MONEY MANAGER TRAINING

Transcription

1 1 MONEY MANAGER TRAINING

2 Managing Troop Finances Welcome to Girl Scouts of Central Texas (GSCTX) Money Manager Training To make the most of your online training experience: Please print Money Manager Workbook Please follow along in workbook Complete online "Money Manager Knowledge Check" linked under the training on the webpage. For full guidelines and additional information please review Chapter 5 of Volunteer Essentials Several forms are referenced throughout this training and can be found at WB Pg. 1 2

3 What s Money Manager Training? This training includes the guidelines for: Opening Girl Scout bank accounts Changing banks or account signers Closing bank accounts Troop separation guidance Using sales-tax exemption forms Basic Money Earning information WB Pg. 1 3

4 Financial Positions at GSCTX GSCTX consists of a support system that is there to assist you with your Troop and Service Unit needs. GSCTX Finance Department Service Unit Treasurer (SUT) Troop Treasurer (TT) Audits, approves & stores Reports of Banking Activity Processes Troop / SU banking requests Provides guidance to Service Unit & Troop Treasurers Facilitates the opening of Troop bank accounts Manages SU funds & reconciles SU bank account Completes & submits Service Unit Report of Banking Activity to GSCTX by May 1 Collects, reviews & submits Troop Report of Banking Activity (TRBA) to GSCTX SUT is a signer on all Troop bank accounts Submits Troop Bank Account Request (TBAR) to SUT to process through GSCTX for approval Manages & reconciles Troop bank account Completes & submits Paper Troop Report of Banking Activity to SUT Submit additional money management forms to SUT as necessary Provides guidance to Troop Treasurers WB Pg.2 4

5 5 Non-Profit Organization GSCTX is a 501 (c)(3) non-profit organization. All bank accounts are required to report activity to GSCTX annually. Troop Reports of Banking Activity are made available for review upon request. These reports will be on file at the Kodosky Program Center for five years after submission. WB Pg. 2

6 Sales Tax Exemptions Sales tax exemption allows registered members to purchase items on a tax-free basis. Contact your Service Unit to obtain a sales tax-exempt card for your Troop. How to properly use sales tax-exempt card: Submit to retailers prior to all Troop/Service Unit purchases. Do not alter the sales tax-exempt card provided. Do not provide the GSCTX tax ID number to non-members. Never use for personal purchases. Use Troop/Service Unit bank account for sales tax-exempt purchases. Using the sales tax-exempt card for personal purchases is considered class C misdemeanor. WB pg. 2 6

7 Bank Incentives There are banks that will work with non-profit organizations to ensure: No account set up fees No monthly charges No inactivity fees No fees for counting large amounts of cash Debit cards Free online access Free online printing of bank statements For more information, contact your Service Unit Treasurer (SUT) WB pg. 3 7

8 Opening a Girl Scout Bank Account Troops must open a bank account and deposit money. Below are the steps to follow: 1. Select 2 adult Troop/Service Unit members: a) Must be a registered Girl Scout. b) Must have a current cleared Criminal Background Check (CBC) on file. c) Must be non related or living in the same household. NOTE: A third co-signer on all bank accounts MUST be a SUT, SUD or MDE designated individual. 2. Complete Money Manager Training. 3. Your Service Unit Treasurer will work with you to complete a TBAR WB pg. 3 8

9 Opening a Girl Scout Bank Account 4. SUT will submit TBAR to GSCTX for approval. 5. GSCTX Finance Department will verify all signers meet requirements, approve TBAR and return to individual designated as SU contact (usually SUT listed) on TBAR. 6. SUT will coordinate opening Troop bank accounts. WB Pg. 3 9

10 10 Opening a Girl Scout Bank Account 7. DO NOT go to the bank to open a bank account until SUT or SU designee has contacted you. 8. After bank account is open: a) Depending on the bank policy, signers may not have to meet at the bank to open an account. b) SUT will coordinate signing signature cards. c) Statements must be addressed to an account signer, not GSCTX. d) Legal names must be used on bank accounts. e) Checks must indicate Girl Scouts of Central Texas, Troop. g) One debit card is allowed per Girl Scout bank account. WB Pg. 3

