Internal Accounting Structure

The NCSIG shall organize its accounting system as to comply with the requirements as established by the Governmental Accounting Standards Board and generally accepted accounting principles.

Each membership year shall be accounted for separately on a full accrual basis; this financial reporting practice is necessary since the membership in the NCSIG can change annually.  Two separate funds shall be maintained:  l) for property and liability and 2) for Worker’s Compensation.

Internal Accounting controls shall be maintained to ensure all expenses are subject to budgetary control and that income sources are properly accounted for.   Detailed reports shall be made available to the Finance Committee and Board, detailing the budgetary amounts as compared to the actual amounts received or expended.