Learning Skills to Pay the Bills: A PFLAG Chapter Treasurer Primer PFLAG National

Transcription

1 Learning Skills to Pay the Bills: A PFLAG Chapter Treasurer Primer 2017 PFLAG National

2 Learning Skills to Pay the Bills: A PFLAG Chapter Treasurer Primer Before Click we to get edit started: Master text styles Audio is provided through your computer. Make sure that your Third speakers level are turned on. If you are experiencing difficulties, please contact the live chat facilitator. Fourth level» Fifth level The line has been muted. This keeps background sound down so all participants can hear the content. We ll explain how to use chat to communicate. At the end of the webinar, we ll provide a link to download resources to help with your work. Take notes, but know there will be handouts, too! While you re waiting Use the chat function to share your answer: Are there any specific topics that you want to talk about tonight?

3 Tonight s learning leaders: Click to edit Master text styles Third level Fourth level» Fifth level Brooke Smith Field Manager, Chapter Engagement Jamie Henkel Learning & Inclusion Manager

4 Objectives for today: Click to edit Master text styles Understand the skills, qualities, and habits of a good treasurer Delve Third into level the administrative responsibilities of a treasurer Examine Fourth ways for level the treasurer to help the chapter develop budgets that» Fifth worklevel Learn more about establishing and maintaining bank accounts Find out about requirements and best practices for reporting to PFLAG National

5 2017 PFLAG National Who are treasurers and what to do they do?

6 What are the required board roles that your chapter must have and fill?

7 Going by the book: Click to edit Master text styles Every chapter must have, at the minimum: President Third level Treasurer Secretary Fourth level» Fifth level A good financial practice is to avoid having two people who are related, partnered, married, or simultaneously living in the same household hold any of these three positions.

8 What skills and/or qualities should a good treasurer posses?

9 Skills to look for in a treasurer: Click Treasurer to edit must-have Master text skills: styles Interested in being a PFLAG leader Third level Able to balance Fourth level a checkbook Detail oriented» Fifth level Prepared to clearly communicate basic financial information

10 Skills to look for in a treasurer: Click Other to helpful edit Master skills text include: styles Experience in accounting or bookkeeping Third level Computer-savvy Fourth level Knowledge» of Fifth products level like Excel, Google Sheets, QuickBooks, etc.

11 Treasurer duties may generally include*: Click to edit Master text styles Processing donations Completing end-of-year responsibilities (PFLAG Third level financial report, IRS tax statement like the e- Fourth level postcard, statewide filing requirements» Fifth Overseeing level banking Approving chapter expenses Managing membership rosters Reporting to the board and membership

12 One quick note Click to edit Master text styles Third level Not every chapter has an identical Fourth level description for the treasurer.» Fifth level Some responsibilities may be based on needs and bandwidth.

13 Habits of a good treasurer: Click Good to treasurers edit Master typically text styles share common overall habits for their work. Develop Third a level consistent routine for keeping up with work. Fourth level Reconcile the chapter bank account every month.» Fifth level Allocate time each month and/or quarter for responsibilities. Create financial reports to present to the board and membership in a timely manner. Practice full transparency when it comes to chapter funds and finances.

14 2017 PFLAG Nationa Treasurer-Related Administrative Responsibilities

15 Critical Chapter Operations: Click Many to treasurers edit Master take text on styles some critical chapter operations tasks: Membership rosters Third level Annual financial Fourth level report to PFLAG National IRS reporting» Fifth level State filings

16 When does PFLAG s fiscal year begin and end?

17 The PFLAG Fiscal Year: Click to edit Master text styles PFLAG s membership year starts on October 1 and Third level ends on September 30. Fourth level The IRS requires that all chapters in our group» Fifth exemption level follow the same fiscal year If your chapter s fiscal year is different than Oct 1 Sept 30, contact the IRS and complete form 1128

18 Chapter Membership: Basics Click Membership to edit Master dues for text PFLAG styles National are $15 per household. Each chapter sets its own membership levels. Third level Collect information Fourth level from members. This should include the member s name,» Fifth address, level phone, and address. All PFLAG chapters are required to submit a membership roster to PFLAG National. Members entered on October 1, 2017 or later will be active until September 30, Every chapter member lapses on September 30.

