Policy – Financial Management

Purpose

The purpose of this policy is to establish principles and procedures for the responsible management of the Australasian College for Infection Prevention and Control (ACIPC)’s financial resources. It ensures that all financial activities support the College’s strategic objectives and are conducted with transparency, accountability, and sustainability.

Scope

This policy applies to all individuals acting on behalf of ACIPC, including Board members, committee members, staff, volunteers, contractors, and consultants.

Policy Statement

This policy applies to all individuals acting on behalf of ACIPC, including Board members, committee members, staff, volunteers, contractors, and consultants

Approval of Financial Arrangements

• Establishing or amending banking or investment arrangements must be approved by the Board.
• The Executive Manager may implement only approved arrangements.

Budgeting and Financial Planning

• The Executive Manager will prepare an annual budget aligned with ACIPC’s Strategic Plan.
• The draft budget will be reviewed and approved by the Board.
• The Executive Manager will prepare monthly financial reports for the Board.
• Material budget variations against the approved annual budget must also be submitted to the Board for approval.

Financial Reporting and Monitoring

• The Executive Manager will provide monthly financial reports to the EMC and Board.
• These reports will include:
  • YTD income and expenditure vs the approved annual budget
  • Monthly income and expenditure for the financial year
  • Receivable invoices
  • Payable invoices
  • Balance sheet
  • Term deposit summary
• Audited financial statements will be presented to members at the Annual General Meeting.

Reserves and Surplus Management

• ACIPC will aim to maintain a reserve equivalent to at least six months of core operational expenses.
• Annual surpluses may be:
  • Invested in strategic initiatives
  • Added to reserves
  • Allocated to member value or future-proofing projects
• All surplus allocations must be approved by the Board.

Investment Management

• ACIPC will invest surplus funds in accordance with the Board’s Investment Plan.
• The Investment Plan will focus on low to medium-risk term deposits with APRA-regulated financial institutions.
• A laddered maturity structure will provide both income and liquidity.
• Investments must:
  • Preserve capital
  • Be diversified across institutions
  • Be reviewed semi-annually and monitored quarterly

Procurement and Value-for-Money Principles

• All procurement must be aligned with ACIPC priorities and provide value for money.
• For purchases over $20,000, a request for offer (RFO) should be issued or at least two written quotes should be obtained.
• Supplier assessments should consider cost, quality, compliance, and ethical alignment

Authority to Approve Contracts

• Only the Board has authority to approve contracts on behalf of ACIPC.
• Approved contracts must be signed by two of the President, President-Elect, Past-President or Executive Manager, unless a written delegation has been approved by the Board.
• No person may negotiate or approve contracts without written authorisation from the Board.
• Unauthorised action may result in personal liability and/or disciplinary action.

Authority to Approve Payments

Authorised signatories are:

• President
• President-Elect
• Past President
• Executive Manager

Spending approvals must be within the limits set by the Board and within the board-approved budget. Unauthorised approvals may result in recovery action or disciplinary outcomes.

Financial Authorisation Limits

To ensure appropriate oversight and governance, financial commitments must be approved within the following authorisation thresholds:

• All spending must align with the approved annual budget.
• Splitting purchases to avoid approval thresholds is strictly prohibited.
• Where urgent expenditure above these thresholds is required, the President may be seek out-of-session approval from the Board.

Payment Methods

Credit Cards

• Issued to the President, President-Elect, Past-President, Executive Manager, and Office Manager
• Limit: $5,000
• Used for College-related transactions where invoicing is not feasible
• Must be reconciled monthly and paid by statement

Electronic Banking

• The Finance Manager initiates payments in Westpac.
• A weekly sumamry is prepared by the Finance Manager with a copy of the invoices to be paid.
• Authorisation in Westpac is required by two of:
  • President
  • President-Elect
  • Past President
  • Executive Manager
• The Executive Manager may initiate an electronic  payment in Westpac when the Finance Manager is not available. Two other authorisers should then authorise the payment.

Conflicts of Interest

• Members and staff must not participate in financial decisions where a conflict of interest exists.
• Members and staff must not authorise expenses where a conflict of interest exists.
• Conflicts must be declared immediately and managed per the ACIPC Code of Conduct.
• The Board will appoint an alternative representative where required.

Document Retention and Audit Compliance

• All financial records will be maintained for a minimum of seven years in accordance with legal and audit requirements.
• An external auditor will be appointed annually to conduct a full financial audit.
• Audit results will be presented to the Board and to members at the AGM.