Section 4. Financial Policy

The purpose of these financial policies is to document the policies and procedures governing the Healthcare Businesswomen’s Association’s affiliates, chapters and regional volunteer committees with regards to financial transactions. These policies and procedures: 

  • Establish guidelines for developing financial goals and objectives;
  • Making financial decisions;
  • Managing and safeguarding the association’s funds

These policies have been established to ensure a positive and rewarding volunteer experience, clarify rules and standards, and setting clear guidelines for decision-making and responsibilities with regards to HBA and financial transactions.

Policy Authors

Nycole Joiner, finance and operations, senior director

Laurie Cooke, president and CEO

Policy Users

HBA affiliates, chapters and regional committee and council volunteers responsible for fiduciary management and oversight.

Policy Details

Use of Chapter Funds

Chapter and regional budgets, should be designed in accordance with HBA’s strategic operating plan and demonstrate a clear roadmap as to how the region, and supporting chapters and committees, will achieve the financial goals for the calendar year. 

Acceptable use of HBA funds include:

  • Reasonable food and beverage costs related to educational programs,  membership engagement and retention 
  • Venue, food and beverage and vendor commitments for signature events (contracts must be pre-approved by regional treasurer and HBA’s director of finance and operations in accordance with financial delegation of authority);
  • Gift cards with no negotiable value used as giveaways ($100 max per gift), not to exceed two per event;
  • Volunteer awards and recognition; gifts not to exceed $25 in value per member;
  • Normal reasonable administrative supplies;
  • Quarterly face-to-face committee meetings not to exceed $25pp per meeting; committees are encouraged to seek sponsored venues for meetings space; 
  • Reasonable yearly marketing expenses will be provided by HBA Central’s marketing department;
  • Leadership travel for required in-person meetings and trainings
  • Required and/or necessary travel between chapter, regional and flagship programs.
  • All IT and software planned expenditures should be approved by HBA’s Central Director of Information Technology. ALL purchases made with HBA funds are HBA property. Regional treasurer must maintain tracking of all property and coordinate with HBA’s Director of Information Technology for return of assets. 
  • Preapproval for special event items, i.e. member giveaways, whose spend is expected to be greater than $300 is required by the regional treasurer to ensure the spend is within budget guidelines

Unacceptable expenses

  • Registration fees for flagship events (Annual conference & WOTY)
  • Non-HBA related travel
  • Cash awards
  • Personal telephone charges, personal gifts
  • Unidentified miscellaneous expenses in bulk without supporting details;
  • Free meals, alcohol or entertainment not directly linked to business development

Expense reimbursement processes and procedures

  • Expense reimbursement requests should be submitted no later than 3 weeks following the event
  • Reimbursement should be submitted to the with a copy to the regional treasurer for approval and processing
  • All reimbursement requests should be accompanied by itemized receipts (credit card and bank statements are unacceptable support documents)
  • Coordination between the volunteer and regional treasurer should be conducted to ensure that event expenses are charged to the regional treasurer’s HBA issued credit card
  • Due to the difference in currency, Europe region finances may be managed in a different manner.  Please contact the Europe Regional Treasurer for additional guidance.

Delegation of Financial Authority:

Regional Treasurer has authority to approve

  • unbudgeted expenses up to $3k; over $3k goes to Director of finance and operations (Central)
  • over budgeted expenses up to $3k
  • contract-signing authority up to $10,000 after reviewing with HBA lead to ensure contract complies with expectations.

Procurement and Processing Committee has authority to process expenses in alignment with

-     approved budget; 

  • unbudgeted and exceeded budgeted expenses go to Treasurer for final decision per delegation of authority rules.

Event Planning/Programming Lead plans expenditures in accordance with approved budget.

Refund Policy

Cancellations/refunds must be submitted in writing to Registration fees are 100% refundable one week prior to the event. No refunds will be granted once the event has ended.

Budget Assumptions and Process

The budget supports the ongoing operation of the association’s strategic plan and achievement of the financial plan is critical for the association to continue its reach and impact in deliverance of the mission. Financial key performance indicators may vary each year in accordance with updates to the association’s strategic plan. 

General budget assumptions are:

  • Membership – count targets are assigned by HBA Central;
  • Event revenue and expenses should be calculated using the program toolkit (found in the Leader Library under programming) 
  • Chapter events should include virtual WOTY event when budgeting
  • $3,000 minimum sponsorship target for newly transitioned affiliates to chapter status.

The business planning and budgeting process begins with the mid-year leadership retreat. 

Compliance Tracking 

Financial Performance

Compliance tracking is measured through monthly financial actual versus budget reporting. Regional finance committees have real-time access to financial data and are required to review and communicate significant anticipated changes to Central’s finance team.

Regional finance committees are required to review monthly and quarterly financials with the regional committees, in accordance with the below timelines. Once reviewed and complete, the regional treasurer must provide written confirmation to HBA Central’s finance team they have completed review of the financials. 

Committee Calls

Quarterly treasurer calls will held the last week of each quarter-end. Treasurers, or a member of their finance committee, is required to attend.