A financially responsible aaf club federation
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A Financially Responsible AAF Club/Federation. Tips To Help Keep You In The Black & Out Of Trouble. Presenter: Norm Vallone. Past President, Greater Dayton Advertising Association (GDAA) Former Chair, GDAA Finance Committee Treasurer, Fifth District AAF. Disclaimer. Not a CPA Not a Lawyer

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A Financially Responsible AAF Club/Federation

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A financially responsible aaf club federation
A Financially Responsible AAF Club/Federation

Tips To Help Keep You In The Black & Out Of Trouble


Presenter norm vallone
Presenter: Norm Vallone

  • Past President, Greater Dayton Advertising Association (GDAA)

  • Former Chair, GDAA Finance Committee

  • Treasurer, Fifth District AAF


Disclaimer
Disclaimer

  • Not a CPA

  • Not a Lawyer

  • Not a financial adviser


Is this really necessary
Is This Really Necessary?

  • Fiduciary responsibility


Is this really necessary1
Is This Really Necessary?

  • Fiduciary responsibility

  • Managing income and expenses is a critical business function


Is this really necessary2
Is This Really Necessary?

  • Fiduciary responsibility

  • Managing income and expenses is a critical business function

  • Helps secure the future of the organization


Is this really necessary3
Is This Really Necessary?

  • Personal liability


Is this really necessary4
Is This Really Necessary?

  • Personal liability

  • Tax consequences


Is this really necessary5
Is This Really Necessary?

  • Personal liability

  • Tax consequences

  • Loss of not-for-profit status



Requires a commitment by the board1
Requires A Commitment By The Board

  • Appoint a Treasurer

  • Secure insurance/bond


Requires a commitment by the board2
Requires A Commitment By The Board

  • Appoint a Treasurer

  • Secure insurance/bond

  • Establish written policies


Requires a commitment by the board3
Requires A Commitment By The Board

  • Appoint a Treasurer

  • Secure insurance/bond

  • Establish written policies

  • Select bookkeeping software


Requires a commitment by the board4
Requires A Commitment By The Board

  • Appoint a Treasurer

  • Secure insurance/bond

  • Establish written policies

  • Select bookkeeping software

  • Use common sense


It all begins with budgets
It All Begins With Budgets

  • Hold committees accountable


It all begins with budgets1
It All Begins With Budgets

  • Hold committees accountable

  • Each event must be budgeted and approved by the Board


It all begins with budgets2
It All Begins With Budgets

  • Hold committees accountable

  • Each event must be budgeted and approved by the Board

  • Establish who develops the annual budget


It all begins with budgets3
It All Begins With Budgets

  • The Treasurer is the watchdog


It all begins with budgets4
It All Begins With Budgets

  • The Treasurer is the watchdog

  • Checks and balances


Policies
Policies

  • No co-mingling of funds


Policies1
Policies

  • No co-mingling of funds

  • Two signatures on checks


Policies2
Policies

  • No co-mingling of funds

  • Two signatures on checks

  • Use of credit cards for purchases


Policies3
Policies

  • Accepting credit cards for payment


Policies4
Policies

  • Accepting credit cards for payment

  • Check-in procedures at events


Policies5
Policies

  • Accepting credit cards for payment

  • Check-in procedures at events

  • Cash handling


Policies6
Policies

  • Purchase orders


Policies7
Policies

  • Purchase orders

  • Invoicing


Policies8
Policies

  • Purchase orders

  • Invoicing

  • Reconciling event income with attendance


Policies9
Policies

  • Purchase orders

  • Invoicing

  • Reconciling event income with attendance & expenses

  • Spending limits and approvals above limit


Policies10
Policies

  • Handling expense reimbursements


Policies11
Policies

  • Handling expense reimbursements

  • Reporting & transparency


Policies12
Policies

  • Handling expense reimbursements

  • Reporting & transparency

  • Tax filings



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