MVCC Accounting Reform

Most of the candidates have concerns about the financial reporting for MVCC and the fact that our funds were briefly frozen. A picture is worth a thousand words. As you can see in the December report submitted to the Board and to Empower LA, the section where the outstanding commitments should be detailed is blank. This is not the way I manage manage my own finances!

Yes, it will help if each board member takes the Empower training for treasurers. But I believe we need more than that. Our current accounting process just meets the minimum required by DONE. I propose that we follow accepted accounting practices. The Treasurer should present an initial budget for Board approval that factors in expenses and funding motions that re-occur yearly. At every Board meeting, we should review the following - 

-   A current bank account statement that includes the account balance

-   A recap of pending approved expenses and the amount in ongoing operating expenses

-   A report showing funds currently available, less forecasted expenses

-   A report that shows that the above reconciles with what has been reported to DONE in the MER’s (monthly expenditure reports)