Georgialina Outdoor Dream Foundation
(A Georgia 501(c)(3) Nonprofit Organization)
1. Purpose
These Terms & Conditions outline the banking policies governing financial transactions, donations, and fund management for Georgialina ODF in compliance with federal and Georgia state nonprofit regulations.
2. Bank Accounts & Fund Management
- All funds received by Georgialina ODF shall be deposited into an official bank account designated for the organization.
- Funds must be used solely for the organization's charitable mission and operational expenses.
- No personal use of the organization's funds is permitted by any board member, employee, or volunteer.
3. Donations & Deposits
- Donations received by check, credit card, or electronic transfer will be deposited within five (5) business days.
- Donors will receive acknowledgment for their contributions, and tax receipts will be provided for qualifying donations.
- Restricted donations will be used only for the specified purpose designated by the donor.
4. Disbursements & Expenditures
- All payments and disbursements shall be made via official banking channels (checks, ACH transfers, or electronic payments).
- Any expenditure above a set threshold (e.g., $500) requires approval from the board or an authorized officer.
- Documentation (invoices, receipts) must accompany all expenses for record-keeping and financial transparency.
5. Signatory Authority
- Only authorized officers or designated board members may sign checks or approve withdrawals.
- Dual authorization is required for payments exceeding a set amount (e.g., $1,000).
- Changes to signatories must be approved by the board and updated with the bank accordingly.
6. Financial Audits & Record-Keeping
- All financial records, including bank statements and transaction details, will be maintained for a minimum of seven (7) years.
- Annual financial reviews or audits will be conducted to ensure compliance with nonprofit financial regulations.
- The board of directors retains the right to review all financial transactions and banking records.
7. Fraud Prevention & Compliance
- Georgialina ODF complies with all federal and Georgia state laws regarding nonprofit financial management.
- Any suspected fraudulent activity must be reported immediately to the board and relevant authorities.
- The organization maintains a zero-tolerance policy for financial misconduct or misuse of funds.
8. Amendments
These Terms & Conditions may be amended at any time by the board of directors to reflect changes in banking policies, state regulations, or organizational needs.
9. Contact Information
For any questions regarding our banking policy, please contact:
Georgialina Outdoor Dream Foundation
4210 Columbia Rd Ste 15A, Martinez, GA 30907
georgialinaodf@gmail.com
706-250-5748
By engaging in financial transactions with Georgialina ODF, donors, vendors, and stakeholders acknowledge and agree to these Terms & Conditions.