Expenditure and Purchase Policy

This policy, approved this date by the Board of Directors of the Golden Panthers Booster Club (“GPBC”), shall govern: i) the expenditure of GPBC funds, and ii) any action that will create an obligation for or result in a liability of the GPBC.

Scope:

This policy shall apply to the GPBC and its:

- Board of Directors (“Board”)

- Divisions

- Members of the GPBC or its Divisions

- Directors and Officers of the GPBC or its Divisions

- Any person acting on behalf, or intending to act on behalf of, the GPBC, its Board or its Divisions

Definitions:

1. “Action”: includes, but is not limited to, placing an order(s) for the purchase of goods or services, approving an expense or agreeing to pay compensation.

2. “Available Funds”: for the GPBC and any Division, Available Funds shall include funds on deposit in the respective operating account and funds held for pending deposits in same account(s), less funds required to satisfy any outstanding and unpaid obligations for expenditures or purchases.

3. “Division”: includes any Division approved by the GPBC in accordance with the By-Laws. Divisions may commonly be referred to as “Team(s)” especially when the GPBC has established a separate operating account for the benefit of such Nease athletic team. Division specifically includes any related booster clubs operating under the tax exempt status of the GPBC, such as the Touchdown Club.

4. “GPBC funds”: means funds of the GPBC or any of its Divisions.

5. “Person”: as used in this policy, the terms “Person” shall be used to refer to any individual or group of individuals referenced in the Scope section above.

Effective date:

This policy is effective immediately upon approval of the Board.

Expenditure and Purchase Policies:

1. No Person shall expend GPBC funds, or take any Action that will cause the GPBC to expend funds or incur a liability for the future expenditure of funds, for an amount greater than the Available Funds on account (operating account) of the respective GPBC or Division to which the expenditure or Action relates without the prior approval of the Board of Directors of the GPBC.

2. No Person shall expend GPBC funds, or take any Action that will cause the GPBC to expend funds or incur a liability for the future expenditure of funds, for an amount greater than $2,500 without the prior approval of the Board of Directors of the GPBC.

3. All orders for goods and services for amounts greater than $100 and for which the actual payment for such goods or services will be made after the date on which the order is placed requires that a Purchase Order be completed and approved prior to the order being placed. If the cost of such order is for an amount less than both: i) the Available Funds on account of the respective GPBC or Division, and ii) $2,500; approval of such Purchase Order should be made by the appropriate Division officer or team liaison. If the cost of the order exceeds either of the amounts stipulated above, the Purchase Order will require the approval of the Board of Directors of the GPBC.

Authorized Transactions:

All expenditures and Actions requiring approval of the Board of Directors of the GPBC should be documented and submitted on a Requisition & Purchase Order Form (“PO”). PO’s should be completed and signed by the Person requesting Board approval.

PO’s may be submitted to the GPBC Board at any scheduled meeting or by mail\email. GPBC Board approval may be obtained by email vote of a quorum of Directors.

Any expenditure of funds or Action taken on the part of any Person that does not comply with this Expenditure and Purchase Policy, is not an authorized transaction of the GPBC and accordingly, the GPBC will not be liable for such transaction and the resulting obligation.

Approved:

_________________________ __________________________

President – GPBC Date