11 Making Changes To Bank Accounts IMPORTANT: Contact your SUT, SUD or MDE designated individual to facilitate changes to Troop bank account 1. SUT will submit TBAR to GSCTX for approval. 2. GSCTX Finance Department will verify all signers meet requirements, approve TBAR and return to individual designated as SU contact (usually SUT listed) on TBAR. 3. SUT will coordinate Troop bank account changes. 4. DO NOT go to the bank to open a bank account until SUT or SU designee has contacted you. WB Pg. 3 11

12 Managing Troop Finances 1. CASH WITHDRAWALS: Cash withdrawals are not permitted. Exceptions may be made with the approval of SUT, SUD or MDE and must be supported with itemized receipts. 2. RECEIPTS: Keep receipts for all transactions. All expenses must be supported with receipts. Label all receipts. Keep all receipts and deposit slips for 5 years. WB Pg. 4 12

13 Managing Troop Finances 3. REIMBURSEMENTS: Original receipts are required for reimbursements. Reimbursements must be made by check, never cash. The signer of the check should NEVER be the payee of the check. One signer may write a check to the other signer for reimbursement. WB Pg. 4 13

14 Managing Troop Finances 4. DEPOSITS: Keep deposit slips and documentation of where deposit originated. Do not mix deposits. It is recommended that Troops use a receipt book for documenting payments from parents. 5. MIXING FUNDS: Do not mix household funds with Girl Scout funds. 6. TROOP FUNDS: Do not "borrow" funds from Troop account. WB Pg. 4 14

15 Tracking Troop Finances Keep track of ALL money in and out of bank account. Review & reconcile monthly bank statement. Banks should not charge monthly fees to the Troop bank account. The Troop should make every effort to not have monthly fees charged to the Troop bank account. A reconciliation compares the income and expenses that the Troop has recorded in checkbook, excel, or other bookkeeping means to what the bank has reflected on monthly bank statement. WB Pg. 4 15

16 Tracking Troop Finances -(Examples) Microsoft Money Quicken Quick Books Check Register Deposit Log Excel It does not matter how you track finances, use what works best for you. WB Pg. 4 16

17 Reporting Troop Finances Monthly, Troop bank account cosigners are expected to share bank account balances with parents and girls at meetings and upon request. Each Spring, Troops are responsible for completing a Troop Report of Banking Activity (TRBA). The TRBA can be submitted in either two ways: a) Paper TRBA form OR b) Online submission of the TRBA in Volunteer Toolkit (new for 2018) Starting balance + Money in - Money out = Balance today WB Pg

18 Troop Report Of Banking Activity (TRBA) TRBA forms are completed annually, due to GSCTX by May 1 (if the due date does not fall on a normal workday, report is due the next business day) This report serves two purposes: To ensure GSCTX s compliance with IRS regulations. Provides Troop, Group and Service Unit members with clarity and knowledge regarding recent income and expenses. All TRBA submissions must have three (3) things: The completed, printed and signed TRBA. March ending bank statement. TRBA ending balance must match ending balance on bank statement. WB Pg. 6 18

19 Paper Troop Report Of Banking Activity First page is where you will enter information about your Troop Second page is where you enter financial information Third page is where you find legend for completing report WB Pg. 5 19

20 Steps For Submitting Paper TRBA 1. Deposit all monies prior to the end of reporting period (February). 2. A separate report must be completed for each Troop bank account. (Exception: Troops that are required to have a savings account associated with checking account may use one report to report both as indicated on form.) 3. A report is still required even if your Troop did not have any income or expenses. 4. The beginning balance on the TRBA must be the ending balance from the previous year's report. 5. The report must be neat, accurate and complete. WB Pg Fillable TRBA (with or without Feeds) is preferable to handwritten reports. 20

