 Roles and Responsibilities  Budget  Bookkeeping  Reading financial statements.

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Presentation transcript:

 Roles and Responsibilities  Budget  Bookkeeping  Reading financial statements

ROLES & RESPONSIBILITIES  The Board  The finance committee  The treasurer  Senior staff

1) Does the budget reflect the organizations priorities? 2) What are the assumptions upon which the budget has been prepared? 3) Who is responsible for monitoring and controlling the budget expenditures? 4) Are there policies in place to govern the preparation and control of the budget?

 Has to be well thought out.  Prepared and approved by the Board.  Broken into time periods.  Financial statements prepared on a timely basis.  The Board has to be open to discussion and will take action when a significant difference is noted.

 List the goals of the organization for the year.  Estimate the cost of each goal.  Forecast your income.  Compare the expected revenue to the expenses.  Present the budget to the Board for approval.

 Chequebook register  EXCEL spreadsheet  Accounting software program

Cash Receipts/Disbursements Analysis Appendix A

 Name of Organization  Period Covered  Cash Beginning  Income Received  Expenses Paid  Cash ending (should agree with the bank statement)  Signature of Treasurer

1) Statement of Financial Position - Balance Sheet 2) Statement of Operations - Income Statement 3) Statement of Changes in Net Assets or Fund Balances 4) Statement of Changes in Financial Position – Cash Flows

What is the difference in Revenue? Why? What is the difference in particular expenses? Why? Are the results what we anticipated? What is the bottom line? What is our policy to deal with surplus? What are the plans to cover a deficit? If there is a deficit from previous years, how are we managing that?

ASSETS 31 Aug 2009 Current Assets Chequing/Savings TD Bank $48, Total Chequing/Savings 48, Total Current Assets 48, TOTAL ASSETS $48, LIABILITIES & EQUITY Equity Retained Earnings $48, Total Equity 48, TOTAL LIABILITIES & EQUITY $48,915.95

ABC Society Profit & Loss September 2008 through August 2009 Sep '08 - Aug 09 Income Fundraising Hot Dog Day $ SUTP 4, Yearbook Total Fundraising 5, Total Income$5, Expense Hot Dog Day Expenses $ Miscellaneous Resources Welcome Back BBQ Yearbook 2, Total Expense$3, Net Income$1,506.93