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Treasurers Association

Treasurers Association. 2012 Annual Meeting New Treasurer Orientation. Welcome!. Thanks for your service to your class and college! Not a difficult job Not particularly time consuming Stay on task, and it will not be hard A great opportunity to stay connected with your class

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Treasurers Association

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  1. Treasurers Association 2012 Annual Meeting New Treasurer Orientation

  2. Welcome! • Thanks for your service to your class and college! • Not a difficult job • Not particularly time consuming • Stay on task, and it will not be hard • A great opportunity to stay connected with your class • You DON’T have to be a finance wizard • Lots of technology to help you

  3. Topics Covered • Mandatory Responsibilities • Secondary Responsibilities • Calendar • Key Tools and Resources

  4. Mandatory Responsibilities • Prepare dues request letter(s) • Commitment: one hour per letter, three times per year • Balance the books: maintain an accurate ledger of all class financial transactions • Commitment: on average, one hour per month in non-reunion years to record your transactions • Prepare and distribute an Annual Class Financial Statement • Commitment: two-three hours per year in July • File an Annual Tax Return • Obtain a Class Tax ID (if not yet done) • Commitment: three hours in October

  5. Mandatory Responsibilities • Pay class obligations on a timely basis • Commitment: on average, write one check per month in non-reunion years • Report on finances to your class

  6. Secondary Responsibilities • Budget for class reunions and significant class events • Commitment: on average, four hours for one such event every other year • Record reunion/significant event transactions and pay event obligations • (there may be a separate treasurer for such events) • Commitment: on average, forty hours for one such event every other year • Complete a timely handoff from the previous and to the succeeding treasurer • Commitment: three hours every five years

  7. Mandatory Responsibilities

  8. Dues Request Letters • Prepare dues request letter(s) • Three times/year (typically) • Complete questionnaire prior to first letter of the year (July) • Go to Quickbase and complete info: • What plan the class will be using • Dues rate, class treasurer name and address information • Class project line(s) and amount • Any message you would like incorporated on the dues notice.

  9. Dues Request Letters (cont’d) • Draft your letter (in Word) • Samples on the website • Have your president (or other officer) review it • Go to Quickbase and upload the letter • Consider email requests • Lybunts • Commitment: one hour per letter, three times per year

  10. Balance the Books • Maintain an accurate ledger of all class financial transactions • Reconcile against bank accounts • Options: paper, Excel, accounting packages (box, online), Quickbase • Report at Executive Committee Meetings • Commitment: on average, one hour per month in non-reunion years to record you transactions

  11. Accounts and Systems • Typical account • Bank account (checking) • Other possible accounts • Savings account • Money Market • Mutual Fund (rare) • Best practices • Second signer (not dual signer) • Copies of statements to President • Share reconciliations

  12. Annual Financial Report • Prepare and distribute an Annual Class Financial Statement • What it is: two page report in Excel • Summary headcounts • Summary financials • Other (check the box) • Forms the basis for tax filing • Fiscal Year End: June 30 • File by August 31 • Commitment: two-three hours per year in July

  13. File the Tax Return • File 990-N E-postcard (new) • Alternative: 990-EZ tax return • College sends instructions (on website) • Deadline: 11/15 • You can complete yourself, or. . . • Use software/online service • Use a provider • Russell K. North ($250) • 802 295 9093 • rknorth@hotmail.com • Commitment: three hours in October

  14. New Classes: Obtain a Tax ID • Obtain a Class Tax ID (if not yet done) • Aka Employer Identification Number (EIN) • How do I get the EIN??? • Use the IRS EIN Assistant • https://sa2.www4.irs.gov/modiein/individual/index.jsp • NOTE that you are tax exempt!

  15. Paying Obligations • Pay class obligations on a timely basis • Newsletters (if snail mailed) • Gifts • Other costs • Commitment: on average, write one check per month in non-reunion years

  16. Report on Finances to Class • To President and Executive Committee • At least annually • 75% report more often • To Entire class directly • 50% report annually

  17. Secondary Responsibilities

  18. Secondary Responsibilities • Budget for class reunions and significant class events • Commitment: on average, four hours for one such event every other year • Record reunion/significant event transactions and pay event obligations • (there may be a separate treasurer for such events) • Commitment: on average, forty hours for one such event every other year

  19. Secondary Responsibilities • Work with Executive Committee/Reunion Committee to arrange for budgets and financing • Sample budgets are available from the College • On the website • College provides systems and training for reunions • Registration, etc. • Complete a timely handoff from the previous and to the succeeding treasurer • Commitment: three hours every five years

  20. Calendar

  21. 2012-13 Key Events • July 23rd:  1st Dues Mailing due to Blunt for receipt by class September 6th • August 31st:  annual financial report due • September 28th-29th: Class Officers Weekend • October 10th:  2nd Dues Mailing due to Blunt for receipt by December 10th • November 15th:  tax filing due • January 30th:  3rd Dues Mailing due to Blunt for receipt by March 13th

  22. Challenges

  23. There is a Learning Curve • Duplicate payments • Return $? Credit future years? • Mastering Quickbase • Credit cards • Lag in payments • Paypal • Integrating into Quickbase • Filing tax returns (now simplified!) • Ask your predecessor!

  24. Key Tools and Resources

  25. Ledyard vs. Wheelock • Two plan types for collecting dues • College sends out all dues requests • Ledyard • Payments returned to College/Ledyard • College inputs payments into Quickbase • Funds deposited to class Ledyard account • Wheelock • Payments returned to treasurer • Treasurer deposits funds • Treasurer inputs payments into Quickbase

  26. Key Tools • Quickbase • Online database • Records all personal information and gift history • Use to generate monthly reports • Can generate email requests • Can also track expenses • Harris • Email tool • Paypal • Online dues payment

  27. Other Resources • Procedures and Forms • Ann Harvey, 603-646-3933, ann.harvey@dartmouth.edu • Strategic Questions/E-mail solicitations • Jennifer Casey, 603-646-2292, jennifer.casey@dartmouth.edu • Tax Questions • Gail Goodness, 603-646-3001, tax@dartmouth.edu • General: Dartmouth Treasurers Association Website • http://dartmouth.org/treasurers • “Yikes! What do I do?” • Ask your predecessor! • Fellow Treasurers (see website)

  28. And in conclusion. . . • Try to keep the job simple • Keep up with your tasks • Leverage technology • Have fun!

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