21 Steps For Submitting Paper TRBA 7. Print 3 copies of report and save a copy. a) One copy for the troop records. b) Two copies to SUT (one for SU and one for GSCTX). 8. Sign and date the report. Electronic signatures are allowed. 9. Attach a copy of the March ending bank statement with balance matching total balance of the TRBA WB Pg. 5 21

22 22 Steps For Submitting Paper TRBA 10. Your SUT can help you complete this form. 11. If your Service Unit doesn t have a current SUT, submit the report to your SUD or individual designated by MDE. 12. If closing a bank account, final reports must be submitted within 30 days. 13. Be sure to retain the original signed report for your Troop or SU records. 14. Records are kept for 5 years. WB Pg. 5

23 23 Online TRBA submission in Volunteer Toolkit Coming Spring 2018, an online submission option will be available for the Troop Report of Banking Activity form The online TRBA submission will go directly to our Finance and Product Sales Department for auditing and further review Leaders will be able to use their My GS login to enter all financial information under the Finance tab in Volunteer Toolkit The March bank statement must be attached in the system to the online TRBA submission Guidelines and submission instructions will be available to all troop leaders in Winter 2018 WB pg. 5

24 TRBA Submission Deadlines Failure to correctly complete and submit this report by the stated deadline may result in any one or all of the following: Troop bank account may be frozen and/or closed. Troop cookie bonus may be forfeited. Troop/Group/Service Unit may lose eligibility to participate in Fall Product and Cookie Sales. Troop financial activity may be audited. WB PG. 6 24

25 Troop Separation When a Troop splits or girls leave the Troop what happens to the funds? It should be a positive experience for the leadership and the girls. The Troop number will remain with the original Troop. Troop funds are collected and earned by the girls for the Troop, belonging to the Troop never any one individual. An equal portion of the total Troop treasury divided by the number of girls will be distributed to the receiving troops of the girl members. If a girl is inactive during Product Sales, then she is not eligible to receive any portion of troop proceeds from Product Sales when the funds are split. In the case of older girls saving for GS Higher awards or Travel, the amount each girl has saved for the activity minus expenses will be transferred to her new Troop. For additional information on Troop Separation guidelines please review Chapter WB Pg. 6 5 of Volunteer Essentials. 25

26 Disbanding Troop Funds Steps to handling Troop Disbandment SUD, SUT or Service Unit Registrar or individual designated by MDE completes a Troop Disbandment Report and Treasurer Worksheet. If girls are joining another Troop then a portion of the money will follow them to the new Troop. The amount is determined by the amount of money in the bank account divided by the number of girls registered in the Troop at the time the Troop disbands. SUT will disburse funds according to the worksheet. Any unused funds left in the account will be deposited in the Service Unit bank account and held for 1 year in the event that the girls return to Girl Scouts. WB Pg. 7 26

27 Troop Disbandment IMPORTANT REMINDERS: Yearly membership expires on September 30 of each year. Funds do not belong to individual girls. Before the Troop disbands: Hold a meeting so the girls can determine how they want to use their remaining funds. Distribution of cash/gift cards/merchandise to each girl/adult is not permitted. Complete all activities and transactions before memberships expire and/or before disbanding. After the Troop disbands, non-members are not authorized to access Troop accounts. WB pg. 7 27

28 Troop Disbandment Individuals must be registered for the current Girl Scout year (Oct 1 Sept 30) to participate in Girl Scout activities. After the Troop disbands: After all outstanding transactions have cleared, contact SUT, SUD or MDE designated individual to coordinate Troop bank account closure. The primary signer will receive a final bank statement after the account is closed. After you receive your last bank statement, complete a final Troop Report of Banking Activity to reflect how the funds were used. WB Pg. 7 28

