2.1 Check Signing and Authorization

Payments for goods and services are authorized by the board of directors at the regular meetings of the board of directors of the Trust. Two signatures are required on every check: one from a management director and one from an employee association director.

The Board has designated director members of the Trust Finance Committee, along with the Chair and Co-Chair of the Trust Board of Directors to be authorized signers on the bank accounts.

The Board of Directors recognizes that in order for the Trust to operate, there will be circumstances requiring checks to be issued that do not correspond with the meeting schedule of the Board of Directors. Accordingly, the following procedures authorize the expenditure of Trust funds outside the formal approval process of a Board of Directors meeting:

a. Payments are authorized for normal operating expenses of items that have been previously budgeted.
b. Payments are within the budget limits previously approved by the Board of Directors.
c. The Chair and Co-Chair may jointly approve expenditures up to $5,000.00 for items that have not been previously approved in the budget.
d. The finance committee directors, who are check signers, may authorize expenditures up to $1,000 for items that have not been previously approved in the budget.
e. Payments made outside of regular board meetings will be reviewed and presented for approval at the next regularly scheduled board meeting.

Originally approved on: June 2, 2005
Revision date: June 10, 2008