Download
1 / 12
120 likes | 174 Views
Reading Financials & using them to lead your board. TODD BAILEY DISTRICT TRESURER CENTRAL OHIO CHAPTER. It’s about: Information. Format/software is not as important as information Board members are PR people – many are newbies Too many reports create confusion - KISS
E N D
Reading Financials & using them to lead your board TODD BAILEY DISTRICT TRESURER CENTRAL OHIO CHAPTER
It’s about: Information • Format/software is not as important as information • Board members are PR people – many are newbies • Too many reports create confusion - KISS • Reports are NOTbank statements (Human-creations)
President’s Role • Ensure a budget is submitted and approved by February board meeting (of calendar year) • Ask for financials one week in advance of board meetings • Compare report to bank statements – especially if only one signature is required • Compare report to the previous year report • Audit once per year to transition old & new treasurer
Simple Treasurer’s ReportCategorize by _________, __________ & _______________
Additions to Basic Financials • Budget Variance Difference b/w budget vs actual (monthly or YTD) • Monthly or YTD Comparisons • Cash Flow Statement – $$$ in/out this month
AUDITS Annually please ! • Treasurer, two officers • Bank statements, monthly reports, receipt book , registry • Choose a number, check every __th item • Write recommendations – Follow Up
Tax Filing Laws WWW.PRSA.ORG - Form 990-N Guidelines.doc Who must file Form 990-N? If an organization is: • Tax-exempt • Has gross receipts of $50,000 or less • Is not required to file another IRS form such as Form 990, Form 990-EZ or • Form 990-PF (private foundation) • Is not part of a group return • Share proof of submission with Candice at PRSA
IRS Web Links Charities & NonProfits http://www.irs.gov/charities/index.html Tax info on “other” NonProfits http://www.irs.gov/charities/nonprofits/index.html “Generally, tax-exempt organizations must file an annual information return. Tax-exempt organizations that have annual gross receipts not normally in excess of $50,000 are not required to file the annual information return, but may be required to file annual electronic notice (e-Postcard) Form 990-N.”
