Financial Controls Policy

Summary

We follow Raft’s financial rules. This page shows how we comply. VONet is a program of Raft, not a separate entity. Raft policy: Raft Handbook – Overview

Who this is for

• Donors and volunteers: how funds are handled.
• Project Leads and Committee: steps before Raft review.
• Raft admin team: our local steps and contacts.

Raft policy: Raft Handbook – Audience

Access

Some Raft policy details live behind login. Where needed, we link to the Handbook and give local steps. Raft policy: Raft Handbook – Access

Restricted Fund

• All gifts go to a Raft Restricted Fund for VONet.
• We never spend more than the fund balance.
• Raft can redirect funds to meet the project purpose if needed.
• For accounting and tax, the fund is Raft’s asset.

Raft policy: Raft Handbook – Restricted Funds

Disbursements

1. Submit receipts or invoices as Raft directs.
2. Raft staff review for project purpose and terms.
3. After approval, Raft pays or reimburses.
4. Get Raft’s written OK before any foreign expense.

Raft policy: Raft Handbook – Disbursements & Reimbursements

Where money sits

• Keep all project money in Raft accounts.
• If money lands elsewhere, move it to Raft at once.

Raft policy: Raft Handbook – Banking & Accounts

Contracts and purchasing

• Raft signs leases, contracts, and MOUs.
• AP/AR and disbursements run in Raft’s name.
• Items bought for the project are Raft property used for VONet.

Raft policy: Raft Handbook – Contracts & Procurement

Administrative allocations and costs

• Admin allocation on deposits:
  • 10% standard.
  • 9.25% on gifts ≥ $250,000 and < $1,000,000.
  • 8.5% on gifts ≥ $1,000,000.
• Project pays: insurance tied to our work.
• Project pays: card processing and merchant fees.
• Project pays: employment and benefits costs for project staff.
• Project may pay: project-specific legal (coordinate with Raft first).
• Raft keeps any interest earned.

Raft policy: Raft Handbook – Fees, Insurance, and Costs

501(c)(3) compliance

• All spending must serve our charitable purpose.
• Lobbying is limited. Campaign activity is banned.
• Donors cannot control use of funds.

Raft policy: Raft Handbook – Compliance & IRS Rules

VONet approval steps (local)

These checks come before Raft review.

• Under $500: Project Lead approves in writing.
• $500–$5,000: Project Lead + one committee member approve.
• Over $5,000 or any contract: Project Lead + committee approve, then send to Raft.

These steps add transparency. They do not replace Raft approval. Raft policy: Raft Handbook – Project Approvals

Budget, tracking, and records

• We plan an annual budget and update it quarterly.
• Open Collective is our public dashboard for budgets and payouts: Open Collective.
• Raft’s systems are the official books and records.
• Keep working copies here; Raft holds the official record.
• See also: Document Retention Policy.

Raft policy: Raft Handbook – Recordkeeping & Reporting

Separation of duties (local)

• Requester ≠ Approver.
• Approver ≠ Payer.
• Reconciler ≠ Requester or Approver.

Raft policy: Raft Handbook – Internal Controls

Documentation required

Every expense must include:

• Business purpose tied to project goals.
• Itemized receipt or invoice.
• Approval trail (see “VONet approval steps”).
• Proof of delivery or completion when relevant.

Raft policy: Raft Handbook – Documentation Standards

Updates

Raft updates its docs regularly. We review monthly and adjust this page. Last reviewed: 2025-08-30. Raft policy: Raft Handbook – Updates & Changelog

Contacts

• Project Lead: see Team.
• Raft Operations: team@raft.foundation (see the Raft Handbook).

Raft policy: Raft Handbook – Who to Contact

Links

• Raft Handbook: Raft Handbook
• Open Collective (VONet): Open Collective