ACCOUNTS PAYABLE AND PAYMENTS

Transcription

1 ACCOUNTS PAYABLE AND PAYMENTS Executive Director will: Receive vendor invoices and requests for reimbursement. Prepare a Request for Payment form for each payment request, to which will be attached any invoices, s, or other backup. SRSF Treasurer will: Review and approve the Request for Payment forms, ensuring that the item is for an item or activity approved by the SRSF Board, is within the approved budget, that the services have been provided for expense items, and that the supporting documentation is adequate to support the payment. Committee and district grants payable to 501(c)(3) organizations can be paid in advance of projects on request of the project sponsor and appropriate committee chair. Grants payable to individuals or non-501(c)(3) organizations require invoices or appropriate documentation to support the payment. Update the request form with the correct account for posting. Bookkeeper will: Prepare the checks twice a month for signature. All payments will be made from the primary checking account. Record the check number and check date on the supporting documentation. The check packet should include envelopes and copies of remittances or any materials to be mailed with the check. President and Executive Director the authorized check signatories will: Co-sign the checks (or authorize the wire transfer or electronic funds transfer if necessary) One of the signatories will put the checks in the envelopes and mail. Bookkeeper will: File the paid invoices in the Rotary office. HANDLING RECEIPTS Rotary Club of Seattle will: Endorse and stamp For Deposit on all incoming checks for SRSF Arrange for the deposit of checks into the primary SRSF bank account Process credit card receipts per current Seattle Rotary Club procedures BANK TRANSACTIONS AND RECONCILIATION All receipts and disbursements from the SRSF be deposited to/paid from the checking account where copies of checks are routinely provided. The short term savings account where funds are held for longer periods will be established at a different financial institution from the checking account (Cathy to verify this with the Task Force), and that transfers to/from savings only be allowed from/to the checking account. Authority for transfers will be separated from Page 1 11/17/2009

2 check writing. This will concentrate nearly all transaction reconciliation activity in a single checking account, and is consistent with the practice of the Rotary Club accounts. Treasurer will request transfers to be made between accounts based on cash needs. President and Executive Director will authorize the transfers with the financial institutions. Assistant Treasurer will perform the bank reconciliation. All bank accounts will be reconciled on a monthly basis. The bank statements will be delivered, unopened, to the individual responsible for the reconciliation. The reconciliation includes a review of the checks to ensure there were no alterations and that the details match the entries in the accounting system. If the bank statement has been opened, the individual performing the bank reconciliation will also review the cancelled checks online. Hard copies of the front and back of selected checks will be obtained from the bank if there are any questions or disputes. BUDGETING The budget will be developed by the Treasurer and approved by the SRSF board of trustees. The approved budget will be managed by the Treasurer and entered into QuickBooks by the Bookkeeper for purposes of financial comparison reporting. GENERAL ACCOUNTING AND FINANCIAL STATEMENTS The Bookkeeper will perform all data entry into the QuickBooks accounting system, including: o Budgets o Payables/disbursements o Receipts o Other approved journal entries and accounting adjustments The Bookkeeper will prepare draft monthly financial statements for preliminary review by the Treasurer, including: o Balance sheet o Income statements: Actual compared to budget Actual compared to prior year The Treasurer will review the draft monthly financial statements and recommend any adjusting journal entries that will be performed by the bookkeeper. The Treasurer will review all transactions, including those made to Custodial accounts, and amounts due to/from other parties such as Family Services, Rotary Club of Seattle, Rotary International, etc. The Treasurer will track commitments, forecast future disbursements, manage the cash flow and transfer funds to/from bank and investment accounts as needed. The monthly financial statements will be ed by the Treasurer to all trustees in advance of the monthly board meeting. The Finance Committee (including the Treasurer) will recommend investment strategies for approval by the board. Page 2 11/17/2009

