R-MA Parents Association

Transcription

1 R-MA Parents Association Treasurer s Mid-Year Report January 18, 2015 Presented by: Peg Melberg, CEM, CHMM

2 Discussion Topics Budget Process Financial Roles and Responsibilities Where do the PA funds come from? Where do the PA funds go? Operating Principles Donation and Reimbursement Protocols Budget Review Income Expenses Contact Information 2

3 Budget Process PA financial matters are under the jurisdiction of the R-MA President and control of the R-MA Chief Financial Officer The PA budget is prepared in the April or May meeting Fiscal Year: July 1 June 30 PA President submits budget to R-MA President for review The PA President submits activities not specified in the budget to the R-MA President and VP for Development for approval (prior to initiation) PA members serve as stewards of donations and funds (documentation and reporting of activities) steward: n., a person who manages another's property or financial affairs 3

4 Financial Roles & Responsibilities R-MA Chief Financial Officer Maintains General Ledger of PA accounts Maintains checking account (Wells Fargo) Prepares Deposits Conducts Internal audits Disburses funds with signed Purchase Order Serves as the signature approval on checks Provides financial updates to the PA Treasurer (Income Statement, Checking Account Statements, PA General Ledger) PA Treasurer Keeps PA President apprised of financial issues Maintains $100 balance in two (2) Cash boxes (US & MS) Delivers cash from PA activities to Finance Office Prepares Purchase Orders for Check Requests and presents to CFO for approval/processing Informs VP of Development of all PA donations (Unrestricted and In-kind) Reconciles PA General Ledger activity against the PA Budget and provides monthly status at PA meetings 4

5 Where do the PA funds come from? 0% 1% PA Funding Sources 0% 9% 90% Used Uniforms Concessions Book Fair Cook Book Donations 5

6 Where do the PA funds go PA Funds - Recipients 5% 18% 32% US Cadets US Academic Support Middle School 16% Summer School Special Projects 12% 13% 4% Parents Association Faculty and Staff 6

7 Operating Principles Continuity of Operations Start each fiscal year (July 1) with $0.00 $25,000 maintained in Wells Fargo Checking Account as overdraft protection to ensure delivery of current year obligations August to October are highest revenue-generating months Budget is re-evaluated annually at the April or May PA meeting Special Projects Historically, can range from $0 - $10,000/year depending on excess funds Examples: Scoreboards, Student Services Lounge Area Remodeling, Field Day Approved by the R-MA President and VP of Development in advance 7

8 In-Kind Donations In-kind Donations Please send to PA Treasurer with description and copy of receipt for purchased items OR deliver in-person Example: 3 boxes of $10.00 each; 3 used JROTC sweaters Donor retains original receipt for personal Income Tax purposes PA Treasurer forwards information to VP of Development VP of Development sends Thank You Note to Donor (without reference to amount or value of donation) CFO records donation in General Ledger (from copy of receipt) PA Treasurer updates monthly report 8

9 Unrestricted Donations Unrestricted (cash) Donor provides cash or check to PA President or PA Treasurer Donor designates R-MA Parents Association in For blank PA Treasurer delivers donation to Finance Office and provides name of donor & donation information to VP of Development CFO records donation in R-MA General Ledger/PA Income Statement VP of Development sends Thank You Letter with dollar amount of donation to Donor PA Treasurer updates monthly report 9

10 Reimbursement Protocols Parent contacts PA Treasurer or PA President for written pre-approval of expenditure type and amount PA Treasurer confirms availability of funds and reserves Purchase Order (PO) number to document transaction Parent provides original receipt to PA Treasurer PA Treasurer prepares PO, attaches receipt(s), and submits PO to Finance Office/CFO CFO approves check reimbursement 10

11 Summary Reimbursements Get written pre-approval from PA Treasurer or PA President Provide original receipt to PA Treasurer Check disbursed by R-MA Finance Office SINGLE EXCEPTION: Pizza purchased for basketball games can be directly reimbursed from cash box Donations In-Kind Provide copy of receipt or description of item to PA Treasurer Unrestricted Designate Parents Association in the For blank Rule of Thumb Original receipt stays with the money source 11

12 Income thru December 31, 2014 DESCRIPTION PA FORECAST CFO ACTUALS Cook Book Sales $ $0.00 Book Fair Sales $ $3, Concessions $3, $3, Uniform Sales $30, $28, Donations (Unrestricted) $0.00 $ Miscellaneous Revenue $0.00 $ SUBTOTAL $33, $36, Carryover $0.00 $2, TOTAL $33, $39, *SOURCE: R-MA Parents Association Income Statement, 12/31/14 12

13 Expenses thru December 31, 2014 DESCRIPTION PA FORECAST PA ACTUALS General Expenses $2, $ Upper School Expenses Cadets $14, $8, Upper School Expenses Academic Support $1, $0.00 Faculty and Staff Expenses $7, $1, Middle School Expenses $5, $2, Summer School Expenses $1, $1, SUBTOTAL $32, $12, Special Projects $7, $0.00 TOTAL $39, $12, *SOURCE: R-MA Parents Association General Ledger, 12/31/14 13

14 Contact Information PA President Angie Williams PA Treasurer Peg Melberg (cell) 14