Louisiana Administrative Code
Title 4 - ADMINISTRATION
Part VII - Governor's Office
Chapter 17 - Women's Services
Subchapter B - Family Violence Program Minimum Standards
Section VII-1726 - Financial Management and Fund Development
Universal Citation: LA Admin Code VII-1726
Current through Register Vol. 50, No. 9, September 20, 2024
A. Basic Considerations. These standards stress that Generally Accepted Accounting Practices (GAAP) with regular internal and external reports and audits, are the foundation for prudent management of capital, endowment and operating income and expenses. It is the role of the governing body to ensure financial accountability and that the bulk of the program's resources are used to meet service needs.
B. Standards
1. Policies for financial management are
comprehensive and practical.
2.
Relevant goals, objectives and plans are established for financial management
and long term financial stability.
3. Financial management is conducted in
accordance with applicable professional, ethical and legal principles.
Generally accepted accounting procedures and practices are implemented as
required by the terms of the contract.
4. The program uses or contracts with
designated and appropriately qualified personnel to implement its policies and
procedures for financial management.
5. The program provides bonding of staff
responsible for financial resources. It is recommended that the program provide
and maintain adequate liability coverage for the governing body.
6. The program prepares financial statements
that clearly and fairly present the organization's financial
position.
7. The governing body
adopts and the executive director implements comprehensive budgets in
accordance with acceptable practices.
8. The governing body continuously reviews
and analyzes its financial position.
9. The governing body adopts and regularly
reviews salary range schedules and adheres to minimum wage laws.
10. The program prudently manages its
operating, endowment and capital funds.
11. The program has sufficient cash flow to
meet its operating needs
12. The
program maintains adequate cash reserves.
13. The program does not enter into any
agreement, written or otherwise, where public funds are paid, or committed to
be paid, for services or goods, to any member of the governing body, staff, or
members of the immediate family of said governing body or staff, or to any
entity in which the foregoing have any direct or indirect financial interest,
or in which any of the foregoing serve as an officer or employee, unless the
services or goods are provided at a competitive cost or under terms favorable
to the program. The program maintains written disclosures of any and all
financial transactions in which a member of the governing body, staff, or their
immediate family is involved.
C. Fund Development
1. The program has a long and short range
fund development plan.
2. The
program conducts a fund development program which secures sufficient funds to
cover its operating and capital needs.
3. The program builds and maintains adequate
financial reserves.
4. The
governing body initiates and actively supports fund development
efforts.
5. The program
comprehensively evaluates community relations and fund development programs to
measure efficiency and effectiveness.
AUTHORITY NOTE: Promulgated in accordance with R.S. 46:2122 B and R.S. 46:2127 B1.
Disclaimer: These regulations may not be the most recent version. Louisiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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