Page 12 - FERC_2024 Handbook

FERC Handbook

FERC Board and Advisory Committee (AC)
Financial Policy & Procedures

I. Financial Policy Overview:
The following principles shall be adhered to so as to provide a foundation for a healthy
organization;
A. "Consistency: This financial policy shall not allow manipulation of processes and
systems. This will ensure accountability, transparency, information dissemination, and
timely reporting."

B. Accountability: The financial system shall make the organization accountable to its
sponsors. The AC Treasurer shall account for all the resources and its expenses and
issue a monthly report to the Board/AC at the AC meeting.
C. Transparency: As requested the AC Treasurer shall provide the necessary information to
the sponsors/donors.
D. Viability: For FERC to be viable in the long run, the goal will be to maintain a balance
between its expenditure and income.

E. Integrity: All FERC Board and AC members shall follow all rules set by the financial
policy.

F. Oversight: This policy shall provide oversight into the future and the AC Treasurer shall
accordingly suggest measures to cope with future challenges as needed. This may
include risk assessment; strategic planning, etc.
G. Accounting standards: This policy shall incorporate valid standards and protocols as
needed by the accounting and auditing firms that file the annual tax documents.

II. Financial Governance:
A. The Board President, in case of acting for the AC Chairperson, shall have the power to
order for payment of money not exceeding limits as set forth herein;
1. A maximum spending limit of 15,000 THB (Fifteen thousand Thai Baht) at a time. If
the amount exceeds this said limit, the Board and AC members shall give approval
by a majority vote. When there is necessity and urgency the Board and AC members
may give approval for such payment via email and this action shall be reported at the
next AC meeting.
B. The AC Treasurer shall have the power to maintain a cash float in the amount of not
exceeding 60,000 THB (Sixty-thousand Thai Baht).

C. Cash shall be deposited with a bank or any other government-guaranteed financial
institution as the Board and AC members may deem appropriate.
D. An Order for payment of money by bank transfer or check in the amount must bear the
signature of the FERC President or a designated signatory on the bank account.
E. In spending FERC’s money in accordance with its objectives, including office expenses,
the same shall be paid only from the ‘Unrestricted Funds’. Money that donors do not
expressly specify to be scholarship sponsor donations shall be included in the
Unrestricted Funds category.

Updated: 4 Mar 2024 11