STATEWIDE INTERNET PORTAL AUTHORITY Financial Policies of the Board of Directors Adopted by the Board of Directors and effective on __________, 2016

Contents 1.0 2.0 3.0 4.0 5.0 7.0 8.0

SIPA BANKING ACCOUNT POLICY .................................................................................... 3 RETAINED EARNINGS POLICY.......................................................................................... 4 BUDGET POLICY .............................................................................................................. 5 EXPENDITURE AUTHORIZATION POLICY ......................................................................... 6 CREDIT AGREEMENT OR LOAN AUTHORIZATION POLICY ................................................ 6 REIMBURSEMENT POLICY ............................................................................................... 6 AUDIT POLICY ................................................................................................................. 7

Financial Policies of the Board of Directors 2016

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The Statewide Internet Portal Authority (SIPA) Board of Directors on the _____________, 2016, adopts the following financial policies, which shall remain in force until amended or revoked. These policies replace the financial policies adopted by the Board on December 6, 2012.

1.0

SIPA BANKING ACCOUNT POLICY

1.1

The Executive Director of the Authority is authorized to take such action as necessary to open and maintain bank accounts for the operation of the Authority. Funds not needed to meet month-to-month cash flow shall be transferred to one or more interest-bearing savings accounts. The Executive Director shall implement and maintain a system of internal controls that is consistent with best practices and the recommendations of outside auditors. The Executive Director shall provide the Board with monthly financial reports and such other financial information as may be requested from time to time by the Board or the Finance and Contracts Committee.

1.2

SIPA PDPA Clearing Account: The Colorado AG office has issued an informal opinion that all money/funds (SIPA fees and state statutory fees) collected by the Portal through the portal payment engine service are public funds and must be protected per the Public Deposit Protection Act (PDPA) until the statutory or non-SIPA funds are transferred out of the SIPA PDPA Clearing account to another PDPA account. To comply with this opinion, a special PDPA certified account owned by SIPA must be created to store these funds while they are under Portal control. The account is designated as the SIPA PDPA Clearing Account. Money collected by the Portal designated as public funds are transferred directly into the SIPA PDPA Clearing Account. This account is owned by SIPA and is administered by the portal integrator, Colorado Interactive (CI). SIPA authorizes CI to fully administer this account in accordance with the portal integrator contract. SIPA is authorized to take any action needed to monitor and report on CI administration of this account, and SIPA shall have review-only online access to the account. However, SIPA is not authorized to withdraw, transfer, deposit, or in any other way manipulate the funds within this account without written authorization from the SIPA Treasurer and the Chairperson of the SIPA Board. CI is authorized to perform all necessary and reasonable actions to properly collect, categorize, and distribute funds in this account.

1.3

Federal Funds A. Federal funds designated as SIPA Reserve shall be deposited and maintained in a separate designated account. Dual signature authority over the account shall be required for all withdrawals. Withdrawal of funds requires the signature of both of the following

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SIPA officers:  Board Chair  Board Treasurer B. Federal funds designated for Task Orders or other specific tasking not designated as SIPA Reserve funding shall be deposited and maintained in a separate designated account. Triple signature authority over the account shall be required for all withdrawals. Withdrawal of funds requires the signature of all of the following SIPA officers:  Executive Director  Board Chair  Board Treasurer

2.0

RETAINED EARNINGS POLICY In order to ensure the continued viability of the Authority, the Authority shall maintain a goal of retaining earnings in a business continuance fund in the amount of at least $2,000,000 by Fiscal Year 2018. The use of such funds will be for the purpose of meeting future obligations, capital expenditures, and operational expenses when needed. The Executive Director shall include the use of any funds in excess of this amount in the yearly budget and shall make a recommendation to the Board of Directors to adjust this policy accordingly. The fund balance has the following budgeted uses: 

Replacement of hardware and software in the event of catastrophic failure of existing equipment used to operate and maintain the services provided by the Authority to existing Eligible Governmental Entities at the time of the failure. In this context a catastrophic failure includes the bankruptcy of a provider of these services. $500,000 is set aside for this purpose.



Legal expenses incurred as the result of actions not anticipated. $50,000 is set aside for this purpose.



Retention for Insurance Policy per the policy in or set to be in place at a time in the future. $100,000 is set aside for this purpose.



Replacement of office furniture and equipment used in the operations of the Authority in the event of fire, flood, theft, or other events that leave the Authority unable to perform its functions. $50,000 is set aside for this purpose.



Financing for unexpected expenses related to new product offerings, disaster recovery, research and development, grants, unanticipated license renewals, customer support, and the like. $150,000 is set aside for this purpose.

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Having a sufficient cash reserve to cover commitments owed to vendors prior to receiving payment from Eligible Governmental Entities.

