Roundtable Treasurer. Position Training

Transcription

1 Roundtable Treasurer Position Training

2 Agenda & Acronyms Agenda People to know Finance Process Team Accomplishments Treasurer Responsibilities & Activities Best Practices Acronyms RT - Roundtable RTSC - Roundtable Service Center 2

3 CSCMP Accounting Staff Paul Blair Associate Director, Finance & Administration Shital Patel Staff Accountant Jill Carrillo Staff Accountant

4 Finance Process Team Jonathan Smith Michelle Quach Cliff Lynch Anne Madara Upstate South Carolina Roundtable St. Louis Roundtable Mid South Regional (Memphis) Roundtable New England Roundtable

5 Finance Process Team Michelle Quach Cliff Lynch Anne Madara YOU? St. Louis Roundtable Mid South Regional (Memphis) Roundtable New England Roundtable

6 Finance Process Team Vision Help roundtables and CSCMP global achieve educational, networking, and member development objectives through sound financial practices. Mission 1. Train treasurers and facilitate sharing best practices 2. Maintain and update financial reference documents and templates 3. Assure banking policy alignment and annual audit participation 6

7 ONE Organization Roundtables strengthen the financial position of CSCMP, at both the roundtable level and corporate level 1. Differential event pricing for members vs. nonmembers supports having staff at RTSC 2. Year-end membership drive had a great response and provided revenue for the organization 3. Roundtables sponsor the RT Leadership Forum in June 7

8 Banking Policy: 45 of 47 USA Approved RT's In Alignment With Wells Fargo (22) Arizona Atlanta Baltimore Central Florida Charlotte CSCMP Dallas/Fort Worth Indianapolis Jacksonville Kansas City Heartland Louisville Middle Tennessee (Nashville) Milwaukee National Capital Area Northern Nevada Peoria Philadelphia Pittsburgh Puget Sound Raleigh South Florida Upstate South Carolina Provided Acct Login (23) Central Virginia Chicago Cincinnati Cleveland Columbus Eastern Michigan Houston Mid-South Regional (Memphis) New England New Jersey New York Capital District New York City Northeast Wisconsin Ozark San Diego/Baja San Francisco Southern California South Central Pennsylvania St. Louis Twin Cities Utah-Idaho Region Western Michigan Western New York Plan To Provide Acct Login Lehigh Valley Rocky Mountain (Denver) Active status includes Approved and Pending roundtables. It excludes Closed and Under Review roundtables. Non-US roundtables have individualized banking practices. For questions or to get started, contact Shital Patel at or and copy Denise Rivers at See also Quick Banking Guide on the Roundtable Officer Resources page. 8

9 Roundtable Treasurer Responsibilities & Activities Training 9

10 Treasurer Role & Responsibilities Role: Helps local roundtable achieve educational, networking, and member development objectives through sound financial practices. Responsibilities: Prepare annual budget Provide tracking & visibility of financial performance Ensure books are audited annually Manage A/R and A/P Communicate financial concerns and wins Optimize cash flows & continually improve processes Provide training during the treasury transition period Provide transactional services during roundtable events (e.g. cash, cc reader, etc) 10

11 Important Items To Know Roundtables are not chapters: therefore local dues cannot be charged CSCMP is a nonprofit organization: In the US, CSCMP is considered a 501c(6) which is exempt from federal income taxes, all other taxes and fees do apply. In countries outside the US, a VAT or GST tax may apply. CSCMP Insurance Umbrella: CSCMP s insurance is extended to roundtables to cover damage, accidents, and lawsuits with general and professional liability. *Please contact the CSCMP Roundtable Service Center if a Certificate of Liability Insurance is needed for an event 11

12 Major Activities (Chronological) 1. Secure access to banking services 2. Prepare Annual Budget 3. Establish Event Pricing 4. Provide Venue Meal Guarantees 5. Manage A/R and A/P 6. Bill Paying and Record Keeping 7. Prepare & Maintain Accurate Financial Records: Quarterly Report (non-us RT only) Annual Audit 8. Provide training for new Treasurer 12

13 Banking Services Two Banking Options: 1. CSCMP Wells Fargo umbrella OR 2. View-only account access granted to Paul Blair, Associate Director, Finance & Administration Visibility assures accurate financial reporting to IRS At a minimum, two RT board members are on the bank accounts at all times: 1. Treasurer 2. President or VP of Programs *Effective July 1, 2014, the RTSC bears the responsibility to open bank accounts on behalf of the RTs. *More information under CSCMP s website: Roundtable Officer Resources 13

14 Adding Signers to Wells Fargo Acct Provide a list of signers to remove and to add with their address and phone number - Send to Shital Patel, shital.patel@cscmp.org at the Roundtable Service Center (once for each roundtable) Wells Fargo (Melissa Nathe) will reach out to you to collect additional information - Home address, home phone number and SSN Each signer then submits an electronic signature by responding to secure from Wells Fargo 14

15 Budgeting A budget is a guide for planning the roundtable s activities and tracks financial performance. Once a roundtable s goals are set for the year, the budget is developed. A budget can be adjusted throughout the year if revenue and expense trends are different from the original budget forecast. A budget measures the event s P&L CSCMP Budget Tool: 15

16 Budgeting Can be on academic-year or calendar-year basis Templates based on academic year but can be adjusted Annual audit still on an academic year Calendar year planning offers the following benefits: Planning events 6-18 months in advance Does not conflict/coincide with officer transition process Easier to meet and plan during the fall than during the summer When recruiting sponsors, asking for funds in the fall for the following year aligns with their budgeting process 16

