Financial Controls Policy

Summary

We follow Raft’s financial rules. This page shows how we comply. VONet is part of Raft and not a separate entity. :contentReference[oaicite:0]{index=0}

Restricted Fund

All gifts go into a Raft Restricted Fund for VONet. :contentReference[oaicite:1]{index=1} We cannot spend more than the fund balance. :contentReference[oaicite:2]{index=2} Raft holds variance power to use funds to meet our purpose. :contentReference[oaicite:3]{index=3} The fund is Raft’s asset for accounting and tax reporting. :contentReference[oaicite:4]{index=4}

Disbursements

Upload receipts/invoices as Raft directs. Staff review for purpose and terms. :contentReference[oaicite:5]{index=5} After approval, Raft pays or reimburses by the chosen method. :contentReference[oaicite:6]{index=6} Foreign expenses need Raft’s prior written approval. No exceptions. :contentReference[oaicite:7]{index=7}

Where money sits

Do not hold project funds outside Raft accounts. Ever. :contentReference[oaicite:8]{index=8} If money lands elsewhere, transfer it to Raft at once. :contentReference[oaicite:9]{index=9}

Contracts and purchasing

Raft handles leases, contracts, AP/AR, and disbursements in Raft’s name. :contentReference[oaicite:10]{index=10} Property obtained for the project is Raft’s, held for VONet’s purpose. :contentReference[oaicite:11]{index=11}

Administrative allocations and costs

Raft deducts an admin allocation from deposits: 10% standard; 9.25% on gifts ≥ $250,000 and < $1,000,000; 8.5% on gifts ≥ $1,000,000. :contentReference[oaicite:12]{index=12} Project pays Raft-carried insurance tied to our work. :contentReference[oaicite:13]{index=13} Project pays card processing fees for our donations. :contentReference[oaicite:14]{index=14} Project pays employment and benefits costs for project staff. :contentReference[oaicite:15]{index=15} Project may pay project-specific legal fees (Raft decides, discuss first). :contentReference[oaicite:16]{index=16} Interest earned stays with Raft’s general fund. :contentReference[oaicite:17]{index=17}

501(c)(3) compliance

All spending must serve the charitable purpose. :contentReference[oaicite:18]{index=18} Lobbying is limited, and campaign activity is banned. :contentReference[oaicite:19]{index=19} Donors do not control the fund (not donor-advised). :contentReference[oaicite:20]{index=20}

VONet approval steps (local)

These steps 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 and do not replace Raft’s approval.

Budget, tracking, and records

We plan an annual budget and update it quarterly. Open Collective is our public dashboard for budgets and payouts. Raft’s systems are the official books and records. :contentReference[oaicite:21]{index=21} Keep working copies here; Raft holds the official record.

Separation of duties (local)

• Requester cannot be the approver.
• Approver cannot be the payer.
• Reconciler cannot be the requester or approver.

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.

Changes to these controls

Raft may update Terms and Policies with notice. We follow updates. :contentReference[oaicite:22]{index=22}

Contacts

Project Lead: listed on Team. Raft Operations: team@raft.foundation (see Raft Handbook).

Links

• Raft Handbook (policies): https://docs.raft.foundation/
• Open Collective (VONet): https://opencollective.com/vonet