1. All expenditures between $500 and $5,000 shall be approved by the Fiscal Committee. All single expenditures over $5,000 shall be approved by the GC. The exceptions are Cabinet and member stipends, staff salaries, negotiated fringe benefits, and routine costs fewer than five hundred dollars ($500).

2. The Executive Director has the authority to approve routine expenditures under five hundred dollars ($500) and those as part of a contract approved by the GC. The Executive Director shall include such expenditures in the monthly report to the Fiscal Committee.

a. Routine expenditures shall be defined as all items and services necessary to maintain the day-to-day operations of the MSCSA office.

b. Any other definition of routine expenditures shall be negotiated between the Executive Director and the Cabinet at the beginning of the fiscal year. Those definitions shall be duly noted in the official minutes of that cabinet meeting.
 

3. All checks must be signed by two of the following four: President, Treasurer, Vice President, or the designated staff person. The President and the Treasurer are the primary signers.

4. All purchases should consider what most closely fits the needs of the students.

a. Quotes or bids shall be sought for purchases over $500, where appropriate, with consideration given to the lowest responsible quote or bid.
 

5. The official MSCSA check voucher shall be signed by either the Treasurer or the Executive Director.

6. No checks shall be made out to “cash”.

7. A “stop payment” will be applied to checks outstanding for 90 (ninety) days from the date the check was written.