General Signatory And Banking Authority Policy
Bridge Foundry, Inc.
Adopted Oct 8, 2017
Banking
Any one (1) officer or individual authorized by the Board may at any time (i) open and maintain accounts or contract for safe deposit boxes in the name of the Corporation with such bank or banks as may be approved by the Board of Directors; and (ii) any Officer may cause to be deposited in said accounts or any existing bank accounts to the credit of the Corporation such moneys as may be designated for deposit therein. The authority to open and maintain accounts shall at no time authorize any officer or other individual to obtain an ATM/debit card on behalf of the Corporation. Effective immediately and until otherwise changed, all disbursements below the amount of $5,000 shall be signed by any one officer or individual as the Board may designate (which may be by online approval).
Effective immediately and until otherwise changed, all disbursements in the amount of $5,000 and above shall be signed (or approved in the online banking system) by two officers or individuals as the Board may designate, unless the expense has been specifically approved by the board. A second signer/approver is also required for any payments made to the person entering the check. This includes payments to an organization in which the check writer has an ownership stake or otherwise receives benefit.
Telephonic orders authorizing the deposit or withdrawal of funds to or from the Corporation's
accounts, regardless of amount, must be authorized, in writing, by any two officers or individuals as the Board may designate.
General
Only the Board of Directors may delegate authority to incur expenses over $5,000. Single expense transactions that exceed this threshold, or multiple transactions with a single third-party that exceed this threshold within a three (3) month period, shall also require majority approval by the Board of Directors.
Furthermore, if an authorized transaction requires a contract, only the CEO is authorized to sign on behalf of the organization.