ENFORCEMENT

A. Reporting Violations

Any board member who becomes aware of:

• Unauthorized contracts signed

• Expenditures exceeding authority

• Misuse of club funds or credit cards

• Violation of this policy

Must report immediately to:

• President (if not involved in the violation)

• Treasurer (if not involved in the violation)

• Full Board if President or Treasurer is involved

B. Consequences

Violations may result in:

• Required personal reimbursement of unauthorized expenses

• Immediate revocation of signing authority or card privileges

• Removal from position

• Legal action if fraud or theft is suspected

C. C. Good Faith ErrorsMinor, good-faith errors (wrong approval level, documentation oversight, emergency

circumstances) should be:

• Corrected promptly

• Documented

• Used as learning opportunities

• Not result in punitive action if corrected

Repeated violations or intentional disregard of policy will be treated seriously.

IX. TRANSITION PROCEDURES

A. When Board Members Change

Outgoing authorized signers:

• Return all club credit cards

• Complete all pending transactions

• Provide documentation of any outstanding commitments

• Ensure successor has access to necessary accounts

Incoming authorized signers:

• Complete bank signature card updates within 30 days

• Review this policy and acknowledge understanding

• Receive training on financial procedures from Treasurer

• Obtain any necessary credit cards or account access

B. Bank Account Updates

President and Treasurer shall ensure:

• Bank signature cards updated within 30 days of board changes

• Removed signers have no continued access

• Online banking access updated promptly

• Credit cards reissued if necessary

X. EXCEPTIONS

Any exceptions to this policy require:

• Majority vote of the Board

• Documentation in meeting minutes

• Specific scope and time limit for exception

• Review of exception at next board meeting

XI. POLICY REVIEW

This policy shall be:

• Reviewed annually each [month]

• Updated as needed to reflect changes in organization size, budget, or needs

• Provided to all new board members during onboarding

• Acknowledged in writing by all authorized signersXII.ACKNOWLEDGMENT

All individuals with signing authority or credit card access must sign this acknowledgment:

I, _________________________________, acknowledge that I have read, understand, and

agree to comply with the Sierra Gold Soccer Club Signing Authority and Expenditure

Approval Policy.

I understand that I have been granted the following authority:

☐ Contract signing authority as: _______________________________

☐ Expenditure approval authority up to: $ _______________________

☐ Bank account authorized signer

☐ Club credit card holder - Card ending in: _____________________

I agree to:

• Exercise this authority responsibly and in the best interests of the club

• Follow all approval procedures outlined in this policy

• Maintain proper documentation of all transactions

• Report any violations of this policy that come to my attention

• Return all cards and access upon leaving my position

Signature: _________________________________ Date:_____________

Position: _________________________________

Questions about this policy? Contact the Treasurer or President.

Report violations to: President and Treasurer (or full Board if they are involved