Planning For Excellence Budget & Finance MEMBERSHIP ORIENTATION October 7-11, 2009 New...

Planning For ExcellencePlanning For ExcellenceBudget & FinanceBudget & Finance

MEMBERSHIP ORIENTATION

October 7-11, 2009

New Braunfels, TX

Jim Dambeck2010 WCR

Texas Treasurer GRI,ABR,CNHS,SRES,PMN

jim@jimdambeck.com832.687.2520 cell713.538.1850 efax

Carolyn Sutherlin2004 WCR

Texas PresidentABR,GRI,LTG,PMN

csutherlin@abilene.com 325.668.9962 cell 325.695.5313 fax

Planning For ExcellencePlanning For ExcellenceDollars & SenseDollars & Sense

Chapter Budgets

Treasurer Duties

Audits and Reserve Accounts

Legal Issues

Chapter BudgetChapter BudgetWhat is It?What is It?

The Forecast

of Financial Activity

over a period of time.

(1) F & B Committee

Researches History

& Future Needs

Budget Planning CycleBudget Planning Cycle

(2) F & B Develops Budget for

Upcoming Year

(3) Governing BoardApproves for

Upcoming Year

(4) Approved Budget Presented to

Chapter Members

(1) F & B CommitteeResearches History

& Future Needs

Chapter Budget Chapter Budget

WHY have a budget at all?

Gives Governing Board a roadmap to follow based on what has been budgeted for 2010

Puts your Chapter on the right track for planning a successful year

Budget ~ What’s Included?Budget ~ What’s Included? Revenue

Monies carried forward from previous year(s)

Membership Money (# of Nat’l Members x Local Dues)

Local Affiliate Memberships(# of Affiliates X Annual Affiliate Dues)

Strategic Partner Money (Annual / Monthly Partners)

Ways and Means Money (Money from Chapter Events)

Other Revenue:

Budget ~ What’s Included?Budget ~ What’s Included?

Expenses

Awards (Member of the Year, etc.)

Bank Service Charges

Discretionary Fund (Flowers, Memorials)

Education (MCE classes, PMN course)

Monthly Programs (Breakfast/Luncheon Expense)

Expenses

New Membership Orientation (Orientations, Pins, etc.)

Newsletters (E-blast / Design Cost)

Leadership Development (Officer Travel to National/State/Regional/District)

Leadership Orientation (National LO for PE, State MO for officers & committee chairs)

Website (Set-up, Monthly Fees)

Budget ~ What’s Included?Budget ~ What’s Included?

Budget ~ What’s Included?Budget ~ What’s Included?

ExpensesOffice Supplies

(Postage, Printing)

Professional Services (Insurance, CPA)

Strategic Initiatives (Education Scholarships, Funds for non-officer members to attend State/National meetings

Ways & Means Expenses

Other Expenses:

So…now So…now youyou are the are the TreasurerTreasurer

PARTICIPATE on your Chapter’s Budget Committee

Use 2009 Budget & YTD info as guide

Use LPPM as a guide (pages 41-43)

Have your Budget in place by Jan 1st 2010!

Duties of the TreasurerDuties of the Treasurer see page 29 LPPM

Treasurer is in charge of all funds and makes disbursements/reimbursements as directed by the President AND THE Governing Board.

Keeps all receipts and disbursement forms and provides reports at all regular meetings.

Coordinates with Finance & Budget Chair so that financial statements are reviewed monthly.

Completes a mid-year review with Finance & Budget and makes recommendations to the Board if necessary to end the year BALANCED.

Duties of the TreasurerDuties of the Treasurer

Have a clearly defined Policy for reimbursable expenses in your Standing Rules

Give reimbursement for budgeted/approved expenditures only (stay within the budget)

Have a deadline for submitting receipts

Use an Expense Request Form

Keep Records in case of an IRS audit

Handling Reimbursements

Duties of the TreasurerDuties of the Treasurer

Asks questions about any discrepancy between budgeted and actual expenses.

Submits the financial accounts of the chapter to a CPA or bookkeeper to file with IRS .

Gives receipts for collection of cash, keeps copy of transaction for Chapter’s permanent records.

Provides records to chapter Audit Committee for annual review.

Duties of the Treasurer Duties of the Treasurer Fiduciary ObligationFiduciary Obligation

The legal requirement to care for another’s assets as you would your own . . .

to provide meaningful oversight!

Duties of the Treasurer Duties of the Treasurer Meaningful OversightMeaningful Oversight

Meaningful oversight involves more than an occasional look

at the budget. It means to

your Chapter’s financials to remain balanced!

constantly monitor

Audits and ReservesAudits and Reserves

President appoints Audit Committee at the next to the last meeting of the elective year.

Audit is Check and Balance System that validates information and protects both Treasurer and Chapter.

Audit Committee presents report at the first meeting of the next year.

Each Chapter should seek to maximize financial resources to best advantage and generate systems to protect member funds.

Chapter Legal IssuesChapter Legal Issues page 137 LPPM

Every chapter should have a Tax ID number and the letter stating the exempt status.

Every chapter must file an information return with the IRS. - Form 990 (gross income or assets $25,000 or more) or form 990N “Epostcard” (less than $25,000) For more information click here.

Filing deadline is May 15th.

Take your Chapter to New Heights

&

a Well Planned

2010!