Presidents Assembly Steering Committee Regional Representatives Janet South NAWBO Indianapolis Midwest Region Patsy Foxworth NAWBO San Antonio Western Region Nancy Chorpenning NAWBO Atlanta Southern Region
NAWBO REGIONAL BREAKDOWNS Northeast & Atlantic Region Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut, New York, Pennsylvania, New Jersey, Delaware, Maryland, District of Columbia, Virginia, W. Virginia Midwest Region Wisconsin, Michigan, Illinois, Indiana, Ohio, N. Dakota, S. Dakota, Nebraska, Kansas, Minnesota, Iowa, Missouri Southern Region North Carolina, South Carolina, Georgia, Florida, Kentucky, Tennessee, Mississippi, Alabama, Oklahoma, Texas, Arkansas, Louisiana Western Region Idaho, Montana, Wyoming, Nevada, Utah, Colorado, Arizona, New Mexico, Alaska, Washington, Oregon, California, Hawaii
What the Presidents Assembly Does: Presidents Assembly Steering Committee is responsible for: Serving as voice of the chapters on the National Board and facilitating communications between National and the chapters Facilitating chapter collaboration/information sharing via webinars Creating a community of chapter leaders Helping chapter leaders with strategic planning, problem resolution, etc.
WEBINAR SCHEDULE Mark Your Calendar NOW! Webinars will be held on the third Thursday of every month at noon Eastern time. Upcoming Webinars: June 20 th - What's Happening In NAWBO - Programs, Public Policy, and Procedures. * Schedule subject to change Suggest a webinar topic by ing
PA Facebook Page Use to share news and information; exchange best practices; ask for help; etc. All chapter leaders are welcome to join. Please do not use to market your business.
News from National Lola Kakes PASC Chair
NAWBO Public Policy Primers 4 th Tuesday of the Month at Noon EST.
NAWBO and Diane Tomb In the Spotlight Diane had the privilege of being featured in a co-op-ed piece with Beth Solomon, President and CEO of the National Association of Development Companies that appeared on CNBC.com. They spoke to the important role of women business owners and how access to capital continues to be our biggest impediment.
Womens Small Business Lending Initiative Diane Tomb and Beth Soloman announced our organizations launch of a Womens Small Business Lending Initiative that will bring capital access options and training to more women through the nations network of 270 Certified Development Companies, SBA Loans and SBA Womens Business Centers. In case you missed it, the full article link is:
Start Your Own Crowdfunding Campaign NAWBO's media partner Chic CEO is doing something pretty exciting and we're thrilled to tell you about it! If you don't know Chic CEO, they are a community of more than 14,000 female entrepreneurs supported by a free platform of smart and relevant how-to information.
They just launched their very own crowdfunding platform to help female entrepreneurs get the funding they need for their businesses, projects or causes. Crowdfunding is a way to engage your networks (friends, family, social) to pitch in small amounts of money to help you reach your funding goalit's a great alternative to getting a loan, selling equity, using credit cards, etc. For more information, contact nawbo.org
Happening Now In an effort to limit the number of s – yet still keep you informed – NAWBO recently began sending our information on a weekly Alert. This Alert will share important dates and information so please check to make sure you are receiving it.
Partners On this weekly Alert, you will find additional information about our great Corporate & Affinity Partners. For example –Southwest Airlines Emerging Business Travel Services - Let Southwest help you book, manage, and track your company's travel with SWABIZ, Southwest's FREE online corporate booking tool. You'll have access to all of Southwest Airlines' fares for your business needs (including Web Only fares) as well as travel management tools including free reports for your air, car, and hotel reservations. All of this comes with no minimum segment commitments and no transaction fees.
Enterprising Women Magazine Since the early '90s, we've partnered with Enterprising Womena magazine dedicated exclusively to addressing the needs of women entrepreneurs. Receive the print and digital editions of Enterprising Women magazine for just $25 per year, a special offer for NAWBO members. Log in to your My NAWBO account, then go to the NAWBO Store to subscribe today.Log in
The Presidents Assembly Steering Committee is pleased to welcome three new members for the term (two-year commitment). This is a great way to get involved in a leadership role with National NAWBO. They will begin their term in July 2013 and will join current members in assisting our Chapters. Shaune Skinner – Columbus, Ohio Carol Kirkland – Detroit, Michigan Lynda Bishop – Phoenix, Arizona If you are interested in developing your leadership skills and joining a great team, please contact us via THE PRESIDENTS ASSEMBLY STEERING COMMITTEE
Leadership Boot Camps May 7 th – Orange County, California –A great venue with very good information. –A thank you to the Orange County Chapter for making everyone feel welcomed. –Also, a thank you to the NAWBO staff for taking such good care of all of us!
POLL QUESTION What topics most interest you for the Leadership Boot Camp at the National Conference. Choose TWO
The World AwaitsOctober 3-5 at Floridas Miami InterContinentalis designed to help women business owners to dream and achieve big for themselves and their businesses with fresh ideas, powerful inspiration and exciting resources. Save $50 when you register before June 30th
Conference features great general session speakers (to be announced soon) Four break-out tracks: Business Basics Steady Growing Entrepreneur Expert Entrepreneur International
POLL QUESTION Will you be attending the NAWBO WBC Conference in Miami?
Budgets & Financial Issues
Although non-profit organizations and charities do not put away money as profit, they can still experience accounting issues. This is because the income of the organization must keep it running to provide programs or services to people. Accounting issues occur when there are jeopardized income sources.
