Accounting WG Operating Procedures, 8 April 2012

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Accounting Working Group General Standard Operating Procedures

 

Our weekly public meeting is on Saturdays, 6pm, 60 Wall Street.

* Bank statements and the weekly report are available at these meetings

What Alliance for Global Justice does

What the Accounting WG does

 

Occupy Wall Street in New York City is one of many projects sponsored by the AfGJ. They are referred to as our Fiscal Sponsor.

 

* They take on all liability in terms of our finances, in terms of taxes and other legal issues related to our finances. They are committed to fighting any subpoenas for our financial records.

 

* Once we complete our book-keeping, they will maintain custody of our original records and file any and all statements and taxes for the federal government on our behalf

 

*They file based on the generally accepted practices for nonprofit accounting.

 

 

The Accounting WG has been entrusted by the General Assembly to disburse and track the funds of the NYCGA. In that capacity,

 

- we withdraw funds from sole OWS account (kept in Amalgamated Bank, which is a bank started by unions and supportive of the OWS movement)

*All account signers must be present to withdraw money

*Withdrawals are tracked against budget disbursements

 

- we disburse funds for budgets set by the GA

* Money counted by both parties, signatures required

 

- we maintain records on actual expenditures via receipts

*Receipts must be turned in before more money can be checked out

 

 

AfGJ receives donations made through the OWS WePay account.

 

* These funds are transferred directly to our OWS Bank Account at Amalgamated Bank via wire transfer.

 

* They are responsible for maintaining best practices regarding security and privacy of donor information

 

* They send a weekly donation report to OWS, which is published on accounting.nycga.net

 

 

We maintain the following public reports:

 

* updated donations at http://accounting.nycga.net/donations/

* updated expenditures, including general information on bail and legal costs at http://accounting.nycga.net/expenditures/

* a weekly reporting of funds in and out to the GA on Saturdays and Spokes on Mondays

  We maintain the following confidential records, as advised by the movements lawyers and our fiscal sponsor:

* the physical receipts for our expenditures

* detailed information on bail expenditures and legal costs reimbursements

3 Responses to “Accounting WG Operating Procedures, 8 April 2012”

  1. @CynPrice

    Ravi, They told you “they take on all Liability in terms of Finanes?” Dont buy that! It says on their website “Occupy Wall Street’s “Obligation is to provide us the “Accounting” and receipts” we’ll need for the IRS. Can they be responsible for what you give them? If so my CPA is screwed and im free, lol. They are like a Specialized CPA for Non-Profits. They are great and its harder work than regular CPA You can read all procedures they do here: http://afgj.org/occupy-wall-street-fiscal-sponsorships-the-alliance-for-global-justice

  2. @CynPrice

    Consider taking off “They take on all liability and other legal issues related to finances”? That isnt true, i know its hard to understand. But its all here on their website http://afgj.org/occupy-wall-street-fiscal-sponsorships-the-alliance-for-global-justice And it says on their website “Occupy Wall Street’s “Obligation is to provide us the “Accounting” we’ll need for the IRS. They arent legally responsible for the accounting we give them, if its not right, we are liable.