1. Ruth Smith, CPS/CAP 2011-2012 Kansas Division Treasurer Leadership Workshop August 13, 2011

2.  Responsible for all funds for your respective chapters and for keeping records current  Responsible for complete and accurate record of chapter membership  Generally a member of your Finance/Ways and Means Committee (depending on your chapter bylaws and standing rules)  Responsible for preparing annual budget and event budgets as needed  File tax reports as required Form 990-N is due November 15 2August 13, 2011

3.  Chapter of Excellence criterion #2: Chapter submits budget and annual financial review/audit report to the members with a copy to the division by December 31  This criteria is mandatory this year 3August 13, 2011

4.  Keep board discussions confidential and agree to disagree.  Support a decision once it is made. 4August 13, 2011

5. These are based on IAAP Core Values of Integrity, Respect, Adaptability, Communication, Commitment and include Ethical Business Conduct for IAAP Members for Trust and Behavior. NOTE: These standards were approved by the International Board of Directors on November 1, 2008. 5August 13, 2011

6.  Not-for-Profit 501(c)(6) Nonprofit Business League Tax Status  Contributions to IAAP are NOT tax-deductible Exceptions are RTF and Research & Education Foundations which are 501(c)(3) entities Contributions from Vendors could be considered marketing expense 6August 13, 2011

7.  Your chapter should have an Employer Identification Number.  Your chapter is exempt from income tax, but not exempt from sales tax – Not eligible for nonprofit postal discounts.  You should provide 1099-MISC form for payments greater than $600 to individuals (not corporations). This includes speakers, entertainment, etc. 7August 13, 2011

8.  Introduced to Form 990 in 2008 used as a return for exempt organizations  File 990-N if gross receipts are <$25,000. (Form is actually a postcard on e-file)  File 990 if average gross receipts are >$25,000.  Due November 15, 2011  Visit www.irs.gov Charities and Nonprofits for detailswww.irs.gov 8August 13, 2011

9.  501(c)(6) status prohibits inurement (financial advantage) to any member. Distribution must be equitable to all. Awards must be for actions that benefit entire group (i.e., recruiting new members) and be in proportion to action. Should not be donated for member hardship (do individual collections). Scholarships are based on academic merit and financial need; all other payments should be termed awards. 9August 13, 2011

10.  Surety Bond Position bond protects the position; not the individual. (Office of Treasurer must be bonded and all officers with access to funds should be bonded (usually treasurer and president). Coverage is based on average funds handled in the fiscal year, increasing as needed. Can be purchased through any insurance, but HQ has competitive rates through Tallman Insurance. Bonds only available in 3-year increments and expire April 2019  Third-Party Liability insurance protects chapter assets against lawsuits. 10August 13, 2011

11.  Review revenues, expenses and in-kind donations for the past 2-3 years.  Solicit input from board and committee chairs regarding planned programs for the year.  Present budget to board and membership for approval and adoption.  Regularly compare actual income/expenses to budget.  Should have budget for general funds and additional budgets for special events (i.e., APW events) 11August 13, 2011

12.  Drawing is the correct term for use of tickets, entry slips, etc.  Raffles are specifically those which use entry forms with detachable stubs and require a permit from city and/or state.  Games of chance held only during chapter meetings may be acceptable, but you need to check local laws. 12August 13, 2011

13.  Work with your membership chair for member transfers, reinstatements, etc. Remind members that renewing on time is a mandatory Member of Excellence criteria and avoids reinstatement fee. 13August 13, 2011

14. Suggested internal controls include:  Checks are endorsed For deposit only as soon as received.  Prepare duplicate or request copies of deposit slips and attach detail.  Invoices/check requests are supported by documentation.  Checks are NEVER signed ahead of time.  Blank checks stored securely. 14August 13, 2011

15. Financial Review  Internal Review Members assigned to provide an evaluation and/or monitor the reporting and financial practices; or, Accounting professional will review records to assess the validity of numbers and speak with appropriate officers. Audit  External Review Accounting professional will obtain independent evidence of the numbers, plus look at the internal controls. The accounting professional offers an opinion. 15August 13, 2011

16.  Manage and report on finances by maintaining all bank accounts, monitoring the budget, providing oversight for transactions.  Arrange to send duplicate monthly statement to President.  Keep a check register with checks/expenses and deposits listed.  Complete a reconciliation form. (If you chapter does not have one, there is usually one on the back or last page of your bank statement.)  Share a treasurer’s report with your board and members monthly. 16August 13, 2011

17.  Know and understand your financials.  Monitor expenses to maintain the budget.  Keep your eye on investment rates and adjust accordingly.  All members should know and understand their chapter’s policies and procedures related to their budget.  Having complete knowledge or expertise on financials is not a requirement, but common sense is essential.  “A strategic plan without a solid financial plan is just spending.” Rob Batarla in Associations Now. January 2011 issue. 17August 13, 2011

18. Q: According to Fenton Crackshell, who is the richest individual in the world? 18August 13, 2011

19. A:Scrooge McDuck or Uncle Scrooge, is a Scottish anthropomorphic duck created by Carl Barks that first appeared in Four Color Comics #178, Christmas on Bear Mountain, published by Dell Comics in December 1947. 19August 13, 2011

20. A:Scrooge McDuck or Uncle Scrooge, is a Scottish anthropomorphic duck created by Carl Barks that first appeared in Four Color Comics #178, Christmas on Bear Mountain, published by Dell Comics in December 1947. Q:What is his net worth? 20August 13, 2011

21. A:Trick question. It’s the same as yours and mine. Net worth = Assets minus liabilities  Fenton Crackshell (Scrooge's accountant) notes that McDuck's money bin contains 607 tillion 386 zillion 947 trillion 522 billion dollars and 36 cents.  In 2007, Forbes estimated his wealth at $28.8 billion; in 2011, it rose to $44.1 billion due to the rise in gold prices. [ 21August 13, 2011