B O O S T E R T R E A S U R E R W O R KS H O P

Transcription

1 B O O S T E R T R E A S U R E R W O R KS H O P 2018

2 CHARACTERISTICS: Desire to serve with other Boosters, the school, and ultimately the students Computer literate - - must know how to use Excel, QuickBooks, Quicken, or be willing to learn Good at keeping files, receipts, and forms Appreciate the value and power of a balanced budget Appreciate the value of a paper trail Not put off by paperwork, forms, documents, numbers In touch with program activities and Booster business, or want to become in touch

3 TIME COMMITMENT Board meetings once per month Fundraising Events General meetings (as noted in bylaws) Most of the work can be done on your own schedule after kids are in bed, during the day, after work, whatever suits you. The treasurer is the authorized custodian of the funds of the organization. It is the treasurer who ensures that finances are properly handled. -PTA Money Matters

4 RESPONSIBILITIES You are Treasurer. Your responsibility is second to none in terms of importance. You are the custodian of all the money of the organization. The funds of the organization belong to the organization. Expend only on proper authority. You must know and follow the organization s bylaws. Your ability and availability to communicate can enhance or hinder your organization. BYLAWS Know your Organization s Financial Procedures Who gives the proper authority to make disbursements from the organization according to the bylaws? Are you Budget driven? Does the Board have to approve every check? Does the President have the authority to authorize payment of checks?

5 First Steps o Make sure that the books have been audited or have gone through a Financial Review before accepting them. o Check the files and records received from the retiring treasurer. Ask about missing records at once. o Become familiar with the duties outlined and any references to finances and budgets in the bylaws. Highlight them. o Secure the signatures of new officers authorized to sign checks and file the signature cards with the bank.

6 DUTIES o Keep up-to-date on non-profit financial issues. (Formal Non-profits and In-formal Non-profits.) o Chair the finance committee if needed. o Manage the funds of the organization. Keep accurate and detailed account of all monies received and paid out. (Remember- paper trail) o Assist in developing the budget. Present at the first meeting of the organization.

7 Bylaws may require a Budget to expend funds. *District paperwork also asks for a Budget BOOSTER BUDGETS Assures your members that their hard-earned money will be spent in ways they approve Peace of mind that you will have the money you need to further your goals as a Booster organization Gives the boosters the control of the funds they earn, not the coach/director When coach/director needs money, it must be approved in the budget When costs are attached to participate in the sport/program and the coach/director wishes the boosters to collect that money, then boosters should approve to collect and use that money for the expenses the coach/director has outlined for it to pay. If the boosters cannot do so, they should not collect the money. Prepare your budget (follow bylaws) with your President and meet with the coach/director to look it over. Have your membership approve it. (Bylaws)

8 S A M P L E B O O S T E R B U D G E T

9 SAMPLE BOOSTER BUDGETS GENERAL (Approve to expend funds) DETAILED (Tool for check approvals)

10 o Post all financial transactions to your financial system as they occur throughout the month. o Reconcile the checkbook with the Bank Statement. Highlight the ending balances on both.

11 *Submit a report at regular meetings of the organization. The report should include the total balance on hand at the beginning of the month covered by the report, the separate amounts received and credited, receipts, itemized disbursements, and the total balance on hand at the end of the month. Copies should be made available. Be prepared to answer questions and have the records available at the meeting. DID YOU KNOW: The Treasurer s Report should not be approved at your board meetings, but filed in the Treasurer s file for audit (or financial review). Once the audit (or financial review) is completed, the Annual Financial Report is presented for approval. That approved Financial Report becomes part of your organizations permanent file.

12 o Responsible for all monies. Receipts should be issued for amounts of cash received. o Deposit all monies in a bank approved by the Officers/Executive Board. o Night Drops and 24 hour banking should be used as needed. o Monies should NOT be kept at the Treasurer s home. o Make deposits in a timely manner. People expect their checks to be cashed within a week.

13 o Pay by check all bills as authorized. o *Two signatures should be required on all checks. o Individuals authorized to sign checks should not be related to each other by marriage or any other relationship. o Never sign a blank check or a check made out to CASH. o Bills should not be paid with cash. o *Debit cards should be used only when absolutely needed. A Debit Card Purchase Form should be filled out prior to the use of the card (Two signatures required). Only those authorized by the bank to use the card should use it.

