IABC Chapter Management Awards 2013 Entry Form

Transcription

1 IABC Chapter Management Awards 2013 Entry Form 1. Chapter Name IABC/BC 2. Region Canada Western Region 3. Chapter Board term From: 1 July, 2011 To: 28 November, Division Category (check one): Division 1: Large Chapter (201 or more members) Division 2: Medium Chapter (76 to 200 members) Division 3: Small Chapter (15 to 75 members) 5. This entry is for (check one): Membership Marketing Professional Development Financial Management Leadership Development Communication Student Involvement Community Involvement Branding 6. Total number of categories entered: 3 7. Chapter contact: Name: Gary Carr Company/Organization: Gary Carr Communication Telephone: E- mail Address: garycarrcommunication@telus.net Deadline: 30 November 2012 Page 1 of 23

2 Chapter Overview IABC/BC 2013 Chapter Management Awards Financial Management The BC chapter of IABC (IABC/BC) serves professional communicators throughout the province of British Columbia (BC), Canada. BC communicators work in all areas of communications and are located throughout the province. With more than 600 members, including students, we are a large IABC chapter with an active and engaged membership. More than 57 per cent of our members have more than 10 years of experience and we have 78 ABCs. In comparison, the local chapter of the Canadian Public Relations Society has about 200 members and the BC chapter of the American Marketing Association has approximately 400 members. Our chapter s global strategic plan was developed at our Board Planning Workshop in July 2011 and our goals and objectives are reviewed at each of our annual planning sessions. After our July/Aug planning workshops, the chapter s goals and strategies were to: Be the communications association of choice in BC Strategies: Raise the Chapter s profile with key audiences Build the IABC/BC brand Position our members as THE communications experts Grow and maintain a satisfied and engaged membership Strategies: Increase personal contact and two- way communications with members Increase awareness of the value and benefits of membership Increase involvement of members Inspire communications excellence Strategies: Highlight our expertise and achievements Re- launch our awards program, emphasizing the value to members and employers Share best practices and trends Maintain financial stability while investing in our membership Strategies: Continue to provide affordable professional development for members Page 2 of 23

3 Demonstrate sponsorship value and benefits Develop new revenue opportunities Identify investment opportunities III. Financial Management A. General IABC/BC has a lengthy history of solid financial stewardship and profitable operations that have placed the chapter in an enviable financial position. As a result, the chapter found itself with assets of $80,000+ at the beginning of the 2011/12 chapter year. While a reasonable level of financial reserves is an effective method of protecting the long- term interests of any chapter, as the Board made its way through the strategic planning process for the year, it became clear that reinvesting some of these reserves into chapter operations and contributing to member satisfaction would be a prudent move. This led the Board to pass a budget for the year that would hold the line on the costs of our members participating in various chapter activities and result in a small financial deficit for the year. For the 2011/12 year, our major sources of revenue were: Membership dues - $22,605 (about the same as the previous year) Jobline (members- only online career ad service) - $22,530 up from $21,727 the previous year Professional development event fees - $35,693 In- kind sponsorship $76,999 up from $70,250 in previous year Cash sponsorship $5,339 down slightly from $5,769 the previous year Our major expenses for 2011/2012 were: Office/bookkeeping services $38,104 Professional Development events $26,237 Professional fees - $2,450 Speaker fees and gifts - $9,002 Cvent fees $3,430 Materials and suppliers $2,340 Bank charges and interest - $2,692 Scholarship - $1,763 Website - $1,237 Our fourth Chapter goal requires us to focus on maintain(ing) financial stability while investing in our membership. The objectives established in our strategic planning sessions to help us accomplish this goal included: Objective: Continue to provide affordable professional development for members Page 3 of 23

