1 / 15

Financial Responsibility

Financial Responsibility. Catherine Oakes, CPA SCTE Headquarters SVP, Operations Tim Funk Comcast Communications Great Lakes Chapter. Treasurer’s Fiduciary Responsibilities. Funds used to accomplish SCTE Mission Keep accurate financial records Enforce financial internal controls

loren
Download Presentation

Financial Responsibility

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Financial Responsibility Catherine Oakes, CPA SCTE Headquarters SVP, Operations Tim Funk Comcast Communications Great Lakes Chapter

  2. Treasurer’s Fiduciary Responsibilities • Funds used to accomplish SCTE Mission • Keep accurate financial records • Enforce financial internal controls • Follow policies, procedures & bylaws • Safeguard funds • Keep chapter board informed

  3. Why so many policies? • Internal Revenue Service • Tax-exempt purpose • Members best interest • Safeguard assets

  4. Managing Chapter Funds • Accurate and complete financial records • Supporting documentation • Reasonable and approved expenditures • Transactions that adhere to exempt purpose • No personal benefit to anyone

  5. Income • Cash handling • Deposits • Credit card transactions • No advertising income • Disclosure Statement required • Supporting documentation

  6. Expenses • Pay by check • Original invoice or check request • No SCTE credit cards • $100 petty cash limit • Board member expense reimbursements • Approved and reasonable expenses only

  7. Record Keeping • Receipts and Disbursements journal • Chapter programs and events • Operating expenses • Bank reconciliations • Quarterly Reports • Submit to SCTE headquarters

  8. Cash • Petty Cash - $100 maximum • Checks –signature requirements • Use of ATM/debit cards • Bank account balances/reserves

  9. Internal Controls and SCTE Policies • Supporting documentation • Check signing policy • Bank Signature cards • Investments • Credit Card transactions • Expense reimbursements • Cash handling • Prize policy • Raffle tickets and other games of chance • No Advances or loans • No debt financing • Charitable Contributions

  10. Credit Card Processing • Chapter Leadership Access Site (CLAS) • PayPal not approved • Processing through SCTE A/P • Two week turn around from SCTE • 3% Fee • Procedures and processing form

  11. Forms 1099 • Anyone receiving over $600 • Services rendered (volunteers are not paid) • Prizes • Submit info to SCTE staff (A/P or Chapters)

  12. Nonprofit Crack Down! • Sarbanes Oxley Rules • Revised IRS Form 990

  13. Raffle Tickets and Gaming • New Schedule G of Form 990 • Cumbersome and detailed IRS reporting needed for any games of chance and Bingo

  14. Financial Responsibility Questions??

  15. Financial Responsibility Catherine Oakes, CPA SCTE Headquarters VP, Finance and Administration coakes@scte.org 610.594.7328

More Related