3 ANNUAL FUNDING AND GRANT REQUESTS Seattle Rotary Service Foundation A subcommittee of the SRSF board (Kim Moore, Judy Whetzel and Cathy Gibson), with assistance from the Rotary office support staff will manage all funding requests: Collect the requests for project funding from the VP Service, the District, and other requestors and distribute electronically to all trustees for review Track projects and amounts approved by the board Communicate approvals to the appropriate service committees or other requestors. ADMINISTRATION Rotary office support staff or assigned board members or volunteers (to be determined) will perform the following tasks, coordinated by the SRSF Secretary: Maintain all legal documents, bylaws, licenses, conflict of interest, insurance and copies of 990 tax returns Ensure the Seal and the Articles of Incorporation are kept in a secure location Maintain records of all approvals of bank accounts, investment accounts, bank signatory changes, and agreements. Support SRSF monthly board meetings: o Arrange meeting location o Develop agenda; notify board members and other participants o Prepare and copy handouts for meeting o Take minutes; distribute meetings promptly after the meeting o Record attendance for meeting make-ups Schedule and coordinate any ad hoc meetings (retreats, subcommittee meetings, etc.) Maintain board policies and procedures documents Schedule and support the orientation of new trustees each year. Provide new trustees with all required background documents. The Treasurer and Assistant Treasurer will coordinate the completion and filing of the annual 990 return, to be signed by the President. CAMPAIGN MANAGEMENT In coordination with the SRSF President, a subcommittee of the SRSF board (Judy Whetzel, Skip Rowland and Chris Clark) will lead the trustees and direct Rotary office support staff to perform the following campaign tasks: Prepare and distribute invoices and reminders (mail or ) Deposit contributions promptly and record receipt Collect all pledges on scheduled due dates Handle sale of stock or other unusual payment types Track campaign status and provide timely campaign information to board members, including: o Contributions received to date (list of names and amounts) balanced to the accounting system o Reconciliation of the current year campaign showing number of Rotarians (number of Rotarians at the start of the campaign, plus new Rotarians added Page 3 11/17/2009

4 since the campaign start, less Rotarians who resigned after the campaign started without contributing, less number on the hardship/excused list, less number who have already contributed should equal the number remaining to contribute) o Names of Rotarians on the no-contribution expected list (may include those requested to be on the hardship list or those excused for other reasons) o List of non-contributors for current year campaign, with trustee assignments and other notes Manage and record all special receipts such as bequests, contributions designated for a specific purpose or fund, late contributions to the prior year campaign, etc. Coordinate communication of the campaign requests and status in the Totem, table flyers, website, etc. Provide contribution history reports (name and amount by year) for campaign analysis and recognition Mail contribution acknowledgement letters and tax receipts (this should be done by an individual who is not involved in the bank deposits or accounting tasks) DONOR RECOGNITION AND OTHER COMMUNICATION Rotary office support staff or a subcommittee of the SRSF board (to be determined) will perform the following tasks, coordinated by the SRSF President or the trustee assigned to manage the donor recognition and communication events for the year: Help Rotary volunteers coordinate the Pinkham & Skeel recognition event: o Develop numbers and mailing lists of qualified donors o Mail invitations, track RSVPs o Prepare any materials required for the event o Staff the event Coordinate the preparation and printing of donor recognition lists Coordinate the development and publication of the annual report DELEGATES In the event that primary approvers and check signatories are not available, delegates are as follows: Vice President for President??? (for Executive Director)??? (for Rotary Staff) Assistant Treasurer for Treasurer Treasurer for Assistant Treasurer Peterson Sullivan for Bookkeeper Page 4 11/17/2009

5 DOCUMENT VERSION HISTORY AND APPROVAL Seattle Rotary Service Foundation Version Date Changes Approval (see Note 1) 1 4/22/2009 Initial draft of document submitted to SRSF board for approval. 2 (1) 5/20/2009 Added Document Version History and Approval section. Added specific Roles for office staff, board members and bookkeeper. Highlighted unassigned roles. Changed tone from recommendations to statement of process. Removed the DRAFT watermark. SRSF: Approved at SRSF board meeting on April 22, (2) 5/21/2009 Highlighted open discussion item on savings accounts. Updated the Receipts processes to reflect current Club practices. 3 6/29/09 Updated the document with new board assignments for and highlighted outstanding issues for discussion. 4 (1) 7/12/09 Add l updates to reflect the SRSF Plan document dated 6/25/09. 4 (2) 7/19/09 Added titles after names, and added separate section on backup delegates. SRSF: Approved at SRSF board meeting on June 24, 2009 SRSF: Note 1: Approval by the Rotary Club of Seattle (RCS) includes assumed approval by all staff and contractors managed by the Rotary Club of Seattle. Approval by the Seattle Rotary Service Foundation includes assumed approval by all officers, trustees and volunteers reporting to the SRSF board. Page 5 11/17/2009