14 DEBIT CARD PURCHASES Debit card purchases from organization bank must have advance approval by two Officers. INSTRUCTIONS: 1. Complete the 2 sections below (Documentation & Approval) 2. After use, attach receipt(s) with expenses clearly marked OR attach invoice from vendor. 3. Submit form to Treasurer. Reimbursement Request YOUR NAME: PROJECT/BUDGET LINE: DATE SUBMITTED: PHONE: ( ) - DATE MAILED: / / / / REASON FOR REIMBURSEMENT: DOCUMENTATION OF PURCHASE: Requested by: Phone: Explanation of Cost & Budget Line: Amount of Requested Purchase: INCLUDED IN or APPROVED AT MEETING ITEMIZED BUDGET ( DATE: / / ) CHECK PAYABLE TO: AMOUNT: $ FULL ADDRESS: (check will be mailed to this address.) Receipt(s) totaling the amount of reimbursement must be attached. APPROVAL: Approved Date: By (circle one): (attach to form) text (attach image of text) in person (sign below) Officer's Signature: Date: Print Name: Officer s Signature: Print Name: I have received correct documentation for this Debit Purchase. Treasurer's Signature: Date: Date: APPROVED BY (OFFICER): DATE: APPROVED BY (OFFICER): DATE: / / / / For Treasurer s Use Only: Category/Budget Line Check # Date Logged

15 PAYING FOR SERVICES RENDERED Employee or Independent Contractor? Independent Contractors paid by Boosters ARE NOT covered by District s Workman s Comp. They should have their own insurance. Boosters are responsible to issue IRS 1099 forms to booster paid Independent Contractors who are paid over $600/year. Boosters who have employees are responsible for withholding taxes. (IRS Compliance Guide p.16) Boosters may donate money to District to cover services rendered by a District employee. (example: a custodian) (see form)

16 TYPICAL ANNUAL TASKS o File tax return within five months of the end of your fiscal year. The IRS has a rule that any organization, regardless of income, MUST file the appropriate tax return. o File Form 990/990-EZ/990-N, the annual IRS return required for 501 (c) (3) groups and those who normally earn under $50,000 in gross receipts annually. o Informal groups may be required to file a corporate tax return. (Usually Form 1120) Seek advise from your Tax Accountant. o Renew your Arizona Corporation Commission Papers. o Online. $10 renewal each year o Make sure Statutory Agent is current. Recommend using someone at the school who plans on being there a long time using the school s address.

17 TYPICAL ANNUAL TASKS oif your boosters make under $50,000 gross in a year, you can file for 501 (c) (3) status using form 1023-EZ and the costs is now $275. To Incorporate it costs $40 for application. For a total of a $315 one time cost, you can become a Formal Non-Profit and receive the protection and benefits that come with it. (contact VNET for help to get started)

18 TYPICAL ANNUAL TASKS o Preserve all check requests, receipts, bank statements, and canceled checks (if applicable) for the annual audit/financial review. Arrange for the annual audit/financial review o Prepare for the treasurer s successor all books, papers, and correspondence pertaining to the office of treasurer, including the audited books, approved and paid bills, canceled checks (if applicable), plans, and procedures. Transfer all materials to the incoming treasurer in a timely manner.

19 HANDLING OF MONEY BY OTHERS o At least two people should always count the money. o Both should sign the receipt verifying the amount and make a copy to keep. o All monies collected should be given immediately to the Treasurer to deposit without delay. (Unless other arrangements have been made with the Treasurer. i.e. Night Deposit ) Checks and Balances

20 THE TREASURER S FILE o A copy of the bylaws and standing rules with sections authorizing disbursements highlighted. o Copy of the budget adopted by the organization. o Receipt book to acknowledge money received by the Treasurer. o Checkbook to disburse funds as authorized. o Treasurer s account book where financial records of the organization are kept. (May be electronic file).

21 THE TREASURER S FILE o Permanent Internal Revenue Service tax information, including the following: IRS determination letter of tax-exempt status and copy of application for taxexempt status. Federal Employer Identification Number (EIN). Copies of filed Form 990 and other required IRS forms. (keep 7 years). E-Postcard keep copies of confirmation that it was received. o Permanent State tax information, such as state sales tax correspondence, state identification numbers, AZ Corporation Commission Reports, etc.

22 THE TREASURER S FILE o Audit and Year-end Treasurer reports held in permanent file. o Seven years for check registers (can be part of digital financial management software) and bank statements. o General Correspondence. o Three years for budgets, monthly treasurer reports, cash receipts, petty cash records, bank deposits, and invoices.

23 HANDOUTS

24 Q U E S T I O N S?