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
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
$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
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 entitys 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.