4 With a planned deficit, we increased our programming fees slightly for members, non- members and students to test the market. Attendance remained positive and several events sold out quickly, especially the media tour which saw enough people waitlisted to organize a full second tour. We managed to maintain an average cost for social and PD events of $45/members; $35/students; $75/non- members slightly higher than our two main competitors, but still within affordable means. The success of this, enabled us to offer several other member events at little or no cost. For example, our Volunteer Services portfolio introduced a new program enabling two volunteers to attend each Professional Development event free of charge in recognition of their hard work and support (these are volunteers outside of the volunteers who were working on/at the PD event). These volunteers were selected from a group of people nominated by Board Directors each month. Another way we were able to help keep costs down for some members was to provide free registration for the annual Spring Social, two volunteer recognition events and complimentary entry to the Bronze Quill Gala for award winners. The success of these measures seemed to more than offset the slight cost increase for some of our events. Objective: Demonstrate sponsorship value and benefits The BC Chapter continues to maximize sponsorship opportunities. During this year we were successful in defining terms for each agreement and outlining expectations, value and benefits. We leveraged over $5,000 in cash sponsorship and over $75,000 in- kind sponsorships. This contributed significantly to the Chapter s operating budget and our ability to offer a high- quality level of service to our members at no extra cost. In our efforts to ensure the Chapter remains successful and growth- oriented, not only did we focus on renewing all existing sponsorship agreements with current sponsors, we also established a sponsorship arrangement with OutsideIn Communication who conducted a formal review of the our Chapter brand. Members as well as Board members were involved in a brainstorming process, defining the brand essence and preparing to review portfolio activities to make sure they align with the brand personality of Vibrant Connector. Anecdotal feedback from sponsors continues to indicate they feel they are getting value for their sponsorship contributions. An almost 10% increase in overall sponsorship levels from 2010/11 reflects this sponsor interest as well. Objective: Develop new revenue opportunities The Chapter did not develop new revenue opportunities directly, but did prototype the Gift of Communication (GOC) program with two Executive members at the helm that developed new partnerships and media attention which rallied greater volunteer engagement. Successful, high- profile campaigns and events were developed and implemented for Ronald McDonald House and the Special Olympics. Page 4 of 23

5 Objective: Identify investment opportunities As per last year s student scholarship investment, the Board took eight thousand dollars from the general operating bank account and transferred it to a student scholarship account. In 2011/12, almost $2,000 was awarded to promising communications students towards their post secondary education. This is a way to leverage our relationships with post secondary education institutions, students and faculty members and boost awareness of IABC, programs, events and opportunities. The Chapter also invested $500 into IABC s research foundation and funded new programs such as our: IABC Gift of Communication Speed Mentoring Program two new Special Interest Groups a Brand Review of the chapter. Given our focus on spending down some of our reserves we decided to renew the majority of our current short- term investments that came to term to ensure no cash flow constraints while still realizing a small return on investment (with no risk to the chapter s principle). B. Budgeting and Accounting Procedures The Board met for a full- day planning session in August 2011 to develop the Chapter s strategic plan for the coming year. Directors then took away Chapter goals and planning information from the strategy session to develop their individual portfolio plans and the budget. They used the previous year s portfolio plans and budgets as a starting point. The Board President provided further guidance and vision for the portfolio planning process and asked Directors to be creative and look for ways to enhance or add value to what has been done in the past. Directors are told not to be afraid of asking for additional budget for new initiatives or to enhance current programs. The Treasurer gives an orientation presentation to the new Board at the strategic planning session about the budget and finance. See Appendix 1. Each portfolio receives a planning and budgeting template. See Appendix 2. During the Portfolio planning process, a Board Buddy (Executive team) is assigned to each Director to assist and answer questions. The new Board met again in September where each Director presented their portfolio budget to the Board, together with their operating plans that support Chapter goals. After the portfolio presentations the Treasurer consolidates the numbers and develops the draft overall budget for the Chapter. The Executive then meet to review the consolidated budget and decide on what items can (or can not) be included in the overall Chapter budget. See Appendix 2. Page 5 of 23

6 Over the course of a few weeks, there are back and forth discussions with each Director and Board Buddy to clarify requests until a consolidated budget is completed by the Treasurer. The budget was presented and passed by the Board in the October Board meeting. For the 2011/12 Board year, IABC/BC used Acton Accounting and Bookkeeping to look after the Chapter s bookkeeping needs and Office Suites to manage administrative needs. The Treasurer used our budget document and monthly (color- coded) financial statements to keep track of overall fiscal responsibility within the Chapter. Each portfolio was given the task of tracking their individual budgets/finances while also participating in the overall health of the Chapter. See Appendix 3. We know our area of expertise is not bookkeeping so we contract for the services of Acton for bookkeeping and financial management procedures, including preparation statements, cutting cheques, reconciling books, and working with the auditors to prepare the yearly financial review. A number of checks and balances are in place: the Treasurer manages the relationship with Acton and Office Suites regarding finances; two Executive Board members signatures are required on all cheques and the Treasurer and President review all cheque requisitions; the Executive reviews financial statements each month in advance of the Board meeting; and the full Board reviews the same financial statements each month as a standing agenda item. See Appendix 3. At the strategic planning sessions, Board members are briefed on the two hats they ll wear regarding finances: one is manager of his/her portfolio budget and the second is supervisor of the overall Chapter budget. Every year, a chartered accountant is hired to conduct a financial review that is posted on the Chapter website within six months of the year- end. The review is passed by the Board in the fall and presented to the full Chapter for approval at the AGM in June. See Appendix 4. An online registration system that requires credit card payment through Cvent has enabled the Chapter to reduce bad debt. Event no- shows are billed within 48 hours cancellation notice. C. Banking Procedures Portfolio Directors fill out cheque requisitions (see Appendix 5) and provide backup receipts for expenses which are ed directly to the Treasurer, who ensure they are accounted for correctly before sending to Acton to cut the cheques. All cheque requisitions require two signatories from the Executive team. Cheques not picked up at Board Meetings are sent to Office Suites to mail out cheques to members/partners/suppliers and record/file details accordingly. Directors must assign each expense with an account and portfolio code for tracking purposes. Scanned receipts must be attached. Page 6 of 23