19 Chapter Membership: Reminders Send Click reminders to edit Master for membership text stylesdues In person Second at level meetings Third level Snail mail Fourth level Include invitation» Fifth in welcome level packets In newsletters On your website

20 Chapter Membership: Update your roster Before You Log-In: Click L ogging to edit in for Master the first text time? styles Brooke Smith for a welcome . Read Second the Chapter level Hub Cheat Sheet Logging In: Third level Go to Fourth level Enter Username Enter Password» Fifth level Click Log In Troubleshooting: Each chapter has one username. Share the login info with other officers on your chapter board Forgot your password? Click on forgot your password? link on pflag.force.com Still stuck? Contact Brooke Smith for help

21 The Chapter Hub: Once Click you re to edit in the Master system: text styles See current chapter roster Third level Update members Fourth who level are renewing» Fifth level Enter any new members for the current year Pay chapter dues Update chapter board members Update chapter information for PFLAG National website

22 Financial Statements Each Click chapter to edit must Master provide text a styles financial statement to PFLAG National. This Second process level should be completed online. Third level Financial statements are due by February 15 each year. Fourth level PFLAG National» is Fifth required level to obtain a financial statement from chapters to comply with our IRS group exemption. BONUS! Completing the report will help you with reporting to your board and chapter.

23 Filling out your financial statement online Go to pflag.org/2017chapterfinancialstatement Click to edit Master text styles Tell us about your: Membership Third level dues Fourth level General contributions Grants received Special events Total income Total expenses Then hit Submit.» Fifth level

24 IRS Annual Reporting: Click Every to chapter edit Master must text file an styles annual report with the IRS. PFLAG Second National leveldoes not and cannot file a report Third for your level chapter. This form MUST Fourth be level completed by February 15, 2018.» Fifth level There are NO EXCEPTIONS to this rule.

25 What do you need to file? Chapters Click to with edit less Master than text $50K styles income: Use Second the e-postcard level (form 990-N). It will take about 10 minutes Third to level file. To file the e-postcard, Fourth level go to irs.gov/990n Use your chapter s» Fifth Employer level Identification Number (EIN) to file with the IRS. Chapters with greater than $50K income: You must file the full form 990 with the IRS. The form is available at irs.gov/pub/irs-pdf/f990.pdf

26 What happens to your chapter if you do not file your e-postcard for three consecutive years?

27 If you do not complete your IRS filing: Click If you to do edit not Master file your text e-postcard styles on time, the IRS will send your Second chapter level a reminder notice by mail. Third level There is no late filing allowed for the e-postcard. Fourth level If a chapter that» fails Fifth to level file the required e-postcard for three consecutive years it will automatically lose its tax-exempt status. Penalties include: $400 reinstatement fee Prohibited from fundraising Possibility of chapter closing

28 State Annual Reporting: Almost Click all to states edit Master require text your styles chapter to file an annual report to keep your Articles Second of level Incorporation current. Your state Third will level notify the official contact for the chapter about filing requirements. Fourth level Google filing requirement» Fifth level for nonprofits in your state. Get help from your State Coordinator, another chapter in your state, your Regional Director and/or Field Manager. Please check out the resource page that we ll provide at the end of this session for more information and helpful links.

29 Checking in Click to edit Master text styles Third level Fourth level» Fifth level Do you have any questions about the content that we ve covered so far? Please use the chat area to talk!

30 2017 PFLAG National Budgeting for your chapter

31 Does your chapter currently create a budget?

32 Developing a Budget Figure Click out to the edit basics: Master text styles Incoming Second money: level What money has your chapter Third brought level in (e.g., dues, PFLAG swag sales, events, projected Fourth individual level contributions)? Outgoing money:» Fifth What level are the operations expenses that arise each year (e.g., website, PO box, meeting space, supplies, etc.)? Now compare the two: Is there more coming in than going out? What do you need to do to bring balance to the books?

33 Use spreadsheets to track your money: Click to edit Master text styles Programs like Microsoft Excel or Google Sheets can make keeping track of expenses and income simple: Set up basic expense and income columns Third level Keep track of multiple accounts (e.g., scholarships, fundraising, meeting expenses) Fourth level» Fifth level Avoid arithmetic mistakes and calculate your running totals by using auto-calculate and formulas Programs like QuickBooks may be helpful for accounting in chapters with multiple programs and activities Using these systems allows you to share and pass on info to new leadership

34 Sample Budget: PFLAG Outer Limits Chapter Click to Name: edit Master text styles Third level PFLAG Outer Limits Budget Start Date: October 1, 2017 Fundraising Fourth level» Fifth level Income Expenses Net Drag Bingo $800 $100 $700 Give Out Day $150 NA $150 Dine Out $500 $200 $300 Total: $1,450 $300 $1150

