DISTRICT TRAINING ASSEMBLY 2016 CLUB FINANCE BY Rtn. Dilip S. Mulay

BUDGET FINANCE REPORTING

BUDGET As per Club Bylaws (Article 9) at the beginning of each fiscal year the Board shall prepare a Budget of Estimated Income and Expenditure for the year which having been agreed to by the Board, shall stand as the limit of expenditure for the respective purposes unless otherwise ordered by the action of the Board.” WHAT WHEN WHY HOW

WHEN WHAT IS BUDGET Budgets are estimated income and estimated expenses – approved by the Board. Separate Budgets for Club and for the Trust. WHEN We before beginning of the Rotary year preferably in May/June.

HOW WHY Projects against over enthusiastic expenditure. Committing beyond financial means. Budgets helps you to manage day to day finances of the Club. HOW List separately the standard heads of expenditure and income such as:

INCOME New Member Admission Fees --------- Membership Dues --------- Bank Interest --------- Bulletin Advertisements --------- Sunshine Collection --------- Personal sponsorship of meetings --------- TOTAL INCOME ---------

EXPENDITURE Regular Meeting Expenses (Cost of Venue, Food, Audio, Visual, Fellowship etc.) --------- Club Administration (Printing & Stationery, Postage & Courier, Gift & Mementos, Photography etc.) --------- Cost of publication of Club Bulletin ---------

EXPENDITURE 1. R.I. Dues (US $ 28.00 per member per half year) --------- 2. District Dues (Rs.400/-100/- for Literacy pypm) --------- 3. Rotary Magazines (US $ 24.00 Rotary News Rs. 480/- Per yr) --------- 4. Rotary News (Print or E-version Rs. 420/- Per year --------- 5. COL (US $ 1.50 ) --------- TOTAL EXPENDITURE --------- SURPLUS/DEFICIT -----------

BUDGET FOR THE TRUST INCOME Interest/Dividend _______ EXPENDITURE Regular Donations _______ Expected Donations _______ Fund Raising _______ TOTAL INCOME … _______ EXPENDITURE Permanent projects _______ Future projects _______ TOTAL EXPENDITURE … _______ SURPLUS/DIFICIT ….. _______ Realistic. To be filed at Charity Commissioner

WHAT ARE STATUTORY LIABILITIES? Bi annually Club Invoice payment to Rotary international as per the membership as on 1st July & 1st January. District Dues. Council on Legislation. RI Magazines.

CLUB INVOICE Beginning 1st January 2015, Club receives a one-page invoice that clearly states the amount owed for Subscription fees (Magazine), Membership Dues & Outstanding Balance. Club will no longer need to recalculate bills, make adjustments or fill out the eight-part Semi Annual Report (SAR)

WHEN CLUB RECEIVE CLUB INVOICE FROM R.I. ? Club Invoices will be received by clubs by July 16 & January 17

WHEN CLUB SHOULD PAY INVOICE ? Clubs are required to pay immediately upon receipt of invoice. Clubs are subject to Termination for Non-Payment of dues 120 days after the Club Invoice is issued.

WHAT IS THE DEADLINE FOR REPORTING MEMBERSHIP CHANGES FOR CORRECT CLUB INVOICE ? Your Club Invoice will be calculated by the number of Members in Rotary Database on 1st July 16 & 1st January 17.

EASY STEPS Make sure the Names & email address of all future Officers are correct & updated on R.I. Website (16-17). Continue the same email I.D. of the Club if possible. Add ri.clubfinance@rotary.org to your approved email contact to avoid rejection or filtered as spam. Update Membership & Magazine Data before 1st July 2016 & 1st January 2017. Email data@rotary.org in case you do not receive Club Invoice by 1st August 16 or 1st February 17. Pay on time to avoid Termination.

Financial Discipline – Key to Club’s effectiveness Managing Club Finances : a) Before the year begins. b) During the year. c) After the year gets over.

Semi Annual Report of membership SUBMIT TO DUE DATE Semi Annual Report of membership R.I., with a copy of the worksheet sent to the District Governor 1st July and 1st January of each year Change in Membership R.I. Online Club information changes Official Directory Data Form R.I. & Dist. Governor 31st December District Dues District Treasurer August

BEST PRACTICES 1. Prepare Budget at the beginning of each year.   2.       Take Charge of previous year’s audited account & report. 3.       Update your membership before 31st Dec. to receive correct invoice. 4.       All the dues [ RI / District / publication / COL ] should be paid before 30th Sept. to qualify for DGNC election. 5.       Authorize three signatories for bank account. 6.       Remember that Treasure’s signature is compulsory.

DISTRICT TRAINING ASSEMBLY 2016 THANK YOU !