It is the responsibility of the Cooperative Board to formulate financial policies and review operations and activities on a periodic basis. The Board delegates this oversight responsibility to the Executive Committee. The Board acts as the primary fiscal agent, implementing all financial policies and procedures. The Treasurer, with oversight from Board Members, is responsible for coordinating the annual budget presentation, management of fund investments, selection of external auditors, and approval of revenue and expenditure objectives in accordance with Board-approved long-term plans. The Treasurer, with the support of Cooperative personnel, is responsible for the day-to-day management of Cooperative funds, ensuring the accuracy of accounting records, maintaining internal controls, implementing financial objectives and policies, overseeing the preparation of financial statements, and reviewing and approving bank reconciliations. The Manager/Officer, in carrying out financial operations under the supervision of the Treasurer (Executive), is responsible for processing loans on the Cooperative information systems following Credit Committee approval, managing accounts payable and receivable, processing payroll inputs and payroll transactions, recording cash receipts, and preparing journal entries for the General Ledger.

The purpose of this policy is to establish guidelines for developing financial goals and objectives, making financial decisions, reporting on the financial status of the Cooperative, and managing the Cooperative’s funds in a prudent and accountable manner.

Members of the Board of Directors and Cooperative personnel are prohibited from engaging in activities that may present conflicts of interest. The powers and authority entrusted to the Board shall not be used for personal benefit at the expense of the Cooperative. Any Board Member with a financial interest in a corporate transaction must fully disclose that interest and abstain from participating in discussions or voting related to the matter.

The Treasurer shall be responsible for presenting an annual operating budget draft to the Board and Cooperative personnel. The Board shall review and support the recommended fiscal year budget, including projected revenues, expenditures, and cash flows, before submitting it for approval by the Members of the Cooperative at a General Meeting. The budget shall contain monthly forecasts of revenues and expenses and shall serve as the basis for monitoring the Cooperative’s financial performance throughout the fiscal year.