Resolution:Delegations of Financial and Spending Authority
From the Wikimedia Foundation
Revision as of 14:11, 20 July 2012 by Slaporte (WMF) (inserting tables)
|←Resolutions||Delegations of Financial and Spending Authority||Errors?→|
|This resolution approving the delegation of banking authority was unanimously approved, in-person on July 11, 2012.|
The Board of Trustees unanimously resolved that:
- The Executive Director, subject to the quarterly total spending as set forth in the Quarterly Breakdown of Annual Plan (Quarterly Plan) approved by the Board of Trustees (Board) and exercising all necessary due diligence and care, is individually authorized by this delegation to obligate the funds of the Wikimedia Foundation (WMF), to execute agreements reflecting those obligations, and to further delegate this authority as deemed appropriate, up to and including the limits set forth below per transaction, such limit shall include integrated or related transactions.
- The Executive Director, in conjunction with either the Deputy Director or the Chief of Finance and Administration may jointly authorize spending on a particular transaction (including integrated or related transactions) exceeding the limits set forth below, up to the approved Quarterly Plan.
- Any spending which exceeds the Quarterly Plan by more then 5%, must be approved in writing by either the Chairperson or Treasurer of the Board.
|Legally binding contractual arrangements||$ 1,000,000|
|General Operational Spending (including but not limited to, payroll, expenses, and accounts payable)||$ 1,000,000|
|Grant making authority||$ 2,000,000|
|Real estate transactions (leases, purchases)||$ 1,500,000|
|Transferring funds between and managing WMF bank accounts and other financial accounts||$ 10,000,000|
|Purchasing equipment and assets||$ 1,500,000|
Be it resolved further that:
- The Chief of Finance and Administration is authorized by this delegation to oversee and manage the WMF’s bank accounts and other financial services related accounts, such as payments processing (or similar financial institution), and to authorize the transfer of funds from one WMF account to any other WMF account, and to further delegate this authority, up to and including the limits set forth below per transaction, which includes integrated or related transactions.
- Any transfer of funds from one WMF account to any other WMF account exceeding the amounts set forth in the immediately preceding resolution must be approved in writing by or signed by the Treasurer of the Board or Chairperson of the Board.
|Bank accounts||$ 10,000,000|
|Investment accounts||$ 2,000,000|
|Payment processing, or other financial institutions||$ 10,000,000|
Be it resolved further that:
- This resolution is subject to annual review by the Board and shall be considered in effect, unless revoked by resolution of the Board.
- All delegations of authority granted in the foregoing resolutions are limited by the quarterly budget totals as set forth in Quarterly Plan as approved by the Board, which retains the right to alter spending authority limits required.
- Phoebe Ayers, Ting Chen, Bishakha Datta, Matt Halprin, Samuel Klein, Arne Klempert, Jan-Bart de Vreede, Jimmy Wales, Kat Walsh, Stu West