1. From the Presention by Judith A. Yannarelli, CPS/CAP 2010-2011 International Treasurer

2.  Evaluating financial policies  Evaluating goals and objectives  Evaluating financial performance  Effective teamwork

3.  Financial review/audit recommendations  Banking requirements  Communication and access

4.  What’s the difference ◦ 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.

5.  Definition of a 501(c)(6)  Enforcement  Use of funds  Standards of Integrity

6.  State and local laws  Fundraisers  Auctions  Raffles

7.  Fulfilling IAAP’s mission  Reserves  IRS scrutiny

8.  Responsibility  Form 990  W-9 form  Form 1099 & 1096

9. Form 990N (less that $50,00 or less gross income) http://www.irs.gov/charities/article/0,,id=169250,00.html Form 990 E-Z (more that $50,000 gross income) www.irs.gov/pub/irs-pdf/i990ez.pdf Form 1099 (payments to an individual over $600) www.irs.gov/pub/irs-pdf/f1099msc.pdf Form 1096 (summary of 1099 forms) www.irs.gov/charities/article/0,,id=172607,00.html Which form & where do I get it?

10.  State requirements  Permanent files  Deadlines

11.  Review  Update

12.  Definition  Review strategic plan  Determine financial goals  Approval

13.  How to Create a Division/Chapter Budget webinars – for all division/chapter presidents and treasurers  Webinar is available on the Treasurer’s e-group

14.  Definition  Review  Evaluate  Communicate

15.  Definition  Committee  Review  Communicate

16.  Education  Deadlines  Review  Communication

17.  Criteria o Division o Chapter

18.  and understand your financials!!!  having complete knowledge or expertise on financials is not a requirement – common sense is essential  there is no such thing as a dumb question  IAAP is a 501c6 non-profit association

19. ›The Treasurer has the appropriate resources to do the job. o Financial software o Spreadsheet software o Access to a computer/laptop ›and be knowledgeable about tax compliance guidelines, as well as raffle and auction state and local rulings ›the Division must remain in compliance on every level

20. ›it is wise and prudent to educate all officers, chairs and members on the financials – who, what, when, where, and why (tribal knowledge) ›you need to remain in Need-To-Know mode in the arena of financials

21. ›expect timely financial reports ›to communicate with the Board often – create a set date/time each month to take afinancial pulse

22.  about budget trends o If repeat events have declining revenue, budget accordingly. Be conscious of variances on the statement of activities o about spikes and valleys in some areas of income and expenses o what is deferred revenue (income) on a Balance Sheet?** o money not yet received for goods and services

23. o Sample Forms: W-9, 1099-MISC, 1096 o Tax Compliance Announcements o IAAP Standards of Integrity o Silent Auctions and Raffles Info o Tax Compliance Q & As o “Let’s Get Serious” posting to Treasurers’ eGroup o Accounting Library Document List

24.  Internal Revenue Service - www.irs.govwww.irs.gov  Division Treasurer – treasurer@iaap-illinoisdivision.orgtreasurer@iaap-illinoisdivision.org  International Treasurer  Treasurer’s eGroup  HQ Staff - acct@iaap-hq.orgacct@iaap-hq.org Holly Emmert, Accounting Specialist Melissa Mahoney, Finance & Facilities Supervisor Sue Tuff, Controller

26. Lisa Olson 2011-2012 Illinois Division Treasurer treasurer@iaap-illinoisdivision.or 630-417-4104 (cell)