Delegation of Authority Policy of FRIENDS OF HIGH PARK ZOO
Delegation of Authority Policy of FRIENDS OF HIGH PARK ZOO
Embedded Files
Free admission | Open every day 9:00 am - 7:00 pm
Adopted by the Board on: August 11, 2020
The By-Laws of the Corporation state that the Board of Directors will from time to time designate specific Directors and/or staff of Friends of High Park Zoo as signing officers, for the purpose of executing documents and financial instruments.
The Board has enacted this policy to establish signing officers for specific types of contracts and instruments. The Board has ultimate authority in such matters at all times, and may by resolution override this policy.
Any contract or instrument which has the effect of imposing legal or financial obligation (referred to as a “Commitment”), must be approved at a duly held meeting of the Board of Directors, and is subject to the Friends of High Park Zoo Procurement Policy. Exceptions to the requirement for Board approval are set out below (“De Minimum Commitments and Financial Matters”).
Execution of Commitment
Execution of Commitment
Commitment Type
Commitments for the purchase of goods or services (including legal services, financial services, contracts for design, consulting or construction services).
Receipts, releases, waivers and other documents required for the transfer of gifts-in-kind
Letters of intent or memoranda of understanding, whether or binding or non-binding, to establish collaboration between FHPZ and another entity or group
Sale of an asset
Any two of
Chair
Vice-Chair
Treasurer
Secretary
Applications to any government, agency or fund for funding or operations or capital projects (any subsequent submissions, declarations or representations required for processing the application)
Any one of
Chair
Vice-Chair
Treasurer
Secretary
Approval of banking relationships, including the approval of cheque and investments signatories (provided they are at least 2 of 4 officers)
Signing of cheques or other disbursements including electronic payments in the ordinary course
Treasurer,
together with either the
Chair or Vice-Chair
De Minimus Commitments
De Minimus Commitments
The following transactions are considered “de minimus” and do not require approval by the Board of Directors, but will be reported to the Board in writing when incurred.
Budgeted Commitments for the purchase of goods or services (including contracts for design, consulting or construction services) with a commitment less than $3,500
Unbudgeted Commitments for the purchase of goods or services (including contracts for design, consulting or construction services) with a commitment less than $300
Commitment for operating expenditures less than $1,500 per transaction
However, any two of the Chair, Vice-Chair, Secretary or Treasurer is required to execute such de minimus Commitments.
Financial Matters
Financial Matters
The Treasurer has authority to carry out the following matters, without approval of the Board in each case:
Procedures related to the handling of cash and receipt of electronic payments
Transfer funds between bank accounts and investment accounts as required in order to fulfill financial obligations
Write off bad debt less than $500
Page updated
Google Sites
Report abuse