29 Troop Disbandment Worksheet WB Pg. 7 29

30 Closing a Girl Scout Bank Account There may come a time when you need to close accounts. Here are the steps: 1. Contact SUT, SUD or MDE designated individual to coordinate. 2. The TT will gather bank statements, receipts, unused checks. 3. Complete a final TRBA for submission to SUT within 30 days (this report will show how the funds were used). 4. If changing banks: complete the appropriate closure process and then follow the new account procedures. WB Pg. 7 30

31 Girl-Led Girl Scouts learn many valuable skills, and it is important to include them in the money management process in ways appropriate to their ages and experiences. You can do this by: Sharing the responsibility with the girls. Teaching girls to assist in document preparation. Teaching girls about money handling. Assisting them in goal setting. Ensuring that the girls money is safe. Ensuring that girls have a say in how the money is spent. WB Pg. 8 31

32 Possible Troop Funding Troop Start-Up Fee One-time fee when starting a new Troop. For example $20.00 per girl when they join the Troop. Troop Dues Determined by Troop. Could be paid per meeting, monthly, etc. Example: $1 per meeting. Fall Product Sale held in October Cookie Sale in January and February Additional Money-Earning Review Volunteer Essentials Chapter 5 for more information. Money Earning application approval is required for most. WB Pg. 9 32

33 Money Earning General Reminders Girls may not ask for donations, asking is considered fundraising, and fundraising can only be done by adults (Per Blue Book of Basic Documents page 21). Girls can make presentations to organizations, but adults must make the actual ask (for example: Gold, Silver and Bronze projects). For more information regarding money earning: Refer to Volunteer Essentials Chapter 5 found at Ask your SUD, SUT or MDE WB Pg. 9 33

34 Financial Sponsorships (Valued At $250 Or More) The Resource Development Department of GSCTX must pre-approve all solicitations for sponsorships Why? GSCTX must report donations to the IRS. The donor organization may already have a relationship with GSCTX. The donor organization may require an acknowledgement letter from GSCTX. For the donation to be tax-deductible, the donation must be payable to GSCTX. To ensure that the request is appropriate and presented in a way that is consistent with Girl Scout messaging. How? Complete a Financial Sponsorship Form. Submit to GSCTX Resource Development. WB Pg

35 Financial Sponsorships (Valued At $250 Or More) Next Steps? Once approved, in-kind (non-monetary) donations can be given directly to the requesting Troop/Service Unit. Monetary donations of less than $250 can be accepted by the Troop/Service Unit. All monetary donations need to be reported as income on TRBA. Sponsorships should be used in conjunction with product sales and money-earning projects. Volunteers families may not personally benefit from donations. Assets collected are property of the Troop/Service Unit. WB Pg

36 Sponsorship Reminders (For Troops, Groups And Service Units) Troops/Groups should actively participate in Fall Product and Cookie sales. Troops/Groups must have a current Report of Banking Activity on file with GSCTX. Troop/Group members must be currently registered. The Financial Sponsorship Form must be legible and complete. WB Pg

37 Money Issues or Concerns Issues may arise with Troop or Service Unit finances that may need a more in depth look. Complete a Service Unit/Troop Financial Request for Review. Submit request to CFO. Gather documentation, provide as much information as possible. Co-signers are responsible for sharing bank activity with the Troop. Troop funds are not for personal use. WB Pg

38 Service Unit / Troop Financial Request For Review WB Pg

39 39 Resources The GSCTX website, contains most financial information needed to manage the finances in your Troop, Group, and/or Service Unit. Items found on the website include: Forms Volunteer Essentials (Chapter 5) "Managing Group Finances" Safety Activity Checkpoints Customer Care is always available to answer your questions! Your SUT, SUD or MDE are also available to answer questions! WB Pg. 11

40 To Receive Credit for This Course Click the Money Manager Knowledge Check under the training webpage Answer the questions. You will receive a certificate via with in 30 days of completing the survey. Please provide a copy of the certificate to your SU. If you don t complete the survey you won t receive credit for this training. WB Pg

41 Thank You!