35 Sample Budget Continued Click to edit Master text styles Passive Income Third level Fourth level» Fifth level Income Expenses Net Membership $400 $240 $160 Donations $500 $100 $400 Total: $900 $340 $560 Administration PFLAG Publications $0 $300 ($300) PO Box Rental $0 $55 ($55) Website $0 $80 ($80)

36 Sample Budget Continued Click to edit Master text styles Third level Fourth level» Fifth level Income Expenses Net Rent $0 $500 ($500) PayPal $0 $98 (98) Total: $0 $1,033 ($1,033) Grand Total: $2350 $1673 $677

37 Ways to keep your budget healthy: Make Click accepting to edit Master money text simple. styles Digital payment systems are easy to use, reduce Second paperwork, level can be tracked, and instant: PayPal: Third 2.9% + level $0.30 per transaction Encourage Fourth givers level to round up costs to help cover the.30 transaction» Fifth level Be sure to transfer funds from PayPal into your bank account Bonus: You ll get s confirming each time someone gives Other options: Razoo, JustGive.org, giveoutday.org

38 Ways to keep your budget healthy: Accept Click money to edit on Master the go! text Mobile styles apps and equipment enable you to accept Second payments level and donations via credit card immediately: Examples: Third Square, level ApplePay, PayPal Credit Fourth Card Reader level Provide digital» records Fifth level of money raised Allow instant payment, especially if someone doesn t have cash Send automatic confirmation to buyer/donor for their records

39 2017 PFLAG National Managing Bank Accounts

40 PFLAG Chapter Bank Accounts Great Click practices to edit Master to ensure text success: styles Find a bank that gives non-profit organizations Third level fee-free checking Fourth level Consider local» or Fifth regional levelbanks as well as credit unions

41 Before you open that account Ask Click the right to edit questions: Master text styles What is Third the minimum level opening deposit? What is the minimum Fourth level balance? What happens» if Fifth the account level drops below that amount? Is there a monthly account fee? What is it, and what does it cover? Can I do my banking online? Do you have a smartphone app for check deposits?

42 Responsible fiscal practices Click Regularly to edit reconcile Master your text styles check register with the bank (online Second account levelaccess makes this easy) Require Third two check level signers Obtain a debit Fourth card level for expenses, but» Fifth level Be sure to establish an approval process before purchases are made Require documentation of purchases / expenses Regularly review expense reports

43 True or False? Authorized signers on your chapters bank account can be the president and treasurer as long as they do not live in the same household.

44 Be transparent and avoid conflicts of interest: Click to edit Master text styles Third level TRUE To avoid any conflict of interest and Fourth level to» ensure Fifth level transparency, you should have two people sign all checks. HOWEVER the two signers must not live in the same household or have a familial connection.

45 2017 PFLAG National Reporting to your Board and Chapter Membership

46 Treasurer s Reports: These Click reports to edit should Master be text provided styles in writing to everyone at every Second board level meeting. They should include: Documentation Third level of income and expenses Fourth level Cash balance at the beginning and end of the period» Fifth level Monthly bank statement for review Perspective on the chapter s financial position in terms of the approved chapter budget

47 Sample Report: PFLAG Outer Limits Click to edit Master text styles Third level Fourth level» Fifth level

48 Sample Report Continued Click to edit Master text styles Third level Fourth level» Fifth level

49 Sample Report Continued Click to edit Master text styles Third level Fourth level» Fifth level

50 Great Practice: Click to edit Master text styles Include your end-of-year financial Third level Fourth level report in your chapter newsletter.» Fifth level This will ensure transparency and reassure your members and supporters that funds are being used wisely.

51 Transparency matters. To recap, Click to treasurers edit Master should text styles ensure that: The Second chapter level always has two unrelated check signers. All board Third members level review monthly bank statements Fourth level Expenses are approved in advance and expense reports» Fifth are used. level The budget that is set, understood, and approved by all board members Finances are reported consistently, made available, and reviewed

52 Wrapping Up Click to edit Master text styles Third level Fourth level» Fifth level Questions? Comments? Please use the chat area to talk!

53 Get resources from this session: Click to edit Master text styles Third level Fourth level» Fifth level pflag.org/treasurerskills

54 Questions? Want more info? Click to edit Master text styles Third level Fourth level» Fifth level Contact us! Brooke Smith Jamie Henkel