9.3 - Purchases and Check-signing

SERIES 9 - FINANCES AND ACCOUNTING

For individual purchases outside of typical monthly expenditures (e.g., payroll, healthcare, utilities, etc.) and equal to or greater than $10,000, the Headmaster will serve as the approval authority; a Board of Directors member (in addition to a Principal) must be a signatory of checks equal to or greater than $10,000.

For individual purchases less than $10,000 but greater than $2,000, the COO will serve as the approval authority. In the COO’s absence, the BOD Treasurer will act as the approval authority. A Principal (in addition to another member of the Administration) must be a signatory of checks in these amounts.

For individual purchases less than $2,000, a Principal or the COO will serve as the approval authority; an Assistant Principal or the Director of Operations must be a signatory of checks in these amounts.

For recurring utility and other monthly expenses, the Director of Operations, the Director of Information Technology, the Director of Fundraising, or a Facility Manager will serve as the approval authority, and the Operations Specialist will sign checks for these requirements. Whenever possible and prudent, payments for utilities and other recurring expenses will be moved to an automatic pay system via ACH or Divvy.

In no case will any individual act as both approval authority and signatory for a purchase.

Adopted: 04-29-2021
Amended: 02-22-2022