Internal Control Policies. Usually developed by the Executive Director or CEO, CFO/Accounting or Finance Director, and the board’s Treasurer and/or Finance Committee, these policies typically cover budget process, financial statements, bank accounts/check signing, chart of accounts, electronic funds, finance committees, receipts, accounts payable and receivable, disbursements, purchasing, payroll, property and equipment, reconciliation and whistleblower issues. Some of these policies (i.e. whistleblower) are already part of the Sarbanes-Oxley legislation and others may be added to federal requirements for all nonprofits. Having internal control policies is considered best practice for all nonprofit organizations.