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What are the financial spending and controls processes at the IIT Foundation?

April 26, 2017controls financial foundation IIT Processes Spending

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What are the financial spending and controls processes at the IIT Foundation?

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The IIT Foundation only spends on Board of Director authorized projects. The IIT Foundation project owner and the Executive Committee manage each spending item for the authorized project. Typically Treasurer signs the checks and informs the rest of the Executive Committee. Every month the accountant provides financial statement to the Executive Committee. Once a quarter the financial statements are shared with the Board of Directors. Once a year the BOD meets to officially ratify the spending.