IABC Chapter Management Awards Entry Form

Transcription

1 IABC Chapter Management Awards Entry Frm 1. Chapter Name IABC Newfundland & Labradr 2. Regin Canada East Regin 3. Chapter Bard term Frm: July 2014 t June Divisin Categry (check ne): Divisin 1: Large Chapter (201 r mre members) Divisin 2 Midsize Chapter (76 t 200 members) Divisin 3: Small Chapter (15 t 75 members) 5. This entry is fr (check ne): Membership Marketing Prfessinal Develpment Financial Management Leadership Develpment Cmmunicatin Student Invlvement Cmmunity Invlvement Branding 7. Ttal number f categries entered: 3 8. Chapter cntact: Name: Mark King Cmpany/Organizatin : Nalcr. Telephne Markdking@htmail.cm

2 2016 Chapter Management Award Submissin IABC Newfundland and Labradr CATEGORY: Financial Management DIVISION 3 Small Chapter Overview was a successful year financially fr the Chapter, as IABCNL recrded annual revenue f $23,365 and net incme f mre than $2,500. Our cre prgram areas were successful, bth in terms f the value they created fr members and as revenue generatrs fr the chapter, as bth Prfessinal Develpment and the annual Pinnacle Awards realized prfits. Last year, the Chapter ended the prgram year with negative net incme, but the bard was determined t bunce back and restart the trend f mdest annual surpluses t which IABCNL was accustmed. The bard tk a cnservative apprach t budgeting, and fcussed in n ensuring administrative expenses were in check and that ur revenue-generating prgrams were nt nly high-quality but were als run cst-efficiently. In additin t membership dues, IABC-NL s primary surces f revenue include ur annual Pinnacle Awards prgram and Prfessinal Develpment events. The Chapter s PD prgram is perated n a break-even budgeting apprach and typically generates mdest prfits. The Pinnacle Awards is the Chapter s annual premiere event and recgnizes the best in the cmmunicatins prfessin in Newfundland and Labradr. The substantial csts f rganizing the Pinnacles is ffset by ticket sales, numerus spnsrships, award entry fees, as well as prudent expense management by the rganizing cmmittee representing the Bard. The 2015 Pinnacles were a success and resulted in a slid prfit. An additinal revenue generatr fr the Chapter is ur jb psting service, whereby emplyers avail f the chapter t help advertise and prmte psitin penings t ur membership at a cst f $100 per pst. The Chapter s Bard f Directrs has invested in prgrams and services that benefit the membership, including a website, a scial media strategy, Eventbrite and the use f Mail Chimp fr targeted member cmmunicatins, including a newsletter. The Bard is ever-mindful f cntrlling csts, and cntinues t invest in its wn develpment with participatin in the Canada East Reginal Bard meetings, the Leadership Institute and a Bard rientatin prcess. Setting the budget early in the business year invlves cnsultatin with the full Bard and takes int accunt the annual plans f each individual prtfli. This ensures we have a c-rdinated annual plan with slid financial versight. The Bard is therefre able t make infrmed and respnsible decisins

3 thrughut the curse f the year with full cnsideratin t the financial impact f activities and the verall financial well-being f the Chapter. Representatives in charge f verseeing finances receive apprpriate rientatin and supprt prir t taking n that respnsibility. The Chapter's Vice-President and President-Elect is the Directr respnsible fr finances each year. This ensures there is always a senir fficer dedicated t finances, and als that there is cntinuity f that knwledge as the VP mves t the President s psitin the fllwing year. Each incming VP/Finance meets with the predecessr t receive rientatin and can avail f their experience and supprt thrughut the year. Gals/ Objectives Our main gals frm a financial management perspective were as fllws: T maintain a healthy bank balance. T cnsider all pprtunities fr efficiencies and make recmmendatins that can enhance the financial health f the chapter and the value received frm a membership. T diversify the revenue stream thrugh increased prmtin f jb pstings and securing nging spnsrship f the Chapter and events. T, as much as pssible, settle utstanding receivables thrugh cllectins and/r write-ffs, by cntinuing t reduce 90+ day receivables, particularly thse 24+ mnths verdue; while cntinuing t actively pursue 2013/14 and 2014/15 receivables by resending invices and fllwing up with phne calls and letters. T cntinue t prmte advance payment fr events via Eventbrite; and if pssible, mve t an advance payment-nly system whereby invices are nt issued fr events at all. IMPLEMENTATION Summary Maintaining accurate, reliable and accuntable finances is tp pririty fr the bard f IABC-NL. Each year we diligently review the chapter's finances t ensure best practices and efficiencies are maintained. This past year during ur review it was nted that with the implementatin f Eventbrite, which allws ur members t register and pay fr events nline, the need fr the services f a fulltime prfessinal accunting firm, has been significantly reduced. The Chapter is in the prcess f implementing financial prtcls fr invicing and mnthly bank recnciliatins, using a basic accunting sftware prgram. Year-end financial statements, cnsistent with Canada s generally-accepted accunting principles fr nn-prfits will cntinue t be prvided by the accunting firm. Our chapter cntinues t be in the frtunate psitin f being very financially stable, hlding a slid bank balance with wn-surce revenues frm its prfessinal develpment events, annual awards prgram, and ther channels, in additin t a prtin f membership dues.

