1. TREASURER TRAINING (60 SLIDES)

3. TREASURER TRAINING

4. WHAT IS A TREASURER ? The Treasurer is the person responsible for safeguarding the assets of the State Federation or the local Club Specific duties of the Treasurer should be listed in the Bylaws of the State Federation or the local Club

5. TREASURER RESPONSIBILITIES FINANCIAL MEMBERSHIP REPORTING

6. FINANCIAL RESPONSIBILITY

7. GENERAL FINANCIAL GUIDELINES 1.The Treasurer is the primary custodian of all funds belonging to the Club a. She deposits the money received, disburses it, and accounts for it b. Her records must be accurate and up-to-date

8. GENERAL FINANCIAL GUIDELINES c. She must be prompt in making deposits and payments and must retain substantiating documentation for all transactions d. She must balance every bank statement e. She should prepare reports for each meeting stating income, expenses, and cash on hand

9. GENERAL FINANCIAL GUIDELINES f. Campaign finance reporting is determined by national and/or state laws, and each state and club must know these procedures, and have them addressed in their Bylaws or Financial Policies

10. GENERAL FINANCIAL GUIDELINES g. The Treasurer must comply with state and federal Campaign Finance Laws h. Procedures for checks and balances for the Treasurer must be addressed in the state or club Bylaws and/or Financial Policies

11. GENERAL FINANCIAL GUIDELINES THE TREASURER MUST KNOW THE STATE AND FEDERAL FINANCIAL LAWS AND ADHERE TO THE REPORTING REQUIREMENTS OF THE STATE AND FEDERAL GOVERNMENTS. BE SAFE – NOT SORRY !

12. GENERAL FINANCIAL GUIDELINES 2. The financial records of the Treasurer should be audited or reviewed annually and before a new Treasurer takes office a. States and Clubs may have their financial records reviewed by a committee appointed by the President (Suggest that appointees have a financial background)

13. GENERAL FINANCIAL GUIDELINES b. The audit/review of financial records is an opinion, and does not relieve the State and Club or the retiring officers of responsibility for the period covered by the report c. The State or Club is responsible for its financial management

14. GENERAL FINANCIAL GUIDELINES d. The Auditor’s or Review Committee’s report is an opinion on the State’s or Club’s financial statements based on their audit/review 3. Notify the State’s or Club’s bank of a change in officers, and obtain the necessary bank card signatures

15. GENERAL FINANCIAL GUIDELINES a. Inform the new Treasurer that new signature cards must be completed at the bank, and that she should request that bank statements be mailed to the person authorized by the Bylaws and/or the Financial Policies of the state or club b. The Treasurer should also confirm online banking services available for the account

16. GENERAL FINANCIAL GUIDELINES c. All banking must be done in the name of the Club d. When ordering checks, use the Club name only, with no address or officer names which avoids ordering new checks with the change of officers

17. GENERAL FINANCIAL GUIDELINES 4. All State Federations and Clubs must file for a federal tax ID number a. Complete the form SS-4 and return to the IRS. Due to tax consequences, do NOT use personal social security numbers! (Form SS-4 may be downloaded from IRS.gov) b. Without the SS-4, Clubs will not be able to establish a checking account

18. GENERAL FINANCIAL GUIDELINES c. At no time can the State Federation or the NFRW tax ID number be used by Clubs d. The tax ID number is valid for the life of the State Federation or Club, so be sure this is passed on when officers change

19. GENERAL FINANCIAL GUIDELINES e. At no time should a member’s personal account be used for State or Club business f. A State’s or Club’s Financial Policies and Bylaws should determine the financial checks and balances in place for all financial activities and procedures

20. GENERAL FINANCIAL GUIDELINES g. A STATE’S OR CLUB’S FINANCIAL POLICIES AND BYLAWS SHOULD GOVERN ALL FINANCIAL ACTIVITIES, AND DEFINE ALL FINANCIAL PROCEDURES PRACTICED BY THE OFFICERS

