Finance Policy

Operating Budget Process

• TMAC will budget annually for a breakeven operating position, or an operating surplus to support its current working capital balance.

• The preliminary budget will be prepared under the direction of the Treasurer for review by the Board in its annual planning cycle each year.

• The annual budget will reflect the strategic priorities established by the Board.

• The Treasurer, in consultation with the Board, will establish the financial requirements for existing or new programs

• The final operating budget will be approved by the Board.

Monitoring of the Budget

Responsibility for monitoring the operating budget rests with the Treasurer of Organization who can recommend changes to the Budget as the year progresses in order to maintain a break-even position.

Authorities

Once approved, the Treasurer has the authority to make expenditures within the approved budget.

Travel Expenses

TMAC will reimburse any reasonable meal and transportation expenses associated with participation in Board meetings and duties delegated by the Board. Board directors must comply with the Travel Expense Policy.