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TODD BAILEYDISTRICT TRESURER
CENTRAL OHIO CHAPTER
Reading Financials & using them to lead your board
It’s about: Information
Format/software is not as important as
information
Board members are PR people – many are
newbiesToo many reports create confusion - KISS
Reports are NOT bank statements (Human-creations)
President’s Role
Ensure a budget is submitted and approved by
February board meeting (of calendar year)
Ask for financials one week in advance of
board meetings
Compare report to bank statements –
especially if only one signature is required
Compare report to the previous year report
Audit once per year to transition old & new
treasurer
Basic Chapter Financials
Basic Chapter Goals
INCOME Budget Month YTD Comparison Administration Accreditation Luncheons CDs
EXPENSES Budget Month YTD Comparison Administration Accreditation Luncheons CPA/Tax Prep.
REVENUE/LOSS Budget Month YTD Comparison Totals
Additions to Basic Financials
Budget Variance Difference b/w budget vs actual (monthly
or YTD)
Monthly or YTD Comparisons
Cash Flow Statement – $$$ in/out this
month
Optional Reports
AUDITS
Annually please !Annually please !
1.1.Treasurer, two officersTreasurer, two officers
2.2.Bank statements, monthly reports, Bank statements, monthly reports, receipt book , registryreceipt book , registry
3.3.Choose a number, check every __Choose a number, check every __thth item item
4.4.Write recommendations – Follow UpWrite recommendations – Follow Up
Tax Filing Laws
WWW.PRSA.ORG - Form 990-N Guidelines.docWho must file Form 990-N? If an organization
is:Tax-exemptHas gross receipts of $50,000 or lessIs not required to file another IRS form such as
Form 990, Form 990-EZ orForm 990-PF (private foundation)Is not part of a group returnShare proof of submission with Candice at PRSA
IRS Web Links
Charities & NonProfitshttp://www.irs.gov/charities/index.html Tax info on “other” NonProfitshttp://www.irs.gov/charities/nonprofits/index.html
“Generally, tax-exempt organizations must file an annual information return. Tax-exempt organizations that have annual gross receipts not normally in excess of $50,000 are not required to file the annual information return, but may be required to file annual electronic notice (e-Postcard) Form 990-N.”
Best Practices, Advice, Tips & Stories