7 Directors are accountable for their portfolio approved budget. Any expenses over $500 outside their budget must be approved by the Board. Results Approximately 40 per cent of operating expenses were budgeted to be maintained as reserves. The Chapter has invested a portion of its reserves in a cashable term deposit to earn additional income on funds that aren t used for operations. Despite budgeting for a year- end deficit, the year- end result was actually a $4,000+ profit for the fiscal. The Chapter set aside $8,000 for Student Scholarships and $2000 of that was used in the 2012 fiscal, leaving $6,000 for the following three years. The Student Communicator of the Year (SCOY) awards are offered to student members to recognize excellence in communication. There are five unique award categories to enter, each focusing on a different area of communication with specific award criteria based on the Gold Quill formula. The Chapter operates successfully on a breakeven model. Our profile continues to increase in BC and we are able to attract more cash and sponsors. In a competitive marketplace, we have been able to fund new programs such as the IABC Gift of Communication; Speed Mentoring Program; Strategic Interest Groups (Educational Communicators) and a Brand Review. Career Development saw an increase in revenue in Toastmasters of over 200%, membership and sponsorship made a modest 9-10% increase, but with an economic downturn, great results. Summary With an established, accountable financial administration system in place, IABC/BC continues to concentrate on building and maintaining membership while delivering the services our members need to excel in their communications careers. In 2011/12 we have been able to fund new programs, contribute $500 to the IABC Research Foundation; contribute greatly to our Student Awards program, develop our Gift of Communication Program and conduct a timely brand review. Page 7 of 23

8 PORTFOLIO NAME - Marketing and Communications (MKT) REVENUE GENERATING NON_REVENUE GENERATING Operating <project> <project> <project> <project> <project> <project> <project> <project> <project> Reserves Reserves Total REVENUE <project code> <project code> <project code> <project code> <project code> <project code> <project code> <project code> <project code> <item> <item> 4010 Awards Entry Fees Advertising Trophy sales International Conference Regional Conference Interest on Deposits Jobline Leadership Development (CWR) Membership Dues Miscellaneous Revenue Registration Fees Sponsorship in Cash Sponsorship in Kind - Total Revenue EXPENSES 5000 Expense Office Suites on Broadway (Admin) Advertising Bad Debt Bank Charges Bookkeeper Courier Credit Card Charges/Merchant Fees Cvent Annual Fee Cvent Transaction Fees Decorations Graphic Design & Layout Meals & Entertainment Equipment Rental Fax & Scan Catering Venue Complimentary Admission Insurance Leadership Development Licences & Fees Materials and Supplies Miscellaneous Photocopying Photography Postage Printing Prizes, Awards & Trophies Speaker Fee/Gift Telephone Travel Volunteer Recognition Website - Hosting Website - Maintenance Sponsorship in Kind Intranet 5420 Thank-You Gift Total Expenses Profit (Loss) Appendix 1 Budget and Accounting Procedures Treasurer s Orientation PowerPoint Presentation Slide 1 Budget and Finance Not dull and not boring. Practical and necessary. And exciting when we learn, as a team, to take responsibility for our Chapter s financial success. Slide 2 Who, What, When, Where, Why and How What is a budget? What are financial statements? Why do we need a budget? How do you track your budget? When do you need to speak up? How do you get expenses paid? Where do we go from here? Slide 3 What is a budget? A clean slate, new beginning. Does your portfolio generate Revenue (like PD) or not (like VOLUNTEERS) or expected to Break-Even (like STUDENTS)? Build your own based on LAST YEAR s ACTUALS (posted on the Intranet), PLUS an estimation of new programs, projects, events that you intend to implement Include appropriate detail and outline how the initiatives will support overall goals and objectives. Talk to other portfolios, find crossover opportunities. Page 8 of 23