4 Budgeting & Accunting IABC-NL s Bard prepares an annual perating budget fr the chapter as part f the strategic planning prcess cnducted early in the business year. The budget is develped using previus annual reprts, financial statements and gals identified in the strategic planning exercise. The VP/Finance wrks clsely with the Bard the ensure the budget is as accurate as pssible, accunting fr recurring expenses as well as ther planned prgrams and services. The budget is apprved by the Bard and helps guide the Bard thrugh the year. IABC-NL has implemented several financial management prtcls and cntrls that ensure cmpliance with the highest standards f financial practices fr nt-fr-prfit rganizatins. The Chapter has regular financial statements, mail pick-up, and an invice net payment date f 30 days, which is industry standard. The VP, Finance hlds the respnsibility fr ensuring Chapter finances are running smthly, including tracking expenses against the annual budget, making all bank depsits, paying expenses, ensuring invices are prepared and issued, and reprting t the bard. In additin, the psitin is respnsible fr finding efficiencies and making recmmendatins that imprve the financial health f the chapter and deliver value fr membership. New Cst-saving Measures IABC-NL s premiere event f the year, the Pinnacle Awards, was held in June Early in the year, we discvered that the venue used fr the event fr the past few years wuld n lnger be prvided at n cst t the Chapter. We immediately began the search fr anther venue that was fitting fr the Pinnacle Awards and als affrdable, and we were frtunate t secure anther first-rate venue in Memrial University's Bruneau Centre. The venue was generusly prvided by the university at n cst t IABC-NL (the catering was the primary cst t the Chapter). Cash-flw and Cst-cntrl Measures Online event registratin & payment We cntinue t utilize Eventbrite fr nline event registratin and payment. This has resulted nt nly in administrative ease fr the Chapter and ease f bking and payment fr attendees, but it has als imprved ur cash flw and recveries by encuraging advance payment and thereby cutting dwn n the need fr invicing pst-event. Attendees als enjy the cnvenience f paying by credit card. Other Practices Keeping the bard and members infrmed Bard members are updated at each mnthly meeting with a financial reprt. A final reprt f Chapter financials, which has been reviewed by the accuntant, is presented t members at the Annual General Meeting.

5 Plicy fr signing authrity T ensure integrity and prfessinalism, it is the Chapter s practice t register three individuals with signing authrity fr expenditures, with any tw required t sign ff n a single item. This als ensures that the President and VP/Finance are nt signing cheques fr payment t themselves e.g. fr reimbursement f expenses. Plicy fr reserve The bard ensures a slid cash psitin is maintained, keeping at least the amunt f the largest anticipated expense in the Chapter bank accunt. A balance f at least $14,000 is maintained. Event administratin T imprve cash flw and manage receivables, the Chapter streamlined the prcess fr events and reimbursement payments, as fllws: A list f all registrants fr prfessinal develpment and Pinnacle Awards events are required t be submitted t the VP/Finance n later than ne week fllwing each event, s the accuntant can fllw up with invicing in a timely manner. Registratin lists include wh paid in advance and wh is due an invice. Registrants wh paid at the dr were issued receipts at time f payment. N-shws were billed. There is a tiered registratin fee fr paid events, with the member rate being lwer than the nn-member rate. Expense claims Reimbursement f Chapter-related expenses incurred by bard members require prf f payment (i.e. receipt) and cmpletin f an expense reimbursement frm which prvides detail and justificatin f the expense. All expense claims are submitted n a timely basis t the VP/ Finance wh then prcesses the reimbursement payment. Value fr mney Whenever an expenditure n gds r services is required, the Bard btains price qutes frm multiple suppliers in rder t achieve best value fr mney. We ften lk fr in-kind cntributins and cntra arrangements where it makes sense fr the chapter. The bard recently went t the market fr the selectin f a vendr t carry ut a prject t redevelp the Chapter website. Prtecting ur assets insurance cverage IABC-NL carries an annual Directrs and Officers Liability insurance plicy, which mitigates ptential financial risk t the Chapter.

6 Measurement The key metrics fr Chapter financial perfrmance are Revenues/ Expenses, Net Incme, and the running bank balance -- all f which were in very psitive psitin at the end f the prgram year. Results The fllwing are key financial results t the end f the prgram year : Accunts Receivable $ 10, Revenue $ 23, Expenses $ 20, Net Incme $ 2, Bank Balance $ 24, GIC Value $ 3, Additinal highlighted achievements frm the year: The Chapter has enjyed a healthy cash psitin and it was a gal f the bard t maintain a slid bank balance. The balance at June 30, 2015 was $24,190, a significant increase ver the previus year. The Pinnacle Awards event verall was a great success financially with tw cash spnsrships this year; we wuld like t acknwledge Atlantic Lttery Crp and Reddy Kilwatt Credit Unin fr their partnership and supprt and the tw media utlets fr prviding in-kind supprt. Steele Cmmunicatins and The Telegram. Als f nte was the fact that general revenue fr Pinnacle dubled cmpared the previus year. Our nline payment system fr events cntinues t pay dividends. It has enhanced cnvenience fr members, while cutting dwn n administrative effrt (invicing, etc.) and verdue receivables, therefre imprving cash flw. A shrinking prprtin f thse wh register fr events are paying by invice. Given the absence f a Directr, Prfessinal Develpment ur PD prgram was successful in prviding tpical speakers and themes and well-attended events. A cnscius effrt t keep expenses dwn (e.g. venue, fd, etc.) helped us deliver these in a financially feasible way. The prgram realized a small prfit that will help the Chapter cntinue t deliver events and ther member benefits. The revenues frm jb psting advertisements were up cnsiderably frm the previus year.