Things Your Treasurer Should Know-final
description
Transcript of Things Your Treasurer Should Know-final
Things Your Treasurer Treasurer
Should Know
Presented by Patricia J. Foley, CPAy y,
For the Friends of Connecticut LibrariesNovember 14, 2009
THINGS YOUR TREASURERTREASURER
SHOULD KNOWIntroductionsB thBeethoven
Mission Statement of Your Friends OrganizationMembership of interested peopleSupport and cooperate with the Library
developing maintaining enhancingdeveloping, maintaining, enhancingStimulate the use of the LibraryEncourage gifts, endowmentsEncourage gifts, endowments Focus public attention on the Library
2009(c)Patricia J. Foley
CPA
THINGS YOUR TREASURERTREASURER
SHOULD KNOW
Duties of the Treasurer
Record Keeping & Reporting
Budget Preparation
2009(c)Patricia J. Foley
CPA
THINGS YOUR TREASURERTREASURER
SHOULD KNOW
DUTIES OF THE TREASURER
2009(c)Patricia J. Foley
CPA
THINGS YOUR TREASURERTREASURER
SHOULD KNOW
Duties of the TreasurerDuties of the Treasurer
• The Bylawsy• Finance Committee• Financial Policies• Financial Policies• Treasurer’s Handbook
Li i t C itt d E t• Liaison to Committees and Events• Review Board Minutes
2009(c)Patricia J. Foley
CPA
THINGS YOUR TREASURERTREASURER
SHOULD KNOWDuties of the Treasurer
Finance Committee• Financial Policies are determined• Financial Procedures are determined• Financial Procedures are determined• Get professionals involved
T i i d f t t• Training ground for next treasurer
2009(c)Patricia J. Foley
CPA
THINGS YOUR TREASURERTREASURER
SHOULD KNOWDuties of the TreasurerFinancial Policies
N b f i i d f h k• Number of signatures required for a check• Deposit making / check writing schedule
Ni ht D it B• Night Deposit Box• Authority to enter into contracts
S h d l f i ti f A t O d• Schedule of inspection of Assets Owned• Donor’s Bill of Rights
2009(c)Patricia J. Foley
CPA
THINGS YOUR TREASURERTREASURER
SHOULD KNOWDuties of the Treasurer
• Policies• BylawsTreasurer Handbook
• State Registration• Sales Tax Exemption• Bank Account
A th i ti d i
• Time Line • Procedures• IRS Determination
L tt Authorizations and copies of signature cards
• Password List• Property Tax Exemption
Letter• Sales Tax Registration• List of Fixed Assets
owned by the Friends • Property Tax Exemption• Location of Files• Liaison Memos
owned by the Friends• Keys to Friends Office • Contracts
2009(c)Patricia J. Foley
CPA
THINGS YOUR TREASURERTREASURER
SHOULD KNOW
RECORD KEEPING&
REPORTING
2009(c)Patricia J. Foley
CPA
THINGS YOUR TREASURERTREASURER
SHOULD KNOWRecord Keeping & Reporting
• Location of Records• Statute of LimitationsStatute of Limitations• Bank and Investment Accounts• Permanent Records (• Permanent Records (like Treasurer Handbook)
• Monthly Reports• Year End Reports
2009(c)Patricia J. Foley
CPA
THINGS YOUR TREASURERTREASURER
SHOULD KNOWRecord Keeping & Reporting
• Revenues:• Unrestricted
• MembershipMembership• Book Sales (net)• Event Revenue (net)• Event Revenue (net)
• Temporarily RestrictedPermanentl Restricted2009(c)
Patricia J. Foley CPA
• Permanently Restricted
THINGS YOUR TREASURERTREASURER
SHOULD KNOWRecord Keeping & Reporting
• Expenses:• Programs / Acquisitions• Operations / AdministrationOpe at o s / d st at o• Fundraising expenses• Joint Costs• Joint Costs
2009(c)Patricia J. Foley
CPA
THINGS YOUR TREASURERTREASURER
SHOULD KNOWRecord Keeping & ReportingRevenues This Month Year to Date
Book SalesBi S l (N t) 100 00$ 5 000 00$Big Sale (Net) 100.00$ 5,000.00$ Daily Sale 53.00 1,253.00
Membership 2 500 00 7 000 00Membership 2,500.00 7,000.00 Other Income
Commissions 125.00 535.00 Fund Raising Events - 2,550.00 Interest Income 27.00 539.00
Total Revenues 2,805.00$ 16,877.00$ 2009(c)Patricia J. Foley
CPA
THINGS YOUR TREASURERTREASURER
SHOULD KNOW
Record Keeping & Reporting
• Audit, Review, Compilation
Record Keeping & Reporting
p
• Tax ReturnsTax Returns
2009(c)Patricia J. Foley
CPA
THINGS YOUR TREASURERTREASURER
SHOULD KNOW
Record Keeping & Reporting
Financial Statements
Record Keeping & Reporting
• Balance Sheet• Statement of Revenues & ExpensesStatement of Revenues & Expenses• Statement of Activities• Statement of Cash Flows• Statement of Cash Flows• Notes to the Financial Statements
2009(c)Patricia J. Foley
CPA
THINGS YOUR TREASURERTREASURER
SHOULD KNOW
BUDGET PREPARATION
2009(c)Patricia J. Foley
CPA
THINGS YOUR TREASURERTREASURER
SHOULD KNOWBudget Preparation
• AnnuallyR ibilit• Responsibility
• Organization and Presentation• Not just the Dollars $$$• Operating vs. Specific Requestp g p q• Approval• Wish ListWish List
2009(c)Patricia J. Foley
CPA
THINGS YOUR TREASURERTREASURER
SHOULD KNOWBudget Preparation • AnnuallyAnnually
• Projecting the Revenue• Membership• Membership• Book Sales – NET!
