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MN ENA STATE COUNCIL TREASURER Role and Responsibilities.

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Presentation on theme: "MN ENA STATE COUNCIL TREASURER Role and Responsibilities."— Presentation transcript:

1 MN ENA STATE COUNCIL TREASURER Role and Responsibilities

2 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

3 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.

4 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.

5 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.

6 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.

7 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.

8 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.

9 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.

10 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.

11 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

12 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.

13 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.

14 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

15 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.

16 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

17 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

18 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

19 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.

20 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.

21 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.


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