17 Event Pricing Recommend event pricing that ensures financial sustainability o CSCMP is nonprofit but we are also not for loss. Michelle Quach Pricing Structure: o Guests have a 25% mark-up from members (i.e. members have a 20% discount) Revenue Sharing o Differential between guest and member pricing will be shared 50/50 between the RTSC and the RT 17

18 Cash Flow: A/R and A/P Accounts Receivables Registration Fees Sponsorships Investment Options w/ CSCMP approval Accounts Payables Event expenses Scholarships SC Pro Sponsorship AGC Student Sponsorships Operational Expenses Leadership Forum Expenses 18

19 Bill Paying & Record Keeping 1. Maintain the records on checking account for RT to ensure financial reporting is accurate 2. Maintain the records on a savings account or CD through the RTSC 3. Keep original receipt and invoice for each disbursement 4. Maintain a record of all deposits and expenses 5. CSCMP Checkbook Tool: Included in the budget file 6. CSCMP Invoice Template: 19

20 Reimbursements Ensures proper record keeping is in place. Allows formal documentation of the purpose of an expense. Sets a deadline for the treasurer to reimburse the RT team member Reimbursement Template: 20

21 CC Readers for Onsite Payment Device operated by an APP that is downloaded to a smart phone No cost to RT other than regular 3% credit card transaction fee Instructions included & training provided by RTSC Device not aligned with DRUPAL at this time but we have a process to manage alongside DRUPAL If interested, contact Denise Rivers, drivers@cscmp.org 21

22 Requesting Event Funds Request funds from RTSC shortly after event is completed! Best practice to match revenue with expenses Keeps RTSC from having unaccounted-for funds Funds sent in about one week 3% transaction fee deducted Use two online forms under Roundtable Officer Resources 1. Roundtable Electronic Transfer Setup Request One-time form to provide banking information for setting up an Electronic Funds Transfer (EFT) process RT s on Wells Fargo do not need to complete this form 2. Event Funds Request Complete after each event Funds sent by check if no EFT process established 22

23 Quarterly Financial Report Non-US roundtables only The roundtable president submits the quarterly report online by the 15 th of the month following the end of each quarter. The quarterly report should reflect the cash balance, not necessarily the bank account balance. 23

24 Annual Audit Formal annual audit due July 31 of every year o Submitted by incoming RT president o to Denise Rivers: drivers@cscmp.org Informal audits encouraged o Prepared by a disinterested person, such as an accountant or provide official bank statements to the RT president. 24

25 Transitioning to New Treasurer Establish bank account access For accounts not under the CSCMP Wells Fargo umbrella, visit bank and add Treasurer to account For accounts under the CSCMP Wells Fargo umbrella, contact Shital Patel and Melissa Nathe to submit signature form 25

26 Roundtable Treasurer Best Practices 26

27 Sample Treasurer Task List Tasks listed as: Annual Quarterly Monthly Weekly Thanks to the Jacksonville Roundtable for the sample! Will be added to the Roundtable Officer Resources page. 27

28 Sample Treasurer Task List Annual Prepare Annual Budget Prepare Annual Audit Monthly Prepare financials for monthly meeting Quarterly Summarize income and expense records Weekly Check mail, , and on-line bank statements Deposit checks Maintain records 28

29 Activity/Event Attendance Report Assist Secretary with submitting complete event registration list (with walk-ins) to RTSC within 3 business days of event. Submit in a form online at cscmp.org: It is the Secretary's responsibility to complete an Activity Report for each event (which is on the Roundtable Officer Resources page) and the VP of Membership's responsibility to submit each event's full list of attendees (including walk-ins). However, the Treasurer often plays a supporting role to the Secretary and VP of Membership in completing these tasks. 29

30 Financial Reports for local RT Meetings Monthly Balance Report Example P&L Report Example 30

31 Reporting and Metrics $1,600 Performance to Budget $1,400 $1,200 $1,000 $800 Expenses Budget Contribution by Membership Type $600 $400 $200 $0 $700,000 $600,000 $500,000 $400,000 $300,000 Sep Oct Nov Jan Feb Mar Apr May Profitability Report by Event Profit Expenses Students 26% CSCMP Member YP 26% CSCMP Member 8% CSCMP Non- Member 40% $200,000 $100,000 $0 Sep Oct Nov Jan Feb Mar Apr May 31

32 Sponsorships What Can t Be Sponsored: Any speaker or part of a program What Can Be Sponsored: Student sponsorships to AGC Student scholarships Seminar bags, lanyards, etc. RT Sponsorship Agreement: Pre-meeting networking reception Post-meeting networking reception Event meals Beverage breaks Available on CSCMP s website: Reporting: The annual audit report must account for sponsorship revenue and expenses separately. 32

33 Roundtable Officer Resources Finance Guidebook Full Guidebook Quick Banking Guide Sponsorship Guidelines, Prospectus, and Agreement Treasurer Role and Responsibilities Treasurer Task List CC Reader Instructions On-line Forms Roundtable Quarterly Report (non-us RT only) Roundtable Electronic Transfer Setup Request Event Funds Request ble-officer-resources Templates Treasurer Forms Event Receipts Invoice Reimbursement Request Annual Audit Letter 33

34 Treasurer Calls Planned for second Monday of each month Jun 13-Jul 11-Jan 10-Aug 8-Feb 14-Sep 14-Mar 12-Oct 11-Apr 9-Nov 9-May 14-Dec 13-Jun 34

35 From Your Finance Process Team: 35

36 Appendix 36

37 Issue with Credit Card Readers Some charges processed through the card readers are not capturing the card details Due to settings for mobile user To resolve: Open the app and select option to make the customer name required It is important to at least have the name of the registrant as payees are not captured in Drupal For further questions contact Denise Rivers at