Accounts Payment Resolution

I. Background

A. Motion Approval

Pursuant to a duly made, seconded, and unanimously carried motion, the Board of Directors of [YOUR COMPANY NAME], a corporation organized and existing under the laws of the state of [STATE], has deemed it imperative to establish formalized procedures for the payment of accounts payable.

B. Corporate Interest

The Board, in its collective wisdom, believes that such procedures are not only essential for maintaining financial transparency but also serve the best interests of the Corporation in fostering efficient and accountable financial practices.

II. Payment Procedures

1. Receipt and Review

   All bills and invoices shall undergo a meticulous review process by the Director of Finance, [DIRECTOR OF FINANCE].

2. Providing Documentation

   Subsequently, a detailed list of all bills, accompanied by copies of each, shall be presented to the President on [SET DAYS] of each week/month/quarter.

3. Approval Process

   The President, after thorough examination, will review and approve all bills, clearly indicating which bills are to be paid. The approved list will then be returned to the Director of Finance.

4. Check Preparation

   The Director of Finance shall then proceed to prepare checks for the approved bills.

5. Authorization Signatures

   To ensure authenticity and authorization, each check shall bear the signatures of [AUTHORIZED SIGNATORY 1] and [AUTHORIZED SIGNATORY 2].

6. Distribution

   Once signed, the checks will be promptly mailed or delivered to the appropriate party.

III. Further Resolved

This resolution empowers and instructs the officers of the Corporation to take any necessary or proper actions to execute the intent of the foregoing resolutions.

IV. Periodic Review

The Board commits to conducting a periodic review, at least annually, of the effectiveness and relevance of these payment procedures. Any necessary adjustments shall be made to ensure alignment with the evolving needs of the Corporation.

V. Record Keeping

The Director of Finance is tasked with maintaining thorough records of all bills, approvals, and payments in a secure and organized manner. These records should be made available for audit purposes.

VI. Reporting

The Director of Finance shall provide regular reports to the Board, summarizing the status of accounts payable, highlighting any significant issues, and proposing recommendations for improvement.

VII. Amendments

The Board reserves the right to amend or modify these payment procedures as deemed necessary. Any proposed amendments shall follow a similar approval process as outlined in this resolution.

VIII. Effective Date

This resolution shall take effect as of [EFFECTIVE DATE], establishing a framework that will remain in full force and effect until modified or rescinded by the Board of Directors.

IX. Adoption Date

Adopted this [DAY] day of [MONTH], [YEAR].

X. Signatures

In witness thereof and by their respective signatures below, the undersigned confirm their approval and adoption of the foregoing resolution:

[President’s Name]
President

[Secretary’s Name]

Secretary

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