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Northwest Baptist Convention Business & Financial Plan

This Business and Financial plan governs the operation of all boards, agencies, and institutions of the Northwest Baptist Convention (NWBC).

1. Checking Accounts - Executive directors and business managers are authorized to establish checking, savings, and investment accounts for the prudent and efficient management of funds. Each executive board will establish checking account access policies including authorization of appropriate staff persons as check signers.

2. Investments - Executive directors and business managers are authorized to invest in certificates of deposit, savings accounts, U.S. government securities, commercial notes, bonds, money market funds, and other reasonable and prudent means compatible with the values of the convention toaccrue interest on funds.

3. Debt Restrictions – Personnel, boards, agencies, and institutions of the convention may incur debt on behalf of the convention only according to the following terms:

Amount and Duration of Debt Approval Required

$0-19,999, up to 2 years repayment Executive director of borrowing entity

$20,000-49,999, up to 5 years repayment Finance Committee of the NWBC Executive Board

$50,000-$199,999, up to 15 years repayment NWBC Executive Board

$200,000+ NWBC annual convention

4. Spending Limit - Any capital expenditure by any board, agency, or institution which exceeds $50,000 must be approved by the Finance Committee of the NWBC Executive Board.

5. Financial Reports - The executive director of each board, agency, or institution will submit a written financial report to their respective executive board at least every 90 days. The executive director of each board, agency, or institution will immediately report any significant financial shortfall (income falling more than 20% below budget or expenses exceeding budget by more than 5%) to the chairman of their executive board, the president of the NWBC, the chairman of the Finance Committee of the NWBC Executive Board, and the executive director of the NWBC.

6. Budget Development - The executive board of each agency or institution will adopt a budget for the following fiscal year at least 60 days prior to the NWBC annual convention and recommend that budget to the convention. Any convention initiated changes to these budgets will be referred to the appropriate committee of the executive board which prepared the budget for reconsideration and recommendation back to the convention before final action is taken by the convention.

7. Audit - Every board, agency, and institution will be audited by an independent certified public accounting firm annually and the results of that audit reported to the entity’s executive board.

8. Plan Conformity - The Finance Committee of the NWBC Executive Board is responsible for insuring conformity of all personnel, boards, agencies, and institutions with this Business and Financial Plan. Any nonconforming action will be reported to the NWBC Executive Board.

9. Plan Administration - The Administrative Committee of the NWBC Executive Board is responsible to review this Business and Financial Plan annually. This Plan can only be changed by two-thirds (2/3) majority vote during any session of the annual convention, providing the proposed change is introduced in a preceding session.


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