The Chief Executive Officer shall be responsible for the day-to-day oversight and management of ACPE. ACPE is governed by its Board of Directors, which is responsible for financial oversight of ACPE by:
- Establishing financial policies.
- Reviewing results of annual audit.
- Reviewing and approving the annual tax filing (IRS Form 990) prior to filing.
- Reviewing financial information.
- Authorization establishment of all bank accounts and check signers.
In addition, the Board of Directors shall form a Finance and Audit Committee to assist the board in fulfilling its responsibilities.
The Finance and Audit Committee is responsible for direction and oversight regarding the overall financial management of ACPE. Functions of the Finance Committee include:
- Reviews of the proposed annual operating and capital budgets prior to submission to the Board for approval.
- Meets with external auditors, reviews management plans and actions to address audit findings, comments and recommendations.
- Reviews financial rates, terms and impacts of plans and proposals for projects requiring Board approval.
- Reviews corporate fiscal performance and metrics and makes recommendations of the reporting metrics as needed.
- Monitoring of actual v. budgeted financial performance.
- Oversight of reserve funds.
ACPE accounting personnel are two full time employees who manage ACPE financial functions and process financial information for ACPE:
- Senior Accountant
- Accounting Assistant
The primary responsibilities of the accounting department consist of:
- General ledger maintenance
- Budgeting
- Cash management
- Asset management
- Grants and contracts administration
- Accounts receivable and billing
- Cash receipts
- Accounts payable
- Cash disbursement
- Vendor maintenance
- Financial statement processing
- Reporting of financial information
- Bank reconciliation
- Monthly reconciliation of subsidiary ledgers: accounts receivable, accounts payable, revenue
- Annual audit