21. THE BUDGET

22. BUDGET PROCESS WHO IS RESPONSIBLE ? TREASURER ? FINANCE CHAIRMAN ? BUDGET CHAIRMAN ?

23. BUDGET PROCESS If the Treasurer is responsible, she will prepare the entire budget with input from the Board and from Committee and/or Project Chairmen If a Finance Chairman or Budget Chairman is responsible, the Treasurer will provide the financial information necessary to prepare the budget, and will serve on the committee as a consultant and/or resource person

24. BUDGET PROCESS A. Prepare a Budget Worksheet 1. Use the Treasurer’s Annual Report showing income, expenses, and year-end account balances a.List all income sources b.List all line item expenses c.List actual expenses vs. budget d.Show current year budget e.Show previous year budget * f.Show projected budget

25. BUDGET PROCESS * It is recommended that two budgets be used (current year and previous year) since many Federation activities are biennial, and using only the current budget could provide misleading information for the purpose of developing the proposed budget

26. BUDGET PROCESS B.Provide worksheet (s) to each member of the Executive Committee or Committee involved in preparing the proposed budget C.From the worksheet, prepare the proposed budget to be presented to the Board and to the membership for approval D. Follow the procedures outlined in your Bylaws and Financial Policies

27. SAMPLE BUDGET WORKSHEET

28. THE AUDIT

29. AUDIT PROCEURES The financial records should always be audited/reviewed at least annually and before a new Treasurer takes office 1. State Federations and large Clubs may choose to use a CPA for a formal audit 2. Any State Federation or Club may choose to have their records reviewed or audited by a financial professional, or by a Review Committee appointed by the President (Suggest the Committee appointees have financial experience)

30. AUDIT PROCEURES The Treasurer must provide all of the financial information for the audit or review: All Treasurer’s Reports All bank statements Copy of Club’s Financial Policies All receipts and vouchers Any authorizations for budget changes Any additional information requested Be available for questioning and clarification Present the audit/review report to the Board and membership, and a copy to the former Treasurer

31. FINANCIAL POLICIES

32. FINANCIAL POLICIES In addition to the Bylaws and Standing Rules, it is highly recommended that State Federations and Clubs have written Financial Policies These policies should be reviewed at least annually to be certain that all Federal and State statutes are being followed, and that the policies state the procedures that are currently being followed

33. FINANCIAL POLICIES State Federation and Club Financial Policies should: 1. Follow guidelines established in the bylaws 2. Be certain that all federal and state laws are followed 3. Outline detailed and specific duties of the Treasurer

34. FINANCIAL POLICIES 4. Specifically define reimbursement procedures: a. Identify persons authorized to spend and be reimbursed, and be specific about limitations that may apply b. Develop a voucher to be used for all reimbursements, and make no exceptions

35. FINANCIAL POLICIES c. Require receipts to be attached to the Voucher, and require the form be signed by the authorized officer or chairman d. Establish who the authorizing signatures will be e. Establish guidelines for persons who will be authorized travel reimbursement

36. f. Reimbursement for travel expenses should be specific: [EX: Travel arrangements will be reimbursed at the lowest possible rates only, and any overage will be the responsibility of the member] g. Be certain that other specific items and issues for reimbursement are covered FINANCIAL POLICIES

37. 5. Revisions to the budget must be approved by the Board of Directors, and possibly the membership 6. Monies approved in the budget may be paid by the Treasurer without further approval, providing the amount does not exceed the budget

38. WHAT IS A 527 ORGANIZATION ?

39. IRS REPORTING AND RECORD KEEPING GUIDELINES Generally, political organizations like NFRW Clubs and Federations are 527 organizations, exempt from federal income tax under section 527 of the Internal Revenue Code for most purposes, but not on investments, business income or on any gain from the sale of an asset CONTRIBUTIONS TO 527 ORGANIZATIONS ARE NOT TAX DEDUCTIBLE

40. IRS REPORTING AND RECORD KEEPING GUIDELINES Types of Federation or Club income which are non-taxable: Membership dues, fees or assessments Proceeds from fundraising or an entertainment event Proceeds from the sale of political campaign materials

41. IRS REPORTING AND RECORD KEEPING GUIDELINES Types of Federation or Club income which are taxable: Interest and dividends on investments Proceeds from rents or any other business income C apital gains

