Old Kingstonians’ Association Finance Policy

The Old Kingstonians’ Association (henceforth referred to as OKA) is committed to providing transparency in the way OKA handles money.

Who handles the money?

All monetary transactions are made through the OKA bank account. Payments into it are primarily made via PayPal. The Treasurer holds all the bank and PayPal account details, performing all transactions and transfers through these accounts.

Payments out of the bank account can be made by transfers and cheques. The latter must be signed by 2 named core volunteers of the group. A small cash float is kept by the Treasurer and any excess is banked including cash receipts from shop sales, subscriptions and donations.

How we receive money

We receive money from membership fees, the sale of goods and donations. All of the foregoing has online forms and payment is usually made via PayPal, Debit/Credit card or bank transfer. At the Treasurer’s discretion, cash and cheque payments may be made. All payments go through the bank account.

How we use the money

Money will only be used for OKA purposes. Core volunteer group members cannot receive any money from OKA except to refund reasonable out-of-pocket expenses. We are not empowered to take on debt.

How we report our finances

The core volunteers of the group must keep accounts. An annual report will be produced and submitted to members via email or post. The most recent accounts can be seen by any member on request.

How we distribute money and property in the event of OKA’s closure

Money and property will be distributed as agreed by members at a Special Meeting convened by the core volunteers of the group.

July 2024