Presented by: It’s All About the Benjamins · 2020-01-01 · It’s All About the Benjamins...
Transcript of Presented by: It’s All About the Benjamins · 2020-01-01 · It’s All About the Benjamins...
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It’s All About the BenjaminsPresented by:
Seretha S. TinsleyNational Treasurer
Leadership Retreat June 2017
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TREASURER
The main duties of a treasurer are to oversee the financial administration of the organization, review procedures and financial reporting, advise the board on financial strategy, and advise on fundraising.
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KNOW YOUR BYLAWS
Make sure your bylaws clearly define the responsibilities of the Treasurer, Financial Secretary and the 2nd VP of Finance/Fund Development.
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KNOW A LITTLE SOMETHING…SOMETHING!
Anyone taking on the role of treasurer in a not-for-profit organization must have, or needs to learn, a basic understanding of accounting and a working knowledge of the laws governing the organization's operation.
This may sound daunting, but most accounting is common sense once you understand the basics - it is about money coming in, and money going out.
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YOU’RE TREASURER...NOW WHAT!
Here is a checklist of all the things you need to do as soon as you get the job:
▶Check details of all bank accounts and all signatories.
▶Swap signatories straight away. Get the forms from the bank and have the appropriate officers added/deleted.
▶Check details of credit card or spending authorizations and organize for the return of outstanding checkbooks or cards.
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REVIEW PROCEDURES AND FINANCIAL REPORTING
You will need policies and procedures to protect the organization and its members. These will include:
▶Controls on expenditure, such as who can authorize spending, upper limits before board approval is needed, and who can sign checks. ▶Controls on income generation, including appropriate and inappropriate ways of raising money. ▶Systems for ensuring cash and checkbooks are kept securely.
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▶Check who has the financial files and get all documents and budget information, including special events budgets and details of purchases.
▶Make sure you have a clearly defined description of your chapter’s financial procedures.
▶Organize for a briefing from the outgoing treasurer detailing any spending commitments or receivables not included in budget papers.
▶Prepare a timeline of upcoming payments and dates when bills (insurance/rent/car) are due.
▶Once you have done your first report, see if you can check with the outgoing treasurer that nothing is missing.
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FISCAL RESPONSIBILITIES▶ Keep up-to-date records as well as an audit trail for all transactions
(work with audit committee and/or external auditor). ▶ Protect the organization against fraud and theft, ensuring safe custody
of money, and prompt banking.
▶ Make sure the board and members understand their financial obligations.
▶ Make sure the organization complies with tax regulations, such as 990, payroll tax and fringe benefits tax (where applicable).
▶ Check with your Secretary of State to find out your incorporation details. Make sure what is on file is up to date.
▶ Review all internal processes and reporting methods at least annually.
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ASSURE FINANCIAL COMPLIANCE▶ Make sure all bank statements are reconciled on a
monthly basis and reports are presented to the board and membership in a timely manner.
▶ Make sure IRS FORM 990 is filed in timely manner.
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990-WHAT FORM DO I FILE?
▶990 N - (Electronic Notice-E-Postcard)- Gross receipts are normally $50,000 or less.
▶990 EZ – Gross receipts are less than $200,000 and total assets at the end of the year are less than $500,000.
▶990 – Long Form – Gross receipts equal to $200,000 or total assets at the end of the year are greater than or equal to $500,000.
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YOU NEED TO TRACK...
▶ How much your organization owns.
▶ How much money you can easily access.
▶ Your main sources of income.
▶ What you are spending money on.
▶ How much you owe.
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SO
ME
BEST
PRA
CTIC
ES ❖ Develop a PO system to assure purchases are approved by the
President and the Committee Chair.
❖ Avoid reimbursements to members where possible. Too many
checks to individuals becomes suspect.
❖ Balance all books monthly, don’t procrastinate.
❖ Work closely with the financial team.
❖ ALL accounts MUST be in the chapter’s name, NOT an
individual’s or officer's name.
❖ The accounts are the property of the chapter, not an officer or
member; people come and go.
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CREDIT CARDSTHE GOOD…BAD…UGLY OF IT
If your chapter has credit cards, they need to be under the chapter’s credentials, even if the name on the cards list individuals...the guarantee, EIN# and address must be the chapter’s, not an individual’s.
That happy little piece of plastic can get you in a lot of trouble.
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FINANCIAL OVERVIEW
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YOU DON’TKNOW
WHEREYOU’RE GOING…
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UNTIL YOU KNOWWHERE YOU’VE
BEEN…
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MAKE A BUDGET - FINANCIAL ROADMAP
Simply put, a budget is an itemized summary of likely income and expenses for a given period. Your budget is more than
numbers. It’s a tool you can use to motivate members, control expenses, increase revenues, make effective plans and fulfill
your organization’s goals.
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OBLIGATIONS TO NATIONAL
▶Chapter Dues ($50 per member)
▶Chapter Assessments ($1500 per chapter)
▶Standards Report
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WHAT DOES IT COST TO OPERATE
YOUR CHAPTER AND
WHERE DOES THE MONEY COME FROM?
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CHAPTER SOURCES
OF REVENUE
• Chapter Dues
• Chapter Assessments
• Sponsorships
• Fund Raising
• Etc……………..
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WHY DO YOU NEED MONEY?Communications/Technology
Leadership DevelopmentPublic Relations
Programs Events
Payroll/InsuranceRent/Office Lease
Telephone/Internet Utilities
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Attendance at National conferences and Chapter meetings and programs is a MUST if the chapter and its members are maximizing the benefits of NCBW membership.
▶ Conference/Programs/Meetings ▶ Legislative Days▶ Leadership Retreat▶ United Nations Day▶ Board Meetings
LEADERSHIP DEVELOPMENT - WIFM
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FINANCIAL HOUSEKEEPING…KEEPING IT CLEAN!
INTEGRITY AND
ACCOUNTABILITY
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WHY? IT IS MORE COST AND TIME EFFECTIVE!
▶Less paper………………..…………………………………Save trees▶Saves time……………..………………………………...Time = $$$▶Saves money……..………..Postage increases annually▶Less clutter and space needed……………..File folders at your fingertips▶Ease of retrieval of information ……..Let the search engines do the work for you
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IN SUMMARY
▶Become familiar with your chapter Bylaws and Policies and Procedures
▶Have some basic accounting knowledge▶Know your State and Federal guidelines▶Keep good and up to date records▶Create and follow a budget…..it your roadmap to
success▶Integrity and Accountability …A MUST!
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DEVELOP A THICK SKINDon’t take it personally when the
members ask questions. Be a goodsteward of the money, maintain
good records, and report regularly.