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 board

Requires A Commitment By The Board

  • Appoint a Treasurer


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


Got questions

Got Questions?


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