Policy 20

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Employees' credit account

This policy statement implements a motion passed August 3, 2006 at a regular meeting of the Board of Directors with revisions added at a regular meeting of the Board on January 27, 2013 and April 28, 2024. This policy attempt to balance a number of requirements:

  • The employees must purchase goods and services as part of their normal duties. 

  • At times these transactions need to be conducted expeditiously and during unpredictable hours.

  • The Board must be able to control and monitor the expenditures made on behalf of LISECC.

  • It should not be possible to spend too much, or incur large obligations that LISECC must satisfy. 

  • It should be possible to spend enough to take care of normal expenditures without a lot of intervention by the Board.

Therefore, LISECC shall:

  • Provide a credit card account for use by the employees who have been authorized by the Board of Directors as signers on the account in accordance with bank regulations.

  • This credit card will have a limit of $5,000.

  • Except in an extreme emergency, any expenditure of more than $2,000 must be pre-approved by the Finance Chair or Treasurer and reported immediately to the General Manager. 

  • Whenever possible, employees are encouraged to set up accounts with vendors or pay with a pre-approved check acquired from the General Manager.

  • Receipts for all expenditures must be kept and given to the General Manager who will provide them to the Finance Chair or Treasurer for review. 

Effective 12 December 2010, revised 27 January 2013, revised 28 April 2024.
Approved by the Board of Directors in regular session, 12 December 2010. William Boulton, President.