TREASURERS WORKSHOP Washington, DC by Donna Garlock, CST Advisory Team

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1 TREASURERS WORKSHOP 2015 Washington, DC by Donna Garlock, CST Advisory Team

2 Notes This workshop is being recorded for use as a tutorial It will be included in the complete conference CD and DVD sets It will also be available for purchase as a separate item This PowerPoint presentation (without audio or video) will be posted on the Magnificat Intranet Index cards are provided to write your contact information and questions if they were not answered as part of the workshop presentation. After the conference, answers will be posted on the Magnificat Intranet in a Frequently Asked Questions section.

3 REPORTING

4 REPORTING Chapter is a legal entity YOU are responsible for being a Good Steward Why is keeping the books so important? To learn from the past to help manage the future To help your chapter keep money in the bank for the future To help your chapter plan for dues, donations, conference fees, etc. To meet legal and tax requirements Keeping ALL chapter documents in chapter files Critical For past & future reference To be handed from Treasurer to Treasurer

5 Annual reporting July 31 yearend for all chapters Reports To CST ---- Due by August 31 st each year Detailed Chapter Financial Report (DCFR) and Dues Report Chapter dues and your chapter members personal donations to the CST are very important One major reason To help your sister chapters in formation By their dues, established chapters helped your chapter through the formation process

6 Annual reporting DCFR - Detailed Chapter Financial Report Updated each year Try to use latest version, sent out each spring Two versions -US and International Use the Excel file if possible, allows CST to summarize more easily If there is a line description in the Excel DCFR and there is no room, please add a note to See attached and give details in an attachment DCFR is used for your tax return if a long form filing is needed

7 Keeping your Books Method Manual vs. computer Fashion your bookkeeping after the DCFR lines you are reporting will be easier to prepare your DCFR at year end Quicken, Quickbooks, paper ledger If you want to use Quicken or QuickBooks, let me know. I might be able to get your chapter a good price

8 Keeping your Books Method Reconciling bank statements very important! Online banking can be very helpful with this. You can set up online banking through your bank Expenses for reimbursement to your team members should be turned in to you very soon after your meal Can use vouchers for approval & coding, if you like, but not necessary. There are samples in the Treasurer s packet

9 Audit Committee Reports Annually, these are required financial reports to be reviewed by members of the chapter s Advisory Team They are to sign their approval in a specific format This approval is to be put in the chapter s meeting minutes each year The DCFR can be used for the financial reports More information in the Handbook

10 Budgets Wise to prepare one each year with estimates of income & expenses Use DCFR as a format

11 TAXES

12 Tax Exempt status Chapters are LEGAL CORPORATIONS Chapters MUST file tax returns every year!

13 Tax Exempt status Background - Catholic Church is a Non Profit legal entity Under the IRS, since 1946, the Catholic Church has had what is called a Group Exemption Held in the name of the US Conference of Catholic Bishops, the USCCB

14 Tax Exempt status For a Magnificat chapter to be included in the Group Exemption, they need their local Bishop s permission. Permission is documented by including the chapter in the national Official Catholic Directory, the OCD Each year, the USCCB sends the OCD to the IRS to show which organizations are included under the Catholic Church s Group Exemption

15 Tax Exempt status If a chapter is not included in the OCD, it must file for Non Profit Status separately as a 501c3 Very costly and difficult If not under the Church s group exemption or exempt on its own, chapter is technically a for profit corporation Must PAY taxes Cannot accept tax exempt donations

16 Filing annual tax returns with the IRS As Non-Profit, Form 990 is required annually There are versions of Form 990 small, medium and large The Form 990 can be filed any time starting July 31 Recommend filing the Form 990 when you prepare your DCFR which should be before August 31

17 Filing annual tax returns with the IRS Form 990-N e-postcard online & simple - if revenue generally under $50,000 for the last 3 years When you file the Form 990-N e-postcard, you will receive a confirmation . Please FORWARD that to dgarlock@garlock-cpa.com immediately Form 990 (all versions) DUE no later than December 15

