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Inbound Journey Treasurer Workshop. 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.
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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
Friendship Force Journey Programs Page 4 • Four types of inbound 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 • Global – Ambassadors from anywhere in the world with a special focus and variable duration
Host Club Fees Page 6 • International Journey - basic fee $150 USD; Any amount over $150 USD, the Ambassador Coordinator must be provided and agree with the cost of each program event • Global and Domestic Journeys and Stopover – fee set on a case-by-case basis, to be worked out and agreed upon by the Ambassador and Host Coordinators.
Host Club Fees (Cont’d) Page 6 • Used to pay the cost of group activilies. • Should not cover the cost of transportation from/to arrival/departure site (airport) to the local community. • are normally transferred directly from the ambassador club to the host club in a mutually acceptable manner, unless otherwise authorized by FFI. • The Host Club Program Fee is non-refundable if an ambassador cancels from the journey less than 60 days prior to departure (journey start)
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
Inbound Journey Treasurer Role and Responsibilities Pages 3, 4 & 5 • 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 Hosting Committee, FFO Treasurer and Ambassador Coordinator (upon request) • General Financial Oversight – Ensure financial decisions are in accordance with FFO guidelines
Opening Bank AccountPages 5, 6 & 7 • 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
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
IncomePage 9 & 10 • Sources of income • Ambassadors’ payment of the hosting program fee (Due 60 days prior to Journey start date); and • FFO Member payments to attend specific event(s) • Fund advance (up to $500 from FFO) – If required to pay venue deposit(s) prior to receiving the Ambassador’s payment. Must be paid back.
ExpensesPages 10 • Two types of expenses • Administration costs – postage, bank fees, booklets, Ambassador’s gift bags, AC gift … • Hosting Program Event expenses *If the event participation by FFO Member(s) increases the cost of the event, that increase must be paid by the FFO Member participating
RefundPages 13 • Hosting Program fees – not refundable once paid (60 days prior journey)* • Any residual from withdrawn applicant must be transferred to FFO main account • Upon cancellation, FFO member payment for an activity may be reimbursed prior to the event as long as the activity is self sustained.
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
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).
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); • $14.00 - Wire transfer payment received.
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.
Review of Documents • FFI Policies and Guidelines for Clubs and Programs • FFO Guidelines Journey Treasurers Inbound and Outbound • BMO Banking Fees • Excel template Instructions
Template Overview • Instruction Tab – Provides the overview information about the Excel template • Budget Tab – Area to enter the expected administrative income and expenses to ensure a net zero balance. • Event Planner Tabs – Areas to enter the expected income and expenses for each specific activity • Journal Tab – Area to record all transactions as they happen. All income should be entered as “Ambassador Receipts” or “=C$84” in column C
Template Overview (Cont`d) • Inbound Details Tab – Area to track income and expenses associated with each FFO member thus calculating their individual refund • Inbound Budget Report Tab – New tab which is a report of the budget information in a concise format for presentation at committee meeting • Summary-Source & Use of Funds Tab – Automated report showing Actual vs Budget and Variances • Note Macros must be enable for the Inbound Budget Report button to work