Presentation on theme: "MN ENA STATE COUNCIL TREASURER Role and Responsibilities."— Presentation transcript:
MN ENA STATE COUNCIL TREASURER Role and Responsibilities
Expectations Quarterly reports to State Council Maintain accuracy in accounting Budget planning Collect and maintain records for tax purposes Pay bills on time and meet deadlines Serve as resource to State Council and Chapter Treasurers
ENA Fiscal Year The ENA Fiscal year starts February 1st and ends January 31st Budget planning evolves around this date. This is different than the tax year that starts January 1st and ends December 31st. *******Taxes will not be completed in April……Extension paperwork will be forwarded. National needs a copy of each extension for the year.
Important Deadline January, mid month- W9 information due to Accountant April: Tax information due to Accountant September/October: Collect Reimbursement and Disclosure forms from delegates Prepare budget for approval at November state council meeting.
BANKING Wells Fargo- On Line Banking/ direct deposit – set up user name and password. Signature Cards should be up dated yearly Reconcile the checkbook to the monthly statement as soon as possible MN State Council Treasurer has access to all the chapter banking accounts. Download monthly statements into tax folder on regular schedule.
Banking continued Quarterly, National will deposit reimbursement for TNCC, ENPC and membership fees in the State Council Account. ** A hard copy summary is sent by mail to the treasurer along with a list of new members. Half the amount of TNCC assessment will be transferred into Trauma checking account Half the amount of ENPC assessment will be transferred into the ENPC checking account **Must have summary to make transfers. NCE- No Chapter Designation – use zip code to determine what chapters receive NCE payments. Transfer the funds into corresponding accounts.
BUDGET PLANNING Estimate expenses and income for the year. A reflection of your organizations priorities for the near future. A budget grants the treasurer authority to disburse money up to the budgeted amount. Discuss with STAT, Pads, and Trauma committee their requirements for the next year. Amendments to the budget Motion required to disburse any funds that exceed the budgeted amount.
STATE COUNCIL MEETINGS Be prepared- Quarterly report Checking and Savings balances Summarize income and expenses Forward report to secretary and STAT editor Budget alignment Arrive 15 minutes early Try to get quarterly report and budget alignment onto the website before the meeting if possible so others can access it.
W9/1099 submissions Due mid January W9 is an IRS form used to collect social security numbers and addresses for the purpose of distribution of 1099 forms. W9 form should be completed by anyone that is compensated for services provided to chapter i.e. a paid speaker for a conference or TNCC instructor. Speaker or instructor should not be paid unless W9 collected. W9 forms can be downloaded from the IRS website. The form is also available on the MN State Council website.
W9/1099 continued Any person with total payments of $600 or more, must be issued a 1099 by the IRS. State Treasurer will not know who needs a Each chapter must submit these names and subsequent W9 to the State Treasurer by January 1st. Accountant will send a form to complete for anyone that made over $600 in the previous tax year. This form can be sent electronically back to the accountant.
TAXES- What’s required The following should be collected from each chapter, TNCC and ENPC Committees, and the State Council. Send to the Accountant by 4/15. The accountant will forward a zip file large enough to hold the documentation. 1. Each chapter including the State Council should provide a financial summary for the year. This can be in narrative form and include the following: Beginning checkbook/CD balances + total income - Total expenses = ending checkbook/CD balances
Tax Prep continued 2. Reconcile any checking and investment accounts to the respective bank statements and provide a copy of the reconciliation for tax year.(Excel format- form). 3. The State Council Treasurer will download the monthly bank statements for the accountant so this does not need to be done by each chapter.
Tax Prep Continued 4. Provide a detailed summary of the expenses and description of the expenses. Use Excel format. 5. Each chapter should provide a detailed summary of the receipts and description of the revenues. Use Excel format. A sample Excel template is available that can be revised to meet your needs.
CALENDER - JANUARY Reconcile December Checking and Savings. Complete end of year – 4th quarter financial report though may not be able to complete until February. Check IRS forms for any revisions to W9. Download and electronically sign a form that the chapters can use for vendors. Chapters also need blank form for speaker/instructors. Place forms on the website. Collect 1099 for anyone making over $600 collectively in previous year. Accountant will send form to be completed for 1099s. Complete, scan and to accountant
FEBRUARY Finish year end report for State Council Meeting Reconcile January Checking and Savings Collect checkbooks and reconcile reports from chapters, tncc committee and peds committee. Get list of chapter and council membership - updated for any new officers especially new treasurers. State Secretary should provide this information. Set up contact list for each new treasurer and officer.
March/April March Reconcile February Checking and Savings Did all the tax information get turned in from the chapters? Follow up as needed. April Reconcile March Checking and Savings Submit taxes to accountant Prepare 1st quarter financial report for May meeting
May/June/July May Reconcile April Checking and Savings Homestead subscription deadline is in May Intuit website auto payment Get TAX extension documentation to National June Reconcile May Checking and Savings July Reconcile June Checking and Savings
August/September August Reconcile July Checking and Savings If taxes not filed yet, send extension documentation to National. Prepare 2nd quarter financial report for September meeting September Reconcile August Checking and Savings Bring disclosure and delegate reimbursement forms to state council meeting
October Reconcile September Checking and Savings Make payments to delegates Prepare budget for November meeting- consult with Trauma / PEDS /and STAT regarding expected income of revenue and projected expenses Prepare 3rd quarter Financial Report for November meeting Need list of current year MSC board/officers plus addresses for taxes.
November/December November Reconcile October Checking and Savings Get list of chapter treasurers for next year. Any changes? Add to contact list for . Pay the State of MN. You will get a bill. December GET ELECTRONIC TAX RETURN FROM ACCOUNTANT TO SUBMIT TO NATIONAL Reconcile November Checking and Savings Collect 1099 forms and amounts paid from treasurers - Needs to be submitted by mid January Pay accountant- You will get a bill.
RECORD MAINTENANCE/STORAGE Save Bank Statements for 3 years Save Tax Information for 7 years Shred using a criss cross shredder when possible. Backup information to external storage on a regular basis. Use a fire proof safe to store sensitive documents. Use scanner to download receipts, W9, etc.