Policy - Dual Authorization and Check Signing

Section: Human Resource Policies   
Policy Owner: Ignition633 Ministries Human Resources   
Policy Name: Dual Authorization and Check Signing Policy    
Origination Date: March 2025

Purpose:
The Dual Authorization and Check Signing Policy establishes controls and procedures for the approval and signing of checks and financial documents. This policy ensures that proper oversight exists for all financial transactions and reduces the risk of fraud or misappropriation of funds. The policy creates accountability and clear documentation requirements for all authorized signers and approvers.

Scope:
This policy applies to all check signing, wire transfers, and financial authorizations at 633Donor Solutions. It covers all employees who are designated as authorized signers or approvers, as well as those who prepare checks or financial documents. The policy includes specific thresholds for dual authorization requirements and defines the documentation needed for compliance.

Policy: 

Authorization Thresholds and Requirements:
All checks and financial transactions under $30,000 require one authorized signature from an approved signatory as designated by the Board of Directors. Transactions above $30,000 require two authorized signatures, with at least one being from a director-level employee or above. Any transaction exceeding $100,000 requires approval from the Executive Director and another authorized Board member, with supporting documentation reviewed by both parties prior to authorization.

Authorized Signers and Approvers:
The Board of Directors must formally approve and document all authorized check signers and financial approvers on an annual basis. Authorized signers must not approve transactions that personally benefit them or their family members, and must disclose any potential conflicts of interest before processing transactions. Each authorized signer must acknowledge receipt of this policy in writing and complete fraud prevention training before being granted signing authority.

Documentation and Record Keeping:
All financial transactions must be supported by proper documentation including invoices, purchase orders, or reimbursement forms that clearly state the business purpose. Each check or transfer must be recorded in the check register or financial system immediately, with copies of supporting documentation securely maintained for seven years. Monthly reports of all authorized transactions must be provided to the Board Treasurer, with any exceptions to policy requirements clearly highlighted and explained.

Compliance and Monitoring:
Random audits of financial transactions will be conducted quarterly to ensure compliance with dual authorization requirements and proper documentation. Any violation of this policy must be reported immediately to the Executive Director and Board Treasurer, with appropriate disciplinary action taken as necessary. The effectiveness of this policy will be reviewed annually by the Finance Committee, with recommendations for improvement submitted to the Board of Directors for approval.

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This policy will be reviewed annually and is subject to change. Any changes will be communicated to all employees promptly.   

For any questions or further assistance regarding this policy, employees should contact the HR department at hr@ignition633.org.