Separation of Duties: Checklist
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The governing body should:
- Appoint a governing body chair.
- Ensure chair responsibilities include:
- Conduct meetings.
- Appoint clerk (or determine staff member or contractor to perform clerk duties).
- Ensure clerk responsibilities include:
- Attend meetings and keep a record of the proceedings.
- Maintain financial records.
- Prepare checks after determining that the claim:
- Was authorized by the board or financial officer.
- Does not over expend the budget; and
- Was approved in advance by the board or its designee.
- Present a detailed financial report, monthly or quarterly (depending on entity type) to the governing body.
- May not sign a single signature check.
- Appoint treasurer (or determine staff member or contractor to perform treasurer duties).
- Ensure treasurer responsibilities include:
- Sign checks after determining that sufficient funds are available.
- Maintain custody of money.
- Deposit and invest all money in accordance with the State Money Management Act (Utah Code 51-7).
- Receive all public funds and money payable to the district.
- Keep and accurate, detailed account of all money received.
- Issue a receipt for money received.
- Ensure the chair, clerk, and treasurer are all separate individuals.
- Approve all expenditures, except expenditures the governing body has authorized a financial officer to approve (payroll and routine expenditures, such as utility bills or supplies).
- Set a maximum sum over which all purchases may not be made without the governing body’s approval.
- At least monthly (for local and special service districts, at least quarterly), review all expenditures authorized by the financial officer.
- Ensure the treasurer secures a fidelity bond or crime insurance as of the date the treasurer assumes duties in accordance with Rule 4 of the Utah Money Management Council:
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Amount of Bond Budget Percent for Bond 0 to 10,000 n/a but not less than 0 10,001 to 100,000 9% but not less than 5,000 100,001 to 500,000 8% but not less than 9,000 500,001 to 1,000,000 7% but not less than 40,000 1,000,001 to 5,000,000 6% but not less than 70,000 5,000,001 to 10,000,000 5% but not less than 300,000 10,000,001 to 25,000,000 4% but not less than 500,000 25,000,001 to 50,000,000 3% but not less than 1,000,000 50,000,001 to 500,000,000 2% but not less than 1,500,000 over 500,000,000 not less than 10,000,000
Download the PDF here.