9 Slide 4 What are financial statements? Review them every month. Account Codes are the tracking system for our revenues and expenses, it helps us see how we re spending money, and it helps us budget for how much we expect to spend next year. Portfolio Codes are used to specify which portfolio is incurring the expense. You each have your own portfolio code. GL stands for General Ledger, and is an item-by-item detailing of each transaction that happens. Check GL tab on the financials spreadsheet to see if your transaction was coded correctly. Slide 5 Money coming in is revenue What streams of revenue do you have associated with your portfolio? PORTFOLIO NAME - Career Development (CARDV) REVENUE GENERATING REVENUE Operating Toastmasters <project code> 4010 Awards Entry Fees 4015 Advertising 4020 Trophy sales 4025 International Conference 4026 Regional Conference 4030 Interest on Deposits 4040 Jobline 20, Leadership Development (CWR) 4050 Membership Dues 4070 Miscellaneous Revenue 4090 Registration Fees 2, Sponsorship in Cash 4110 Sponsorship in Kind Total Revenue 20, , Slide 6 Money going out is expenses What expense items do you have associated with your portfolio? Page 9 of 23

10 Slide 7 Why do we need a budget? We are a non-profit organization with the goal of breaking even revenue made=expenses paid You are a Director it is your responsibility to plan your budget and keep to your budget so that we succeed as a team. Slide 8 How do you track your budget and check financials? And, when should you speak up? Track your revenue and expenses as you go Open monthly financial statements when posted on intranet - look at actuals/budget/variance for your portfolio Compare to your own record keeping and explain any variances know the score Speak up when you have questions or concerns or variances are too great use your board buddy You are responsible for tracking your portfolio s revenues and expenses in a spreadsheet, or by hand, or whatever process works for you. Each month, financials will be available for you to cross-reference with your record-keeping. Review ACTUALS against BUDGET each month. Look at the variance and ensure you are on track. Be prepared for mid year and end of year review for your portfolio and our chapter. Slide 9 How do you get expenses paid the cheque req Every portfolio gets a custom cheq req form (in excel) Complete the form and always separate HST Tip should be included in subtotal amount. Let the formulas do the math. Ensure correct account/portfolio codes are selected as per your budget Will only accept approval from you the Director (not your volunteers) Attach scanned receipts Slide 10 Need details Subtotal, HST, Total Submit detailed receipts Page 10 of 23

11 Slide 11 Cheque req rules Send me a scan of the completed and approved (by a Director) cheq req form and receipts Take responsibility for your volunteers I can not do it all and will not give money away without your approval Cheque runs are once per month - deadline is three business days before monthly board meeting You receive your cheques at board meetings or it will be mailed Slide 12 Where do we go from here? Receive budget template Download financials Sharing across portfolios? Talk to each other! Create budget - deadline is?? Executive will approve or modify Board Buddy will review with you Good to go Slide 13 All Done Questions? Slide 14 Lisa Welbourn welbourn@shaw.com Page 11 of 23

12 Appendix 2 Budgeting and Accounting Procedures Portfolio Budget Template for Career Development Portfolio Budget Request Completed for Career Development Page 12 of 23

13 Overall Chapter Budget (9 Portfolios) Page 13 of 23

14 Appendix 3 Budgeting and Accounting Procedures Financial Statements - Monthly Financial Statements - Year-to-Date Page 14 of 23

15 Financial Statements - Balance Sheet IABC BC Balance Sheet As at 06/30/2012 ASSET Cash and Short Term Investments Vancity Student Scholarship Fund 6, VanCity Chequi 27, VanCity 3-Year Term Deposit 18, VanCity Cashable Term Deposit 30, Cash Clearing and Cheques Deposit 0.00 Unallocated Deposits/Cheques 0.00 Total Cash & Short Term Investments 82, Assets Projector Equipment 0.00 Accum. Amortization - Equipment 0.00 Net Equipment 0.00 Prepaid Expenses 0.00 VanCity Shares Accounts Receivable 2, Total Receivables 2, Total Assets 2, TOTAL ASSET 85, LIABILITY Accounts Payable Accrued Liabilities 2, CWR 2009 Conference Registrations 0.00 Accounts Payable 0.00 GST Payable (Collected on Sales) 0.00 GST Input tax credits (Paid Out) 0.00 GST Owing (Refund) 0.00 HST Payable (Collected on Sales) 9, HST Input tax credits (Paid Out) (9,059.82) HST Owing (Refund) Total Accounts Payable 2, TOTAL LIABILITY 2, EQUITY Members Equity Retained Earnings 77, Current Earnings 5, Total Member's Equity 83, TOTAL EQUITY 83, LIABILITIES AND EQUITY 85, Page 15 of 23

16 Appendix 4 Year End Statements Reviewed by Auditor Page 16 of 23

17 Page 17 of 23

18 Page 18 of 23

19 Page 19 of 23

20 Page 20 of 23

21 Page 21 of 23

22 Page 22 of 23

23 Appendix 5 Banking Procedures Cheque Requisition Page 23 of 23