USA Rugby Policies

This policy guides the financial management and reporting practices of USA Rugby.

This Policy applies to any person, including but not limited to the CEO, financial staff, and members of the Audit and Finance & Risk Committees, who are charged with financial management or financial reporting. If the CFO position is vacant, the Chief Operating Officer (COO) will assume the responsibilities and functions of the CFO.

Generally Accepted Accounting Principles (GAAP) - Accounting standards as adopted by the Financial Accounting Standards Board as may be updated from time to time.

The fiscal year for USA Rugby shall be January 1st to December 31st.

Management shall timely (but not later than December 1) prepare and present to the Finance & Risk Committee and to the Board a proposed budget and operating plan prior to each fiscal year. The Finance & Risk Committee shall review the budget and operating plan and make recommendations for approval and/or modification to the Board, as applicable. Management’s ongoing reports shall ensure that the Finance & Risk Committee and the Board have sufficient information to assess the current financial state of the organization, as well as the projected state of the organization through the end of the fiscal year. Such reports must include, but are not limited to:

• Budget to Actual Reports;
• Current Statement of Financial Position;
• Current Statement of Activities with summary of functional expenses;
• Cash Flow Statement and/or Projections; and
• Forecasting reflecting projected financial results for the year.

Management shall present the ongoing reports to the Finance & Risk Committee on a monthly basis and the Board on a quarterly basis at a minimum. In reviewing draft budgets and ongoing reports, the Board shall ensure that the budget and reports:

• Are fiscally prudent, ensuring that the resources of the organization are responsibly used;
• Have prudent underlying assumptions;
• Advance the strategy of the organization and supports the mission, vision, and values;
• Provide measurable outcomes for the organization in the coming year; and
• Allow for elements of risk in operational areas.

The person responsible for preparing checks, making cash disbursements, or initiating digital payments cannot be a signatory.

The CEO and CFO are authorized bank signatories. Ramp payments will be processed by Ramp after transactions are properly approved in Ramp. Approved payments outside of Ramp (excludes transfers between USA Rugby accounts) will be initiated by accounting and approved by either CEO or CFO.

**The CEO can approve contracts up to $100,000 annually. If exigent circumstances arise, the CEO may delegate signing authority; however, the delegation must be confirmed via email consent.

***For contracts above $100,000 annually, both the CEO and Board (in full or through its designate) must agree and provide email approval before any sign-off. Either the CEO or Board Chair may sign these contracts. In exigent circumstances, the CEO or Board Chair may delegate signing authority to a board member with email approval.

• As part of the annual budget process, Management will present an annual Capital Expenditures budget for approval.
• All Capital Expenditures must align with the approved annual Capital Expenditures budget. Any variance must be approved following the variance procedures outlined in the Financial Procedures Manual.

The CFO is responsible for maintaining an up-to-date financial procedures manual, which will be distributed to the staff. This manual should detail the organization's daily financial operations, provide direction for employees, and include adequate internal safeguards to safeguard funds. Prior to making any significant adjustments to the Financial Procedures, both the Audit and Finance & Risk Committees should be informed. The CFO is tasked with updating the Board on changes to the manual and supplying a copy to Board Members upon request.

Any member or participant with payments past due may have their membership or participation rights curtailed or suspended until payment is made. Any such change in membership or participation status will be reasonably applied based on the amount owing, the amount of delinquency, and the impact of any sanction applied and must follow the USA Rugby Complaint and Hearing Procedure.

The Audit & Risk Committee shall name an Auditor for the organization on an annual basis. In the course of conducting the audit, management shall make available all documents and records needed by the auditor. Staff shall be available to the auditor to answer question as needed.

Upon completion of the draft audit, the auditor will meet with the CFO and Audit & Risk Committee to explain the findings. The auditor will also meet separately without management present to provide a confidential briefing to the Audit & Risk Committee.

This policy will be reviewed and updated as necessary to ensure that it is consistent with the mission and objectives of USA Rugby and with current laws and regulations. Any changes to this policy must be approved by both the CEO and the Board of Directors, then submitted to the Audit & Risk Committee.