Board Fiscal Accountability

1. Most agencies have fund accounts other than the operating account. Usually, schools have one or more of the following:

• A savings account.
• An income account for operating funds awaiting transfer
• A capital fund for investment purposes may be retained.
• A Scholarship or Bursary Fund
• Restricted or special purpose accounts.

2. For other than operating accounts, two signatures are recommended (usually the Executive Director and one of the Board officers). For the operating account, the Executive Director, or one or two designated staff (to sign in the Director's absence) is usually sufficient and results in greater operating efficiency. The Executive Director is responsible for budget expenditures.

3. All persons connected with the Outward Bound School who have authority to sign cheques or handle funds should be bonded at the School's expense.

4. Every Outward Bound School should have a competent bookkeeping system, including the handling of petty cash, fees, etc. the accounting operation should be under the supervision, or in consultation with, a certified public accountant firm.

5. Financial reports should be submitted monthly to the Board and audits should be prepared no less than once a year.

6. To fulfill its community responsibility, an Outward Bound School must carry adequate and appropriate insurance, including fire, theft, liability, workmen's compensation, hospitalization and some type of retirement program.

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