Record Keeping at Asha

Why is it Important?

• Regulatory Requirement (IRS)

• Need Transparency for Donors/Contributors

What does it Entail?

• Have Accurate and Up to Date Records of– Projects

• Project Proposal

• Funds Provided

• Progress Reports

• Site Visit Reports including Photographs

• Budgets

– Donations, Contributions and Fundraisers• All details of the Donations (Date, Payment Method,

Cheque Number, Name and Amount)

What does it Entail (Contd.)?

– Fundraisers• Receipts of all Expenses and Copies of Cheques Issued

• All Income from the Fundraiser

– Merchandise• Proper classification of COGS and Revenue from

Merchandise by category such as T-Shirts, Mugs..

– Bank Statements and Deposit Slips– Minutes of Meetings

• Retain Records for 4 Years Minimum

Good Practices

• Use an Accounting Package like Quicken

• Enter Cheque Details at the Earliest

• Categorise the Cheques into Donations, Fundraiser A, Fundraiser B, T-Shirts etc.

• Maintain Project Documentation

• In Case of a Change, have a Clean Handoff to the Incoming Treasurer

Acknowledgement of Donations

• Prompt Acknowledgement of Donations lends credibility to the Organisation

• Acknowledge all Donations irrespective of the Amount

• Send Receipt + Thank-you Letter within 1 month of receiving the Cheque

• Deposit the Cheque or send it to Asha Treasurer within 2 weeks of receiving it

Operational Expenses

• What is an Operational Expense?• Categorisation of Expenses

– Banking Expenses– PO Box Expenses– Newsletter Mailings– Postage– Pure Administrative Expenses

• Tracking of Donations Earmarked to Cover Operational Expenses

Other Issues

• Duplicate Transactions

• Protecting the Franchise

Key Findings

• Recordkeeping is Critical

• Recordkeeping includes projects and meeting minutes

Questions/Comments/Suggestions

• Pankaj Gupta– treasurer@ashanet.org– Pankaj.Gupta@morganstanley.com– (908) 687 5584 (Residence)– (718) 754 2381 (Office)

Thank You