Income and Fundraising Where does your Chapter income come from? –Membership Dues –Corporate Partnerships/Sponsors –Events/Fundraising Failing to meet financial goals can affect the accounting status of a non-profit organization, as it still might need to pay staff and cover fixed expenses.
Creating an Accounting Structure Nonprofit accounting shares similarities to for- profit bookkeeping. Your Chapter still has to generate enough income to operate and manage expenses. These transactions need to be carefully tracked for tax-filing purposes, cash-flow management, third-party audits and to ensure financial stability.
How to … Create a chart of accounts beginning with your bank and credit card accounts. Be sure to enter opening balances as of the date your start your accounting year. Even in a very small Chapter it is extremely important that it maintain its own bank account. Create your liability accounts. Liabilities are anything that your nonprofit owes or will owe. Payroll taxes are a very common liability.
How to … Set up any fixed assets. These will be items that are owned by the Chapter and are not consumed or used up within one year. It is up to you or your CPA to decide the dollar amount threshold for determining which purchases will be fixed assets and which will be an expense. A common threshold for a small organization is around $500. Fixed assets are depreciated each year based on the IRS depreciation schedule.
How to … Create expense accounts. Most accounting programs will set up a basic chart of accounts that will include expenses related to your industry. It is advisable to separate operations expenses from program and fund-raising expenses. Set up all vendors and track carefully. Be audit-ready. If your Chapter receives any grants or plans on applying for any type of loan, you will most likely be subject to an annual third-party audit. Auditors will look at your accounting process closely.
How to … Keep copies of all documents as it is essential to duplicate and keep accurate records. Auditors will often ask for copies of checks written or even checks received. Copy all written checks and deposits and store in a binder. Reconcile your bank and credit accounts each month and keep copies of reconciliation reports attached to your bank statements. Obtain written approval for all expenses, including regularly paid bills. This is especially true for any nonprofit with a board of directors.
How to … Create a set of reports each month. Profit-and-loss and balance-sheet reports are recommended. Create binders or files for all major fundraising events. Include all supporting documentation for income and expenses. Most accounting software programs will offer a suggested chart of accounts. It is important to keep your Chart of Accounts as simple as possible and to not create accounts for items you only use once or twice.
Financial Statements You need to issue financial statements at the end of each period. These statements consist of: –A Statement of Activities, which is similar to a business's income statement and summarizes the contributions received and the expenses incurred during the period. –A Statement of Financial Position otherwise known as a balance sheet and lists the assets, liabilities and net assets of the nonprofit. –A Statement of Cash Flow details information regarding the cash transactions of the Chapter.
Expenses Expenses are categorized as fundraising expenses, program expenses and management or general expenses. –Program expenses account for products or services provided directly to the Chapter. –Management or general expenses account for the overhead expenses necessary to run the Chapter –Fundraising activities consist of conducting special events, direct-mailing to donors and telephoning potential donors. Each category of expense is reported separately.
The Goal Your Chapter goal is to aim to maximize the amount of program expenses and minimize the management or general expenses and fundraising expenses.
Budgets Nonprofit organizations govern their spending with comprehensive budgets. Nonprofit budgeting includes unique considerations which for-profit accountants do not have to deal with, such as the unpredictable nature of fundraising income. Understanding the issues that need to be faced can shed light into the way in which nonprofits function from the inside or can guide your own efforts to create a budget for your Chapter.
Budgets … Programs and services are the main focus of most Chapter budgeting. Budgeting for fundraising is more about setting goals than predicting income. A budget for fundraising income acts as a yearly performance goal for nonprofit marketing and fundraising teams, who know the organization is counting on them to be able to meet its obligations and perform its services. Chapters also have to budget for a range of recurring administrative expenses such as, utilities, postage for fundraising campaigns and travel expenses.
Budget How to … Organize a team to come up with all activities that the Chapter partakes in. These may range from events to draw in funds to educational programs to lunch or dinner events/meetings. Detail each event in depth, from the cost of renting a location, money for incidentals like food for the staff, to the cost of purchasing goods to hand out.
Budget How to … Gather the detailed expenses and break them down monthly. Include in these any salaries of all paid staff, rent of all venues and incidentals such as overhead of electric, gas, and utilities. With the expenditures broken down monthly, make detailed lists of all incoming monies as well as projected donations. Use previous years numbers to get trends and projections.
Budget How to … Make decisions as to which events will be the most cost-effective and provide the greatest benefit to your Chapter. Analyze the cost of all of the events you selected and compare it to what monies are coming in. Ensure that your incoming monies will cover all the detailed expenses you came up with and not go over by much.
Budget How to … Any overage will need to be accounted for and held for the next years budget. Allow some extra monies in your newly formed budget for any unforeseen activities such as economic downturns and other events of which you need to be aware.
Budget Tips Open lines of communication between all your teams is key. A budget works best if people are open and honest with expenditures and are willing to work to keep them in line with the budget. Increasing your fund raising may be a way to increase budgetary allowances and get more out to the members. Serious oversight of all moneys is key to budgetary accounting. While honesty is inherent in most people, there are some who will not think twice about pilfering donations and moneys. Tight accounting will minimize that.
CONTACT NAWBO Member Services: Chapter Services: Presidents Assembly: News/Article Submissions: Website/Technical Support: Public Policy:
Thank you for participating in NAWBO Presidents Assembly Webinar! We look forward to talking to you next month. The webinar will be on June 20, 2013 at noon Eastern on What's Happening In NAWBO - Programs, Public Policy, and Procedures. To share this information with your chapters leadership, visit NAWBO Presidents Assembly Community for the slides or the Facebook Presidents Assembly Page for the link to the recording. Dont forget to look for the link to register for future PA Webinars in Happening Now.
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