Finance

Whitby Courthouse Theatre is a registered corporation without share capital and this policy serves to set financial guidelines and controls in accordance with relevant statutes and standard accounting practices to safeguard the organization, Board of Directors, Coordinators, staff, and volunteers.

The Board, led by the Treasurer, shall meet before the month of June to finalize the proposed budget for the following season. Budgeting must be comprehensive and cover all expected revenues, expenditures, depreciation costs, and capital investments.

All purchasing on behalf of Whitby Courthouse Theatre that has not been budgeted for is subject to approval by the Board of Directors, who shall institute fiscal responsibility before permitting spending above and beyond budgeted expenses.

Any payment or contract to a vendor for a bill of goods that exceeds $5,000 (budgeted or not) must be tendered. This may be waived by the Board for previously successful tenders via motion.

The procedure for tendering is as follows:

1. Board approval of the expense in principle.
2. A minimum of three quotes must be obtained for review by the Board.
3. The expense must be brought to the Board and approved via motion that details the approved amount, vendor, and other pertinent information.

The Treasurer must retain all financial information for a period of seven fiscal years. Final financial statements and tax filings must be retained indefinitely.

The Treasurer shall be responsible for completing any required government filings.

Access to cash is restricted. All persons must follow the cash handling procedure (Appendix A).

Cash may only be removed from the premises by the Treasurer, or designate, for the purposes of immediate deposit into a Whitby Courthouse Theatre account at a financial institution.

Floats shall be kept in the safe. The amount of each float shall be set by the Treasurer in consultation with the Front of House Director, the sum of all floats shall not exceed $500.

As per the Bylaws, the President, Secretary, and Treasurer are designated signing officers and no less than two can authorize payments, or changes to organization accounts.

Individuals may not sign a cheque payable to themselves.

Organizations wishing to advertise or sponsor a program must be approved by the Board of Directors.

The following details the current pricing structure for Whitby Courthouse Theatre:

The chain of custody for all cash is detailed below.

Definitions
Cash refers to any and all physical cash, coin, cheque, or any other monetary instrument.

Front of House
The Front of House Director, or designate, is responsible for removing the cash boxes for front of house from the safe and confirming the appropriate floats are contained within each. It is the duty and responsibility of the Front of House Director, Box Office Coordinator and all volunteers to ensure safeguarding of the cash boxes and cash-handlers. The cash boxes must never be left unattended or left in the custody of a single individual under the age of majority.

Cash received by the Front of House Director, or designate, Box Office Coordinator, or volunteer is to be immediately placed into the cash box related to their position.

At the end of every performance, the cash is to be counted, and the cash (less the float) is to be deposited into the deposit envelope. The envelope must be filled out accurately. The amounts are verified by the Front of House Director, or designate, before the envelope is sealed.

The signed and sealed envelope must be deposited into the secure lockbox.

The Treasurer will remove the envelope from the secure lockbox, count it, and deposit it.

Memberships, Program Fees, Rentals, and Other
On the date the money is received the receiver must verify the correct payment amount and put both the form and the payment in a sealed envelope and deposit it into a secure lockbox.

The Treasurer will remove the funds from the envelope and deposit the funds.

Personal Safety
Individual safety takes precedent over cash handling. Individuals should never place themselves in danger to protect money.