FINANCIAL RESPONSIBILITY Cathy Karch, MBA SCTE Senior Director, Accounting.
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Transcript of FINANCIAL RESPONSIBILITY Cathy Karch, MBA SCTE Senior Director, Accounting.
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FINANCIAL RESPONSIBILITYCathy Karch, MBA
SCTE
Senior Director, Accounting
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SCTE
Financials
Tax Status – 501(c)6
Each Chapter is under our IRS Tax ID
Your Chapter Financials are reported to the IRS
Form 990 Legal
Your chapter and board members are covered under our liability insurance however board members have a responsibility to the chapter and the entire society (SCTE) as a whole.
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YOUR CHAPTER BYLAWS
Legal – The chapter shall comply with all federal, state and local laws, rules and regulations governing chapter operations. Also, the chapter shall comply with all applicable policies and reporting requirements to Headquarters in order for SCTE to maintain its tax exempt status.
Liabilities – Except in cases of fraud or acts of bad faith, the directors and officers of this organization shall not be held personally responsible for debts, obligations, or liabilities of the organization or for their actions on behalf of the organization.
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FIDUCIARY DUTY OF THE BOARD
Directors owe duties of “care” and “loyalty” to the organization. These duties required the board of directors to:
» act in good faith.» with the care of an ordinarily prudent person in a like
position would exercise under similar circumstances, and
» in a manner he or she reasonably believes to be in the best interest of the organization and its members.
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FIDUCIARY RESPONSIBILITIES
Funds used to accomplish SCTE Mission Keep accurate financial records Enforce financial internal controls Follow policies, procedures & bylaws Safeguard funds Keep chapter board informed Whistleblower policy
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MANAGING CHAPTER FUNDS
• Accurate and complete financial records• Supporting documentation• Reasonable and approved expenditures• Transactions that adhere to exempt purpose• No personal benefit to anyone
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INCOME
• Cash handling• Deposits• Credit Card transactions• No advertising income• Disclosure Statement required• Supporting documentation
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EXPENSES
• Pay by check• Original invoice or check request• No SCTE credit cards• $100 petty cash limit• Board member expense reimbursements• Board approved and reasonable expenses only
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RECORD KEEPING
• Receipts and disbursement journal• Chapter program and events• Operating expenses• Bank reconciliations• Quarterly Reports• Submit to SCTE Headquarters
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QUICKBOOKS
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NEW LOOK (QUICKBOOKS)
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CASH
• Petty Cash - $100 maximum• Checks – signature requirements• Use of ATM/debit cards• Bank account balances/reserves
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CREDIT CARD PROCESSING
• SCTE Website & Chapter Leadership Access Site (CLAS)
• PayPal not approved• Processing through SCTE A/P• Two week turn around from SCTE• 3% Fee• Procedures and processing form
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FORM 1099
• Anyone receiving over $600• Services rendered (volunteers not paid)• Prizes• Submit info to SCTE staff (A/P or Chapters)
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RAFFLE TICKETS AND GAMING
• New Schedule G of Form 990• Cumbersome and detailed IRS reporting needed
for any games of chance and Bingo
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FINANCIAL RESPONSIBILITY
Cathy Karch SCTE Headquarters Senior Director, Accounting [email protected] 610.594.7315