Treasurer Training. NE-IA Kiwanis District CLE Training for Club Treasurers 2017

Transcription

1 Treasurer Training NE-IA Kiwanis District CLE Training for Club Treasurers 2017

2 Club Treasurer s Attributes Must be dependable, organized and attentive to detail Member of the Board---an elected position

3 Club Treasurer s Roles Coordinate collection and disbursement of club funds for Admin and Service accounts Maintain club financial accounts and records Reconcile accounts into a monthly report and provides to Board Complete required financial reports, Board requests, and files IRS Form 990-N, or 990 and state taxes

4 Work with Board or finance committee to prepare annual club budget Disburse funds promptly as directed by the Board or designee Fulfill all other duties assigned by Board or documented in the Club By- Laws Issue W-9 to requesting contributors or donors Reference: KI Leadership Guide

5 What to Pay Mandatory Dues-Paid from Administrative account Account optional: insurance premiums Optional Donations to Kiwanis foundations or others Commonly paid from Service account

6 What to Pay Mandatory Kiwanis International: Dues Breakdown per person/year Dues: $52 Magazine subscription: $8 Liability insurance: $13 Directors & Officers insurance $4 NE-IA District: Dues: $25 per person/year Pay to Kiwanis International-Rebated to District

7 What to Pay Mandatory New members During the Kiwanis Year Kiwanis International: $50.00 NE-IA District: $5 Bill sent to Club Secretary, who will give to Treasurer Pay with one check and mail promptly to: Kiwanis International, who rebates to district

8 Life membership in Kiwanis International One-time fee of $780 (15 times dues) Exempt from KI dues. Still pay Magazine subscription, insurance, district dues, and club dues annually Reflect on annual roster Don t confuse with Life member of NE-IA District Foundation

9 Special Items Multiple club membership (second club) Dues $94 (less $8 magazine) Spouse members of club Dues $94 (less $8 magazine) Former Sponsored Youth member Dues $20 - Good for 2 years

10 When to Pay Where to Pay KI and District Dues Due October 1 each year (Sec billed) In arrears November 30 each year Send to: Kiwanis International PO Box Dept 112 Indianapolis, IN Non-payment Lose of vote and liability coverage, suspension

11 When to Pay Voluntary Where to Pay Donations to Foundations As early in year as possible Allows Foundations to use the funds quickly Gets Lt. Governor off your back NE-IA District Foundation KI Children s Fund Curt Reis, Treasurer 3636 Woodview Trace 1207 Poplar Lane Indianapolis, IN Storm Lake, IA,

12 Your Club and Taxes You are a 501 (c) 4 organization Not a charity - Not deductible - Don t pay taxes on income Must indicate in writing, contributions not deductible IRS forms file by February 15 Sales taxes: NE: Required to pay sales tax IA: Sales tax not required, unless game of chance, raffle

13 Your Club and Taxes Must file to IRS each year with electronic 990-N or 990EZ or 990 Can file 990-N: if gross receipts < $50,000 include $ earned by SLPs or other sponsored groups Fail to file for 3 years lose tax exempt status Note: Larry Ziska had to work with several clubs who lost their tax exempt status due to non-filing of 990-N. Are you OK?

14 Budget Development for Admin and Service accounts A committee project, not only on the Treasurer Budget planning -begin in mid-summer. The president, president-elect, treasurer, Finance Chair and any other Officers or Board Members participate. Committee requests may initiate the process. Some clubs depend on dues for income. For additional resources for service, fundraising is necessary. Without fundraising, dues must be raised to cover expenses.

15 Club Foundation Optional To fund service projects, clubs have Club Foundations Must be approved first by Kiwanis International and then IRS for 501(c)3 status as a tax deductible organization Must create separate set of By-Laws and adopted by Foundation Board and Officers State approves incorporation of foundation and provides identification to set up a separate bank account You may be asked to serve as the Foundation Treasurer.

16 Record Keeping Files to be maintained by the treasurer Club checkbook Paid invoices file Cash receipts file (deposit slips) Bank statements and reconciliations Treasurer s reports Budget files Official documentation as required by state or local law

17 Permanent Records to be Maintained by the Treasurer At the end of the fiscal year, the treasurer may pass on records to the secretary or placed where the club s permanent document are kept. Cancelled checks (seven years) Invoices Financial Records and Reports State and Federal tax filings (if prepared) Official documents related to club foundation

18 How to Manage Club Finances No one way to do this Use a method which works for you Examples are: QuickBooks Quicken Excel Paper Aplos (Portabuzz)

19 Checks and Balances Annual audit or finance committee review Payments signatures, who, single or dual, $ amount Access to bank information Shared statements and transactions (posting) Payment vouchers

20 Wrap-up (the review) Follow up activity: work with a partner to review the information from the presentation Experienced treasurers partner with new or treasurers with less experience Work together to complete this information and we will review after you have had a chance to work on it.

21 Thank You On behalf of the Nebraska Iowa Kiwanis District, thank you for your attendance in this CLE 2017 and for your service to Kiwanis. club resources training club leader Thank you to Don Glenn, Larry Ziska, and Floyd Hutzell for their assistance with the information in this presentation.