3.0

BUDGET POLICY

3.1

The Budget of the Authority is a plan to identify the financial resources required to achieve the programmatic and strategic goals of the Board of the Authority for each fiscal year. The intent of this policy is to identify the process that will be implemented to assist the Finance and Contracts Committee and the Board of Directors.

3.2

The Budget shall include at the minimum:

3.3



Authorized Expenditures for the fiscal year for each of the following items: administration, operations, maintenance, and capital projects.



Anticipated Revenues and their sources.



Estimated Beginning and Ending Fund Balances.



A Budget Narrative describing significant items and explanations of significant change from previous fiscal years. The budget narrative shall also describe the purpose of any fund balance transfers into the operation budget and shall detail a plan to ensure the fund balance is sufficient to meet future expenditures.



Anticipated liabilities that may be assigned by contract to another party.

Supplemental Budget and Appropriation. A. The Board, through a majority vote, may approve increases or decreases in budgeted expenditures for any budget line item throughout the year as may be necessary from time to time. B. The Board, through a majority vote, may make supplemental changes to the budget throughout the fiscal year to properly align the budget with revenues and expenditures, including reductions to previously authorized budget line items as may be necessary to ensure that expenditures do not exceed available revenues. C. At the close of each fiscal year, the Executive Director may transfer spending authority between line items of operating expenses as necessary to reflect actual expenditures for the fiscal year. Total operating expenses may not be increased without Board approval, and the total amount of all such transfers shall not exceed 10% of total operating expenses authorized by the Budget or the Supplemental Budget approved by the Board. The Executive Director shall provide the Board with a written explanation of all such

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transfers. 3.4

Budget Timelines. A. April: Executive Director shall submit a draft budget to the Finance and Contracts Committee (Upcoming Fiscal Year). The Finance and Contracts Committee shall report any supplemental budget information to the Board of Directors (Current Fiscal Year). B. May: Finance and Contracts Committee shall report the proposed budget to the Board of Directors (Upcoming Fiscal Year). The Board of Directors shall adopt any changes to the budget based on supplemental budget information (Current Fiscal Year). C. June: The Board adopts the upcoming fiscal year’s budget and reviews the previous year’s budget, adopting changes to the budget based on supplemental budget information if necessary.

4.0

EXPENDITURE AUTHORIZATION POLICY Except as otherwise authorized by these policies, no expenditure of funds shall be incurred or approved in excess of the unencumbered balance of the line item of the Budget or Supplemental Budget of the Authority against which the resulting expenditure would be charged.

5.0

CREDIT AGREEMENT OR LOAN AUTHORIZATION POLICY For purposes of confirming that the Authority maintains appropriate operating capital, the Board of Directors may authorize the Executive Director to enter into credit agreements. The form of these agreements may include an operating line of credit, term loans, or equipment leases. These commitments shall be authorized by a majority vote of the seated voting members and confirmed in writing by a resolution of the Board of Directors.

7.0

REIMBURSEMENT POLICY

7.1

The Authority will reimburse its Board members for expenses directly related to the business of SIPA. Such expenses include airfare, automobile expenses, lodging, meals, and allowable miscellaneous expenses. All requests for reimbursement shall contain an itemized description and the original receipts for which reimbursement is requested, except that a credit card register can be used as proof of payment if accompanied by a detailed explanation on the SIPA Expense Form. Receipts for incidental expenses under ten ($10) dollars are not required. Expenses should be itemized by day. Meals, lodging,

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taxi cabs, buses, and transportation services, etc. should be reasonable. Use of common carriers is encouraged. Adult entertainment, pay-per-view movies, alcoholic beverages, and/or other personal entertainment are not authorized expenses. 7.2

Reasonable rental car expenses will be reimbursed. Private automobile expenses will be reimbursed at a rate consistent with the Colorado Office of the State Controller rate, which adjusts periodically. A Board member driving any vehicle on SIPA business must have valid and appropriate vehicle registration, licensing, and insurance certification.

7.3

If a Board member will be traveling on behalf of SIPA for purposes other than Board meetings or planned events, advance approval must be granted by the Executive Director or the Board Chair for reimbursement(s).

7.4

Requests for reimbursement must be submitted no later than June 30 for expenses incurred during that fiscal year. SIPA staff will assist Board members in completing reimbursement requests using the SIPA Expense Form.

8.0

AUDIT POLICY An integral piece of fiscal budget and financial management is the independent review of financial activities by a certified audit firm. The Board of Directors through its Finance and Contracts Committee and Executive Director will cause this audit to occur on the following calendar: July to October: Necessary field work October:

Auditors report to Finance and Contracts Committee

November:

Auditors final report to the Board of Directors

December:

Board approval of Audit and submission to appropriate entity

Financial Policies of the Board of Directors 2016

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STATEWIDE INTERNET PORTAL AUTHORITY ... -

Contents. 1.0 SIPA BANKING ACCOUNT POLICY . .... Replacement of hardware and software in the event of catastrophic failure of existing equipment used to ...

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