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Outbound Journey Treasurer 2019 Workshop

This workshop review provides information on the role and responsibilities of an outbound journey treasurer, FFI policies and guidelines, banking fees, and financial planning for journey programs. It also includes instructions for opening a bank account, income and disbursement procedures, sources of income and expenses, and refund policies.

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Outbound Journey Treasurer 2019 Workshop

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  1. Outbound Journey Treasurer 2019 Workshop

  2. Review of Documents • FFI Policies and Guidelines for Clubs and Programs (2017-18 version) https://www.thefriendshipforce.org/resources/#panel-policies • FFO Guidelines Journey Treasurers Inbound and Outbound • BMO Banking Fees • Excel template Instructions

  3. Friendship Force Journey Programs Page 4 • Three types of outbound Journeys: • International Club to Club Journeys – one week (5-7 nights) program between clubs from different countries • Domestic Club to Club Journeys – Up to 7 nights between clubs within a country • Stopover – 1-4 nights homestay while traveling to or from an International Club to Club Journeys

  4. FFI Journey feesPage 5 • International Journeys * $140 USD/week • Domestic Journeys ** $10 USD/night • Stopover $20 USD/night * Ambassadors from within the host country applying to participate on an International Journey must pay the International FFI fee. **Ambassadors from outside the host country applying to a Domestic Journey must pay the International FFI fee. • Fee not refundable within 60 days of journey start

  5. FFI Ambassador Coordinator DiscountPage 5 • The Ambassador Coordinator will receive a pro-rated discount* of the FFI Fee if 75% or more of the hosting capacity is reached (For multi journeys, lowest capacity journey is used) for international journey only: *The Discount is contingent upon compliance with the Fill-the-Seat policy and must be confirmed by FFI regional support Manager assigned to the journey: If a journey is not full at 100 days prior to departure, it must be listed on the FFI online journey catalog.

  6. Host Club Fees Page 6 • International Journey - basic fee $150 USD; Any amount over $150 USD must be agreed by the Ambassador Coordinator. • Domestic Journey and Stopover - set on a case-by-case basis, to be worked out and agreed upon by the Ambassador and Host Coordinators.

  7. Review of Documents • FFI Policies and Guidelines for Clubs and Programs • FFO Guidelines Journey Treasurers Inbound and Outbound (Feb 2018 version) http://www.friendshipforceottawa.ca/guidelines_for_j_treas_inbound_and_outbound_feb_2018.pdf • BMO Banking Fees • Excel template Instructions

  8. Outbound Journey Treasurer Role and Responsibilities Pages 3 & 4 • Financial Planning and budgeting – Critical to end up with a net zero balance: Identify all journey costs and income. • Banking, Book and Record Keeping – Opening and closing a community bank account*, deposit all income, write cheque to pay expenses* and keep a journal of all transactions * Require second unrelated signature, normally the AC, best if living close by • Financial Reporting – to Ambassadors and FFO Treasurer • General Financial Oversight – Ensure financial decisions are in accordance with FFO guidelines

  9. Opening Bank AccountPages 5 & 6 • JT & AC choose a convenient BMO branch • JT & AC open a community bank account 70 to 90 days prior to journey start “FFO Journey # XXXXX” where X is the FFI-identified journey # • Request documents from FFO President • Letter of authorization • AGM Minutes indicating FFO executive & FFO BY-Laws (for new branch only) • ID with photo required • Request 100 cheques, Online monthly statements, deposit book, bank card and accept Interact e-Transfer deposit

  10. Income & DisbursementPages 7 & 8 • Income via cheque, Interact e-transfer, Cash • Disbursement via cheque, wire transfer at bank with AC • All incomes and disbursements must be recorded sequentially in the journey journal including bank fees and periodically reconciled with the bank statement • Invoices or Receipts are required for all disbursements • Caution – do not write last cheque near end of month

  11. IncomePage 10 • Sources of income • Journey Registration Fees – $35/Ambassador/Journey (post dated cheque 6 months prior journey start) • Assured Space Deposit – $300 per oversubscribed journey, 6 months prior journey start • Ambassador’s payment to cover specific expenses

  12. ExpensesPages 10 & 13 • Three types of expenses • Administration costs – postage, bank fees, booklet, HC gift, club gift/donation • FFI Fee – USD $140* • Host Program Fee – USD $150+* * Due 60 days prior start date • Group wire transfer payment is normally least costly, followed by an email to FFI Regional Support Manager: a. FFI fee - indicating FFI amount and who paid; and who is paying separately; and b. Hosting fee - and to Host Club treasurer indicating Hosting fee paid. • Pre/post journey finances – not JT’s responsibility

  13. RefundPages 10 - 14 • FFI and Host Program fees – not refundable once paid (60 days prior journey)* • Registration fee – not refundable after 1st day of the 6 month prior the journey# • Assured Space fees – not refundable after 6 month prior the journey# * Unless replacement found # Unless one of the 15 criteria listed in item 4.c is met. • Any residual from withdrawn/no show applicant must be transferred to FFO main account

  14. Review of Documents • FFI Policies and Guidelines for Clubs and Programs • FFO Guidelines Journey Treasurers Inbound and Outbound • BMO Banking Fees (16 Apr 2018 version) https://www.bmo.com/pdf/better-banking-guide-business-en.pdf • Excel template Instructions

  15. Community Account Banking FeesPages 11 - 12 • $2.50 - monthly administration fee, if minimum monthly balance < $5,000; • $1.25 - per transaction (20 free per month); • $1.25 - per teller deposit (5 free per month); • $0.20 - per cheque deposited (25 free per month); • $3.00 – monthly paper statement (free monthly e-statement).

  16. BMO Sundry Fees Pages 13 - 16 • $20.00 - Account closed within 90 days of opening; • $7.00 - per deposited NSF cheques; • $48.00 - per written NSF cheques; • $7.50 - per foreign currency money order or draft (free for USD money order); • $25.00 - Wire transfer payment up to $7,500, add 0.2% of additional amount.

  17. Both Signatory Requirement • Both signatory must be present for: • Open or close a journey account; • Initiate a Wire Transfer; • Request a Money order or draft; and • Both must sign cheques to pay expenses.

  18. Review of Documents • FFI Policies and Guidelines for Clubs and Programs • FFO Guidelines Journey Treasurers Inbound and Outbound • BMO Banking Fees • Excel template Instructions

  19. Template Overview • Instruction Tab – Provides the overview information about the Excel template. • Budget Tab – Area to enter the expected income and expenses to ensure a net zero balance. • Journal Tab – Area to record all transactions as they happen. All income should be entered in column C as “Ambassador Receipts” or “=C$84”,“Host Receipts” or “C$85”, or“Miscellaneous Receipts” or “C$86”. • Outbound Details – Area to track income and expenses associated with each Ambassador thus calculating each ambassador’s refund. • Summary-Source & Use of funds – Automated report showing Actual vs Budget and Variances. • All input field have yellow background.

  20. Special Cases • Different FFI Fee amount (different journey types and/or AC discounted fee); and/or • Different Hosting Fee amount (Double/Triple Journeys and/or different journey types). • Use FFI fee/Hosting fee budget line for one amount; and • Use one or more of the seven spare budget lines (rows 33-39) for different FFI fee/Hosting fee amounts and renaming the item appropriately (AC Discounted FFI Fee, Second Journey Hosting Fee, Stopover Fee, etc.).

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