Finances MWPHGL of Maryland Office of the Grand Inspector 1307 Eutaw Place, Baltimore, MD February 4, 2012
Finance ? ? What Why Who How ? ?
What is IT? A A B I F F Assets Audits Budgets Insurance Finances Forecasts
Finances You must be aware of your current financial condition. • Where it comes from • Where it goes Reports •What would youlike to know? • Who should care?
Audits • Why?for your membership, assures them the integrity of which the funds are handled • Why?MWPHGL requirement • When?Due each quarter
Budgets • Why? • How much time should be devoted to: • Preparing • Reporting • Updating
Budgets • Sample Budget
Budgets • Sample Budget 2 cont’d
Budgets • Sample Budget 3 cont’d
Assets • What are they…and who owns them? • What is good “stewardship”? • Who is theChief Steward? • If not YOU, then who? • What do youhave?
Insurance • What is it? • Transfers risk of loss to another party • Provides fidelity coverage on officers who handle funds • Do you know what items are covered and what it would cost to replace them? • Take the visual tour of your establishment
Forecasts • Road map for your future • YOUR forecast • For example: Dues increases • You have to plan for your future or you won’t know where you’re going, how you will get there or whether you’re on schedule.
CHARGE “The honor, reputation and usefulness of your organization will materially depend upon the skill and assiduity of which you manage it’s concerns…”
Your organization is not all about money; however, proper financial management is your responsibility. Your organizations growth and programs depend on the funds available to guide it into the future.