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Policy#

BFN-004

Effective Date

March 20, 2022

Purpose

To ensure financial resources of CrossWay Baptist Church are expended responsibly

Scope

This policy applies to spending of church financial resources, including but not limited to credit card charges, check payments, invoicing, and reimbursements.

Policy

• When spending on a transaction or group of related transactions is anticipated to exceed $500, the Financial Secretary must approve the transactions.
• When spending on a transaction or group of related transaction is anticipated to exceed $1,000, but will not exceed $2,500, bids from three (3) different vendors must be obtained, unless the Board of Elders approve an exemption to obtain one (1) or two (2) bids.
• When spending on a transaction or group of related transaction is anticipated to exceed $2,500, bids from three (3) vendors must be obtained (or attempted to be obtained in good faith) and the Board of Elders must approve the selected vendor.

Signatures

Sherman C. Boyd | 3/21/2021

Chairman, Board of Elders | Date

Vanessa Rodrequez | 3/21/2021

Clerk | Date

BFN-004.pdf