CLUB TREASURER TRAINING. Michele Kimrey Texas District Treasurer 2010-2014 . So, you have been elected as treasurer…. What are your Responsibilities?. Club Finances Collect funds due Club Deposit collected funds Disburse funds as directed by Board
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Texas District Treasurer 2010-2014
What are your
2. Make a trip to the bank.
a. Coordinate with other signers
b. Take the minutes – fill out appropriate forms
c. Give change of address, if needed
d. Debit or Credit Card?
Remember: The Secretary is the custodian of the records of the Club. Past years’ finances should be kept by the Secretary, but it is wise to keep the previous fiscal year handy while you are learning and getting familiar with the accounts.
Let’s learn some terminology:
Non- Profit Organization that does NOT have to pay taxes on money received.
That means you have a tax exempt status with IRS as a Non-Profit Organization and do not have to pay taxes on money received.
Donating to a 501(c)(4) does NOT allow the donor to write-off the donation to an Exchange Club. (There are a few exceptions, but Exchange Clubs do not fall within those IRS guidelines.)
You are not allowed to participate in or intervene with any political activity to promote any candidate or opposing candidate.
Very few Exchange Clubs are this type of organization. There are a few differences from the 501(c)(4)
before Board Meeting
P & L
Budget vs. Actuals
Aging Report on Dues
Make a formal copy to give to Secretary to file with Minutes from each Board Meeting
5. Prepare Statements and send to Members who still owe dues on the first of the month
Prepare Invoices to send to Club membership for dues
Send out invoices 15 days prior to the first day of each quarter. (Unlike invoices, statements are sent monthly beginning on the first day of the quarter and on the first day of each month until paid.)
Turn over unpaid dues accounts to person designated by Board for Collection Calls.
EXCHANGE CLUB FISCAL (TAX) YEAR IS JULY 1 THROUGH JUNE 30
ALSO, DON’T FORGET TO REFER TO YOUR BLUE BOOK!
What account would you post it to?
Operating or Fundraising
Your club wants to devote a portion of its fundraising to development of leadership and education. Is that doable?
What is the maximum percentage your Board should elect to go towards Education from your Fundraiser Funds?
Should you write a check if instructed by the President for funds that were not budgeted or not approved by the Board of Directors?
TO FILE YOUR CLUB’S 990-N,
VISIT THE WEBSITE:
501(c)(3) and 501(c)(4) by law must have open books. As a non-profit organization, your books are up for review by IRS, other members, other Clubs, the District, National, and non-members.
Imaginary Club Chart of Accounts for XYZ Exchange Club of Texas follows:
EXAMPLES OF FINANCIAL REPORTS:Profit and Loss StatementHow much did the Club make and spend? Also called the Income Statement. It summarizes your income and expenses for each income or expense account on your chart of accounts, so you can tell if you’re operating at a profit or a loss.
EXAMPLES OF FINANCIAL REPORTS:Balance SheetWhat is my Club worth? This report is a financial snapshot of your Club. It lists the balances for each asset, liability, and equity account as of a specific date. It also calculates what your Club is worth (the equity) by subtracting what your Club owes (liabilities) from everything it owns (assets).
$50.00 per Business Member
$8.00 per Honorary Member
$9.25 per Collegiate and Excel Members
2. Convention Fee: $25.00/club
4. General Liability Insurance
(Excel and Collegiate Clubs are billed semi-annually
in October and January)
Districts bill based on the number of club members reported by National as of the last day of the quarter
Each District has it own billing procedures based on the By-Laws of that District.
PLEASE GET YOUR MEMBER DROPS REPORTED TO NATIONAL THE WEEK BEFORE THE END OF THE QUARTER TO AVOID GETTING INVOICED FOR THEM.
Requirements:(application to National by August 1)
Each year an informal audit or a review is required by the By-Laws
The Committee/person(s) performing the audit will need the following:
∙ General Ledger
∙ Opening & Closing Bank Statements
∙ Any Board minutes where a financial
decision was made
∙ List of current officers
-National will send you an
IRS Letter of Determination
-Your Club needs to obtain from the County in which Club resides an Assumed Name Affidavit
-Fill out application for tax exempt status with state’s Comptroller of Public Accounts
-Obtain IRS Employer Identification Number (done by National in POM application)
-Determine where you want to bank
-Determine who will be signers on accounts; will there be debit cards issued and to whom
-Get copy of Minutes from Board Meeting establishing Treasurer, Name of Bank, and Signers on Account
-Schedule time to meet at Bank and fill out forms. Remember to take copy of Minutes, By-Laws, IRS Determination Letter, Assumed Name Affidavit, and IRS Employer Identification Number for Club. You will be asked to fill out a W-2 for the bank.