• Daily Sale• Big Sale
Oth I• Other Income• Interest• Commissions• Fundraising Events
2009(c)Patricia J. Foley
CPA
THINGS YOUR TREASURERTREASURER
SHOULD KNOWBudget Preparation
Book SalesYEAR 2007 2008 2009 2010BUDGET 7,000.00 5,000.00 8,000.00 12,000.00ACTUAL 5,300.00 9,000.00 13,500.00
O (U d ) d (1 00 00) 4 000 00 00 00Over (Under) Budget (1,700.00) 4,000.00 5,500.00
Note: In 2008 ‐ we had an extra day of the book sale
Note: In 2009 ‐ we had a $5/bag on the extra day
2009(c)Patricia J. Foley
CPA
THINGS YOUR TREASURERTREASURER
SHOULD KNOW
B d t P tiBudget Preparation
• Annuallyy• Projecting the Expenditures
• Programs / AcquisitionsPrograms / Acquisitions• Museum Passes• Summer Reading• Summer Reading• DVD Collection
N l tt P i ti• Newsletter Printing2009(c)Patricia J. Foley
CPA
THINGS YOUR TREASURERTREASURER
SHOULD KNOWPrograms $16,500
Museum Passes, $Summer $2,000
N l
Summer Reading, $5,000
Newsletter Printing, $5,000
DVD
Flowers , $1,500
DVD Collection, $3,000
2009(c)Patricia J. Foley
CPA
THINGS YOUR TREASURERTREASURER
SHOULD KNOW
Budget PreparationBudget Preparation • Annually
• Projecting the Expenditures• Projecting the Expenditures•Administration
M b hi i FOCL FOLUSA•Membership in FOCL FOLUSA•Committee /Director expenses•Insurance D & O / LiabilityInsurance D & O / Liability
2009(c)Patricia J. Foley
CPA
THINGS YOUR TREASURERTREASURER
SHOULD KNOWCurrent Year Year 2010
Projected Budget BudgetProjected Budget BudgetRevenue:
Book Sales (net) 13,500.00$ 8,000.00$ 12,000.00$ Membership 12 000 00 10 000 00 10 000 00Membership 12,000.00 10,000.00 10,000.00 Other Income 1,257.00 - - Total Revenue 26,757.00 18,000.00 22,000.00
ExpendituresExpendituresPrograms 9,800.00 10,000.00 13,250.00 Acquisitions 3,005.00 3,000.00 3,750.00 Administration 2,415.00 2,500.00 2,500.00 , , ,Fundraising 1,950.00 2,500.00 2,500.00 Total Expenditures 17,170.00 18,000.00 22,000.00
Net Revenues Over 2009(c)
Patricia J. Foley CPA
Expenditures 9,587.00$ -$ -$
THINGS YOUR TREASURERTREASURER
SHOULD KNOW
Wish List • $ 9,587
2009(c)Patricia J. Foley
CPA
THINGS YOUR TREASURERTREASURER
SHOULD KNOW
Bl St b d Vi itBlog – Stop by and Visit www.friendslibrarys.blogspot.com
E il M f i d @ tt jf lEmail Me – [email protected]
2009(c)Patricia J. Foley
CPA