TODD BAILEY DISTRICT TRESURER CENTRAL OHIO CHAPTER Reading Financials & using them to lead your board

It’s about: Information Format/software is not as important as information Board members are PR people – many are newbies Too many reports create confusion - KISS Reports are NOT bank statements (Human-creations)

President’s Role Ensure a budget is submitted and approved by February board meeting (of calendar year) Ask for financials one week in advance of board meetings Compare report to bank statements – especially if only one signature is required Compare report to the previous year report Audit once per year to transition old & new treasurer

Basic Chapter Financials

Basic Chapter Goals

INCOME Budget Month YTD Comparison Administration Accreditation Luncheons CDs EXPENSES Budget Month YTD Comparison Administration Accreditation Luncheons CPA/Tax Prep. REVENUE/LOSS Budget Month YTD Comparison Totals

Additions to Basic Financials Budget Variance Difference b/w budget vs actual (monthly or YTD) Monthly or YTD Comparisons Cash Flow Statement – $$$ in/out this month

Optional Reports Cash Flow Deposit –Check DetailProfit & Loss (YTD or prior year comparison) Balance Sheet Check Register (YTD or monthly) Bank Statement – Not Optional

AUDITS Annually please ! 1. Treasurer, two officers 2. Bank statements, monthly reports, receipt book, registry 3. Choose a number, check every __ th item 4. Write recommendations – Follow Up

Tax Filing Laws - Form 990-N Guidelines.doc Who must file Form 990-N? If an organization is: Tax-exempt Has gross receipts of $50,000 or less Is not required to file another IRS form such as Form 990, Form 990-EZ or Form 990-PF (private foundation) Is not part of a group return Share proof of submission with Candice at PRSA

IRS Web Links Charities & NonProfits Tax info on “other” NonProfits “Generally, tax-exempt organizations must file an annual information return. Tax-exempt organizations that have annual gross receipts not normally in excess of $50,000 are not required to file the annual information return, but may be required to file annual electronic notice (e-Postcard) Form 990-N.” annual electronic notice (e-Postcard) Form 990-N

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