“Money! Money! Money!” Handling 4-H Finances
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Transcript of “Money! Money! Money!” Handling 4-H Finances
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“Money! Money! Money!”Handling 4-H Finances
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What’s it All About? A 4-H Charter is the only document that
officially recognizes a 4-H Club or Affiliated 4-H Organization and authorizes its use of the 4-H Name and Emblem for the conduct of 4-H Youth Development programs.
Federal regulations governing the continued use of the 4-H Name and Emblem require annual financial reporting and accountability.
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What’s it All About?
4-H Money = Public FundsAll money received by a 4-H Club or Group is public money since 4-H is a public organization.
Funds raised in the name of 4-H must be publicly accountable and must be used for 4-H educational purposes.
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What’s it All About?
All moneys received from 4-H fund raising programs, except those necessary to pay reasonable expenses, must be expended to further the 4-H educational program.
The 4-H treasurer is responsible to all members, volunteer leaders, 4-H Youth Development Educator and the public.
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Managing 4-H Money
4-H funds must be deposited in a FDIC or NCUA insured public financial institution in an account bearing the 4-H name.
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Managing 4-H Money
An Employer Identification Number (EIN) is needed to open a 4-H checking or savings account.
Do not use personal social security number.
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Managing 4-H Money
Checks should require 2 signatures.
Clubs: The 4-H Club treasurer and an adult volunteer leader who provides oversight for 4-H finances
• Parent and child or other family members should not be the two signatories
County: youth-adult and/or 2 adults.
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Wisconsin State Tax Facts 4-H entities are eligible to receive and use a
Wisconsin sales tax exempt number.
When a tax exempt number is used, you do not need to pay sale tax on purchases for items used for 4-H purposes.
4-H entities do not charge sales tax on fund raisers as long as they meet state sale tax requirements.
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Wisconsin Dissolution ClauseAll 4-H entities need to include the following dissolution clause in their bylaws similar to the following:
“Upon dissolution of the 4-H club, any assets must be turned over to a recognized 4-H club or group, with the approval of the 4-H Leaders Association and the County 4-H Youth Development Staff.”
Wisconsin 4-H Youth Development Policy
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Handling 4-H
Finances in Action!
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Best Practices The treasurer position in a 4-H Club is a
youth position.
Use good money handling practices: Writing a receipt for all monies received. Depositing all monies into the bank account
promptly.
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Best Practices
Members need to approve payments through the budget process. If a bill falls outside the budget, it must be voted on for approval and the results recorded in the meeting minutes.
A payment approval form should be used and the receipt from the purchase should be attached.
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Best Practices Financial records should be kept up-to-date
and reported at each 4-H meeting.
4-H Annual Financial Report MUST be submitted on time each year to the 4-H Youth Development Educator to continue to use the 4-H Name and Emblem. This is a part of the 4-H Charter Annual Renewal process.
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Handling 4-H
Finances in Action!
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Fund Raising Guidelines
Money raised in the name of 4-H must be used for specific educational 4-H purposes.
Fund raising should only be conducted to meet an approved goal. There must be a definite plan prior to authorization by the members to hold the fund raiser.
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Fund Raising Guidelines Generally, money raised during the
year should be spent that same year.
Discuss fund raising plans with 4-H Youth Development Educator.
Check with 4-H Youth Development Staff before putting the 4-H Name and Emblem on any item you intend to sell for profit.
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Fund Raising Guidelines In connection with 4-H fundraising
purposes, the following disclaimer statement must be used on products or services offered for sale:
“A portion of the sales price of this product or service will be used to promote 4-H educational programs. No endorsement of the product or service by 4-H is implied or intended.”
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4-H Groups that plan to conduct raffles or bingo, must comply with Wisconsin state regulations and obtain licenses.
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Discuss Money With Membership
Members should vote on dues annually.
Members should decide if fund raising is needed to have funds for their planned activities.
Members should approve annual budget.
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New Regulations to Know Formally authorized 4-H groups are exempt
from paying federal income tax on funds raised on behalf of 4-H, or to support educational programs.
Donors may deduct contributions to 4-H clubs and affiliate 4-H organizations such as bequests, legacies, devises, transfers, or gifts as applicable under the IRS Code.
The 4-H Youth Development Educator has additional information to assist you.
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Filing Form 990 Series with the IRS
All 4-H Clubs and chartered 4-H Groups must file a Form 990 series.
The official address for all 4-H Clubs and Groups is the County UW-Extension Office.
Work with the 4-H Youth Development Educator with this filing.
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What Does this Mean?If the 4-H Club or affiliated 4-Horganization raises:
Under $50,000, the use of the Form 990-N or Electronic Postcard is advised.
Over $50,000, the Form 990 EZ or Form 990 must be used.
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There are resources
to help!
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Resources to Help
Tools and information to help Clubs with financial questions especially the 4-H Money Matters Fact Sheets. www.uwex.edu/ces/4h/clubs/money.cfm
National 4-H Headquarters Policies and Regulations including “Using the 4-H Name and Emblem” http://www.csrees.usda.gov/nea/family/res/youthdev_res_emblem.html
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Resources to Help
4-H Club Teaching Materials www.uwex.edu/ces/4h/clubs/meetings.cfm www.uwex.edu/ces/4h/clubs/volunteers.cfm
4-H Financial Management Website: http://www.uwex.edu/ces/4h/resources/mgt/financial.cfm
4-H Youth Development Educator
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Contact the4-H Youth Development
Educator with any questions regarding 4-H financial accountability.
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Presentation Developed By:René L. Mehlberg, Winnebago County 4-H Youth
Development Educator and Sue Pleskac, 4-H Youth Development Specialist; Updated 4.2012
Information adapted from:• National 4-H Headquarters Policies and Regulations
documents retrieved from www.national4-hheadquarters.gov/library/4h_polregs.htm.
• Wisconsin 4-H Club Financial Handbook for Leaders; 1998.• “Wisconsin 4-H Financial Polices” power point presentation
by Carolyn Belczyk, Walworth County Department Head/4-H Youth Development Educator; February 4, 2004.
An EEO/AA employer, University of Wisconsin Extension provides equal opportunities in employment and programming, including Title IX and American with Disabilities (ADA) requirements.