18 Filing annual tax returns with the IRS IF your chapter cannot file the online Form 990-N e- postcard for any reason, please notify me ASAP The Form 990-N website will say to Call the IRS PLEASE DO NOT CALL THE IRS. The agents will not be familiar with the USCCB group exemption and the OCD Please contact me ASAP I will prepare the Form 990-EZ for you to mail The Form 990-EZ needs to be filed (mailed) by December 15 th We can extend until March 15 th if absolutely necessary

19 IRS Letters, Inquiries Please forward a copy to me ASAP. I will help draft an appropriate reply DO NOT DELAY The IRS expects a reply with 30 days

20 State Taxes Income Taxes - Applying for Non-Profit status and annual returns differs by State Will need to contact your Secretary of State for information & instructions Very important you may lose your Corporation if not doing State filings timely & correctly California annual filings are required

21 Sales Tax Exemption for Purchases Varies widely by State Your State s Comptroller of Public Accounts will be very helpful

22 State Taxes Proof of Non Profit Status for State if needed Will need current IRS Letter of Determination from the USCCB website AND, Page from current OCD with your chapter listing

23 Form 1099 s for Payments Made Due January 31 st each year to anyone paid over $600, ieav, music, speakers & priests Copies to IRS on specific forms due by Feb 28 th Instructions and blank forms on the IRS website

24 Charitable Donation Letters Due out by Jan 31 st of calendar year for donations totaling over $250 Responsibility is on donor not chapter However, as a nice thank you to bigger donors, we would suggest sending them

25 REFERENCE

26 Service Team Treasurer s Module Service Team Treasurers can access most information needed through the Magnificat Intranet. Available information includes: 1. Finance Package : Explains the CST Profit & Loss Statement, Budgets, 5 Star Campaign, and Tax Filing 2. Several Treasurer s Report Forms are available on the Intranet under the Magnificat Forms category 3. Magnificat Handbook See below Summary for Treasurer s 4. Finance Garden Tools 1. Revenue Enhancing 1. Credit Card Selection 2. Cost Reducing 1. Printing/Office Supplies: Office Depot Corporate Contract 2. Travel Concur 3. Hotel Cvent 4. Mailing Non profit stamp 5. Software Microsoft Software

27 Central Service Team Fiscal Year Finance Reports Plus Instructions for Tax Filing Screen Shot of Intranet Menu Magnificat Forms: Treasurer s Report Forms Screen Shot of Intranet Menu

28 Magnificat Handbook: Summary for Treasurer s The Service Team Treasurer should read the Magnificat Handbook in its entirety paying particular attention to the following sections 1. Constitution - All of the Constitution particularly Article V. D. 2. Guidelines - particularly sections XI License Renewals and XIII. Financial Responsibility and Accountability 3. Meal - All of the Meal document 4. Appendix particularly sections 1. A-5 Annual Dues 2. A-7 CST Finance Ministry 3. A-45 Finance Officer Responsibilities 4. A-47 Fundraising Activities 5. A-50 Ideas for Donation Appeal 6. A-61 Important Information about Filing Federal Income Tax 7. A-83 Policy Regarding Salable Items Bearing RegistreredTrademark 8. A-89 Some Points Regarding Use of Funds by Non-Profit Organizations 5. Forms 1. F-1 Income Voucher 2. F-2 Disbursement Voucher 3. F-3 Budget/Quarterly Report 4. F-4 Detailed Chapter Financial Report 5. F-5 Magnificat Meal Report

29 Magnificat Handbook: Guidelines

30 Magnificat Handbook: Appendix

31 Magnificat Handbook: Appendix

32 Magnificat Garden Tools for Treasurers Screen Shot of Intranet Menu

33 CONTACT INFORMATION Donna Garlock CST Advisory Team 700 Castle Creek Drive Coppell, TX

DIOCESE OF ST. PETERSBURG INTERNAL CONTROL QUESTIONNAIRE

DIOCESE OF ST. PETERSBURG INTERNAL CONTROL QUESTIONNAIRE DIOCESE OF ST. PETERSBURG - 2016 Parish City, State FISCAL YEAR - JULY 1, 2015 to JUNE 30, 2016 This questionnaire is to be completed by each parish annually. Each question must be answered, and "no" answers