4.9 Financial Authorization Policy: EFTs, Wires, Cheques, Online Bank Transfers

POLICY TYPE: 4.0 Financial
EFFECTIVE DATE: 2025-12-09	LAST REVISED:
THIS POLICY APPLIES TO: Contractors – Individuals engaged to provide services under a contract with SelfDesign Learning Foundation Support Providers – Individuals engaged under a contract or agreement with SelfDesign Learning Foundation to provide services for a specific learner Families – Learners and parents(s)/guardian(s) of learners participating in SelfDesign Learning Foundation’s programs Volunteers – Individuals providing goods/services under the terms of an agreement with SelfDesign Learning Foundation Board Members – Members of the Board of Directors for SelfDesign Learning Foundation and the Foundation for SelfDesign (FSD)

Policy Statement

SelfDesign Learning Foundation is committed to ensuring that all payments through all formats are properly authorized.

Definitions

None / Term – definition

Policy

SelfDesign Learning Foundation will ensure that financial authority is delegated in a manner that allows for appropriate responsibility while maintaining governing fiduciary oversight.

Protocol

1. Corporate Credit Cards

Approved monthly on the website by cardholders.
Expense receipts sent to Foundation contact monthly.
Foundation contact to approve monthly on website for payment.
Finance department to approve any increases in card limits.

2. Invoices

See section 7.

3. Electronic Funds Transfer (EFT)

Approved by the CFO and another Finance team member.
There is no limit to the amount paid in any given week. The cash balance is monitored by the Finance Team in order to ensure a sufficient cash balance for the planned payment.

4. Wires

Approved by the CFO and another Finance team member.
Limit is only what needs to be paid that week. No limit because the invoices have been approved by the appropriate party (same as EFTs).

5. Cheques

Two auto-generated signatures from CFO, CEO, or Board Chair.
Auto-generated from the system.

6. Online Bank Transfers

Approved by the CFO and another Finance team member.
Limit is only what needs to be paid that week.

7. Delegation of Financial Authority Matrix

Disbursements	<$10,000	$10,000 – $19,999	$20,000 – $99,999	>$100,000
Process/Functions
Corporate credit cards	Department Lead	CFO	CEO	Board Chair *who will seek Board approval
Invoices	Department Lead	CFO	CEO	Board Chair *who will seek Board approval
EFTs	2 approvals: CFO plus another Finance Team member
Wires	2 approvals: CFO plus another Finance Team member
Cheques	Auto-generated from the system
Online bank transfers	2 approvals: CFO plus another Finance Team member