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7 HB Fiscal Polices a Procedures <br /> Section 2: Revenue - Cash Receipts, Accounts Receivable, and Donations <br /> A. Overview <br /> HB properly receives, processes, deposits, and records revenue in a timely and appropriate <br /> manner. HB ensures that an appropriate segregation of duties, as included in the procedures <br /> below, is in place in order to ensure a checks and balances system for the revenue process. <br /> B. Policies Et Controls <br /> 1. Receive and record cash receipts on a timely basis. <br /> 2. Record revenue in accordance with donor stipulations and acknowledge receipt. <br /> 3. Store cash receipts in a secure, locked location prior to deposit. <br /> 4. Monitor all receipts due to the organization for likelihood of collection and create <br /> adequate reserves for uncoltectible amounts. <br /> 5. Deposit cash and checks within one week of receipt. <br /> 6. Guard donor credit card information securely. <br /> 7. Sell donated stock within 48 hours of receipt. Value contribution income at the sale price <br /> and record any realized gain or loss on sale on the day of the sale of the stock. <br /> 8. Analyze proposed donations of goods and services for usability prior to acceptance. If the <br /> goods or services cannot be effectively used by HB, reject or donate them to another <br /> public charity, or otherwise discard them. <br /> 9. Periodically review activities for applicability to the IRS Unrelated Business Income Tax <br /> (UBIT) definition. <br /> C. Process Description <br /> CategoriesRevenue <br /> TYPE DEFINFION EXAMPLE <br /> Revenue pledged or earned but • Pledges Receivable <br /> Accounts Receivable not yet received in cash. • Grants Receivable <br /> • Accounts Receivable <br /> • Cash <br /> Revenue received as a donation or . Checks <br /> Cash Receipts as a payment for services that HB <br /> p provides. Electronic/Wire Transfers <br /> • Credit Card payments via <br /> Stripe and Blackbaud <br /> Donations of goods or services to ' Supplies <br /> In-Kind Donations be used for internal operations • Space <br /> and/or programs. • Professional Services <br /> 0 Items for auction <br />