42. IRS REPORTING AND RECORD KEEPING GUIDELINES These issues are complicated, so... BE SAFE - - - NOT SORRY Direct inquiries to the NFRW Director of Finance for federal questions and any clarifications Direct inquiries to state authorities for state requirements and clarifications

43. MEMBERSHIP REPORTING RESPONSIBILITY

44. DIVISION OF RESPONSIBILITIES It is necessary that the Club’s Treasurer and Membership Chairman work closely together TREASURER: Receives all monies, including membership dues, and reports membership to the State Federation which reports to NFRW MEMBERSHIP CHAIRMAN: Cultivates and coordinates the membership of the Club, and she: RECRUITS - NURTURES - RETAINS

45. GENERAL MEMBERSHIP GUIDELINES 1. Membership reports must be complete and accurate, and must be reported on time. a. The State Federation Treasurer will file ALL membership reports to NFRW. Clubs DO NOT report directly to NFRW, but will file through their State Federations

46. GENERAL MEMBERSHIP GUIDELINES b. Club Membership Reports are due to the State Federation Treasurer on a quarterly basis with due dates established to coincide with NFRW requirements for State Federation reporting c. Reports are to be filed using a format determined by NFRW and the State Federation

47. GENERAL MEMBERSHIP GUIDELINES d. Clubs are requested to check their reports for accuracy before submitting them to the State Federation e. A minimum of 10 members must be recorded on the Club’s first report. This is a bylaw requirement of both NFRW and the State Federations

48. GENERAL MEMBERSHIP GUIDELINES f. The membership dues amount to be submitted is determined by the State Federation and includes the required NFRW dues in addition to the state dues amount g. One check made payable to the State Federation in the amount of the per capita dues for the number of members reported is to accompany the report

49. GENERAL MEMBERSHIP GUIDELINES h. An annual NFRW Service Charge in an amount determined by NFRW is to be included in the first membership payment submitted by the Club each year. If the State Federation has a Service Charge, it should also be included with the first membership payment each year.

50. GENERAL MEMBERSHIP GUIDELINES 2. Guidelines on procedure and format, and instructions for reporting membership should be provided to the Clubs by the State Treasurer each year a. Only Active members are reported to the State and NFRW

51. GENERAL MEMBERSHIP GUIDELINES b. Report each member only once each year c. No woman may be reported as an Active member by more than one Club in any given year d. Report member address changes to the State Treasurer in writing A.S.A.P.

52. GENERAL MEMBERSHIP GUIDELINES e. NFRW Membership Cards are online and may be downloaded for issue each year. Information will be sent to the Clubs by the state Treasurer and/or the state Membership Chairman f. The Club Treasurer will sign the cards and only issue them to each ACTIVE member in her Club

53. SUMMARY

54. The Treasurer is the chief Financial Officer of the State Federation or local Club The chief responsibilities of the Treasurer are: FINANCIAL & MEMBERSHIP REPORTING

55. SUMMARY FINANCIAL 1.The Treasurer is the primary custodian of all funds belonging to the Club 2. The books and records of the Treasurer should be audited or reviewed annually and before a new Treasurer takes office

56. SUMMARY 3.Notify the State’s or Club’s bank of a change in officers, and follow the proper bank procedures to obtain the necessary signatures 4.All State Federations and Clubs must file for a federal tax ID number

57. SUMMARY 5.The Treasurer is the key person in the budgeting process 6. The Treasurer must prepare all documentation for the annual audit/review and be available as a resource to the auditor or review committee

58. SUMMARY 7.The Treasurer is responsible for seeing that Financial Policies are followed 8.The Treasurer must ensure that the State Federation or the local Club complies with the requirements of a 527 organization

59. SUMMARY MEMBERSHIP REPORTING The Club Treasurer reports the membership and pays the fees to the State Federation which in turn reports the information to NFRW The Club Membership Chairman Recruits – Nurtures – Retains the Club’s membership

60. SUMMARY BE SAFE - - - NOT SORRY Always seek advice and guidance when in doubt !