Managing Chapter Finances. Christine Chen, Washington 17, District 10 Trustee Ellen Ryan, director of finance and administration, ASDA

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1 Managing Chapter Finances Christine Chen, Washington 17, District 10 Trustee Ellen Ryan, director of finance and administration, ASDA

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4 Role of Treasurer

5 Main Roles Create budget Manage budget Find replacement Remind board members they are also responsible for financial security of organization

6 Be a Main Player in Your Club Social events Advocacy Pre Dental Being involved means controlling costs

7 Making Financial Decisions Generally not good practice for all decisions to be made from one person without supervision Get insight and advice from other members Be open to ideas but remember, financial decisions come upon you!

8 Integrity Treasurer = Trustworthy Handle money with high standards and set tone of integrity People elected YOU because they trusted you Live up to it

9 CYA 2 names on bank account Original receipts Keep good records Cash: Never count alone Deposit ASAP

10 Prepping a Budget

11 The Budget Yearly financial plan First Step: Look at last year's revenues and expenses

12 Deficit vs Surplus Overambitious on revenue Unexpected expense Will it reoccur? Outline new goals for upcoming year Determine projected revenues/costs

13 Being Realistic Don t overestimate revenue your club can bring in This can lead to exceeding your expense budget End of year deficit Have a contingency budget in place

14 3 Things All Budgets Need 1. Include your fiscal year (period) (February March 1, 2018) 2. Two years of expense/revenue comparison 3. Budget for the year including income, expenses, profit or loss

15 Problems Faced

16 Previous Treasurer Had Inadequate Records Take possession of available records Implement new organization system Simple, Efficient and Complete Hand down meticulous records

17 People Constantly Ask For Expansion of Budget Stick to the Budget Propose adding to budget next year Turn events that cost money into fundraiser Just say No Turning creative Ideas into creative budgeting

18 What is 501(c)(3)? nonprofit organization that has been approved by the Internal Revenue Service to be tax-exempt under the terms of section 501(c)(3) of the Internal Revenue Code Exclusive use for religious, charitable, scientific, literary or educational purposes.

19 Why Should we care about our tax status? 501c(3) is a gold standard for Tax Deductions Allows for a special Privileges amongst Non for profits

20 Perks Tax deductibility of donations to donors Many donors exclusively donate to these organizations for federal income tax deductions Provides incentive for donors Exempt from sales tax

21 Is your club 501(c)(3)? Most Chapters are 501(c)(6) under ASDA National Through your school or student government, some clubs qualify for 501(c)(3) status

22 Is your club 501(c)(6)? ASDA Donations MAY be deducted as a business expense to the donor Not exempt from sales tax

23 What is a W9 form?

24 Your chapter is its own legal entity Now what?

25 Open a chapter bank account Need to apply for a Tax ID with the IRS The IRS is all about Tracking The Money!

26 How do you get tax exempt status Become a part of ASDA s group exemption Become part of your school s group exemption Visit: to verify if you chapter is part of ASDA s group exemption

27 Filing Taxes What form do I file? 990 N Gross receipts are $50k or less 990 EZ Gross receipts are over $50k 1120 Corporate income tax return

28 Advertising Always taxable Advertising income over $1,000 must be reported and taxes paid 990T return

29 Fundraising 101

30 Vendor Relations Develop long-term relationships with vendors Dental magazines, blogs and Instagram are great sources for new vendors Access your local vendors Network Utilize social media, vendor fairs, lunch and learns, conferences, ect. Pick up the phone

31 Fundraising toolbox Knowledge on the company Be strategic when you reach out Create a sponsorship package or form Send invoices and receipts Collect before the event Create a group Venmo, Paypal, or Square account to collect payments *Paypal and Square charge extra credit card fees

32 Negotiation 101 Prepare and be fair Capitalize on the vendor s networks Know your asks and know their asks Document everything and keep a paper trail Keep in mind long-term vendor relationships Remember your reputation Zero sum negotiation who else is asking for funding? More is usually better

33 Other ways to fundraise Auctions Scrub Sales Crest white strips or toothbrushes sale Dental decks sale Business cards sale School competitions Talent show Chipotle feed The bottom line BE CREATIVE!

34 With your ASDA Team Create a fundraising team at your school Work together with other fundraising chairs in your district and your district trustee

35 Chapter Resources Chapter Handbook Fundraising