Policy Statement:

The purpose of this policy is to establish guidelines and procedures for determining and authorizing individuals with the authority to sign, approve, or execute financial transactions, contracts, agreements, or other legal documents on behalf of Lakeway Christian Schools (LCS).

Authorized Signatories:

• Only the Executive Director and the Chief Financial Officer (CFO) are authorized signatories with the authority to sign, approve, or execute financial transactions, contracts, agreements, or other legal documents on behalf of LCS.
• The Board authorizes the use of electronic signing software by the Executive Director and the CFO, if they so desire, to affix their signatures to purchase orders and checks.

Delegation of Authority:

• The Executive Director may delegate signature authority to certain officers, employees, or agents of LCS based on their roles and responsibilities within the organization.
• Delegated authority shall be documented in writing and approved by the Executive Director. This documentation should include the scope and limitations of the authority granted.

Changes to Authorized Signatories:

• Any changes or updates to the list of authorized signatories must be formally approved by the Executive Director and the CFO.
• A written record of changes to authorized signatories, including the effective date of the change, must be maintained and made available for auditing purposes.

Signature Authority Limits:

• Authorized signatories shall have specific limits of authority based on their roles and responsibilities within LCS.
• Transactions or documents exceeding an authorized signatory's limit of authority shall require additional approvals or signatures, as specified in LCS policies and procedures.

Documentation and Record-Keeping:

• Records of authorized signatories, their delegated authority, and any updates or changes shall be maintained by the Finance Department.
• Records shall include the names and titles of authorized signatories, their signature authority limits, and the effective dates of their authorization.

Auditing and Compliance:

The Finance Department shall conduct periodic audits to ensure compliance with this policy and to verify the accuracy of authorized signatory records.

Violations and Non-Compliance:

Violations of this policy, including unauthorized signatures or approvals, may result in disciplinary action and corrective measures as determined by LCS leadership.