1. Treasurer Training Penny Wirsing, FY13 Treasurer

2. Treasurer Responsibilities Recommended Policies
Agenda
Treasurer Responsibilities
Recommended Policies
General Financial Procedures
Budgeting Fundamentals
Assessment and Audits
Fund Raising and Fund Development
Financial Report Forms
Federal Tax Exemption
IRS Filing Requirements
Additional Resources
Finance Manual1
(Governance Docs)
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3. Responsibilities of the Treasurer
The Treasurer is part of the Executive Committee and works with the team to ensure the financial assets are tracked and protected, including:
Collect, safely keep, and distribute funds
Sign checks (along with designated others)
Keep an exact accounting of all receipts and expenditures
Prepare and submit the annual financial report to HQ by 7/30
Present a financial report at each meeting of the executive council, and answer inquiries on financial matters
Assist in preparing the annual budget
File annual e-Postcard or 990 tax forms
Assume other financial duties as assigned
Note that other EC members have responsibilities as well

4. Records to be Provided to New Treasurer
The following should be available for hand-over:
Copies of previous 2 annual financial reports filed with the Society
Section/MAL/Region EIN
Financial institution(s) name, local branch, address, account numbers and on-line access information (new treasurer should change the password, possibly address where statements are sent)
All financial records from the previous year, including e-Postcard log-in (if applicable)
List of currently authorized check signers (may need to change)
Copy of budget (if approved in the prior fiscal year)
Check books and registers
Tax exempt paperwork, if applicable
See manual for recommendations on records to be archived

5. Recommended Policies Financial Policy (Appendix A, B and E)
Covers how assets are handled, how changes in budget are approved, how to get reimbursed, etc.
Investment Policy (Appendix C)
Covers types of investments permitted
We should not be investing for the sake of investing, there should be a purpose
Program Plan (Appendix D)
Multi-year strategy for long term programs, includes fundraising goals, funding from assets
Examples of these and others are available in the Finance Manual

6. General Financial Procedures
Basics for Safeguarding Financial Assets
Keep records up to date
Prepare monthly financial reports and provide to Executive Council for review
Update bank signature card whenever changes occur
Review bank statements and reconcile on a monthly basis
Review invoices and supporting information prior to check writing
Keep only small amount of petty cash
Identify a treasurer known by others
Do an internal assessment annually (covered in more detail, slide 9)
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7. Financial Records Should include:
Journal – to document income and expenses (ex. Quicken)
Statement of Financial Position (aka Balance Sheet) – to measure “worth”, lists assets (inventory, accounts) and liabilities (payables)
2013
Budget
Category
Actuals
1.0.0
EXPENSES
1.1.0
Administrative
1.1.1
General
PO Box Rental
Letterhead
Postage - Misc.
Bank Charges
Subtotal
1.1.2
Newlsetter
Printing
Postage
1.1.3
Region Meeting Travel
1.2.0
Continuing Development
1.2.1
Monthly meetings
Meals
Speakers Meals
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8. Budgeting Fundamentals
Simply a plan of expected sources of income and expense
Should be drafted prior to year end with input and approval from incoming EC – budget can be amended but should be basis for $
Can be cash basis (recognized when received), or accrual basis (recognized when incurred)
Events
Remember to incorporate costs such as funds to be raised, minimum attendance requirements, taxes and gratuities, cancellation charges
Dues Rebates
Paid twice/year, must have submitted prior year financial report
Checks not cashed within 6 months must be re-issued
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9. Assessments & Audits Assessments (Section VII.A)
Recommended annually by subcommittee of Section/MAL/Region
Chair to be appointed by EC, plus 2 additional members
Treasurer can’t be on committee but should provide information
Objectives are to safeguard assets of the organization, ensure accuracy and integrity of data, and make recommendations to improve accounting systems
Records are retained by Section/MAL/Region (do not send to HQ)
Audits (Section VII.B)
Recommended every 3-5 years if >$5K income or >$20K assets
Must be conducted by a paid auditor – contact Audit or Finance Committee for more information
Assessment Forms2
(SWE Money)
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10. Fund Raising / Fund Development
Fund Raising provides resources for activities
Should be in keeping with professional image of SWE
Donors >$250 should receive acknowledgement (Appendix G)
Some states require registration to solicit funds
See Finance Manual for examples, additional information
Fund Development is building a long-term base
Develop relationships with industry and/or individuals
Builds on loyalty and consistency
Should be integrated into long term strategic plan
Don’t forget Program Development Grants, Matching funds
Can also endow a scholarship through HQ
Endowment FAQs3
(SWE Donate)
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11. Financial Report Forms
Located under SWE Governance, Financial Report Form
Prepared by Treasurer, reviewed by President/Governor, due 7/30
Rebates are forfeited if report not submitted
Two forms available, same for collegiates and professionals
EZ Financial Report for <$10,000
Financial Report for >$10,000
Recommend On-Line Reporting Tool for Submittal
SOCIETY OF WOMEN ENGINEERS
SECTION FINANCIAL REPORT for year ending 6/30/2012
Please see report instructions below.
FOR FISCAL YEAR: JULY 1,
THROUGH JUNE 30,
(This report is due no later than 30 days following the close of the fiscal year (June 30th). A section's dues
rebates will be withheld if the section has not filed a financial report for the preceding year.)
Section No.
Section Name
President's or Permanent Section Address:
Is the Section incorporated?
If Yes, in what state? _____________________
Did the Section file an IRS 990/990T form?
TAX IDENTIFICATION NUMBER (TIN)
Financial Report
Instructions4
(Governance Docs)
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12. Request for Tax Exemption5
All sections can be covered by SWE 501(c)3 status
Provides exemption from federal taxes, allows certain donations
Many sections already are – contact HQ to confirm
Individual sections need to request this of HQ by March 1
Must obtain a section EIN# prior to request (Appendix F)
HQ files documents by end of March annually
Some collegiate sections may be covered by their university
State tax exemption
Varies by state, must be pursued by individual Sections/MAL/Regions
Request for Tax Exemption5
(Governance Docs)
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13. IRS Filing Requirements
Submit between July 1 and November 15
For sections with gross receipts <$50,000
Submit IRS Form 990-N
Commonly referred to as the e-Postcard
For sections with gross receipts >$50,000
Submit a full IRS Form 990 or 990EZ
SWE does not cover any of this filing for the sections
What happens if you don’t file?
You risk losing your tax-exempt status!!
Go to for complete details or review the information in the Finance Manual (Appendix H)
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14. Finance Manual Updated in July 2012
Everything you need to know is in here – please provide feedback for additional clarification or topics
Located in SWE Governance Documents and SWE Money Community
Finance Manual1
(Governance Docs)
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15. For Finance Questions or More Info
Penny Wirsing, FY13 Treasurer
LeeAnn Escobar, Finance Chair
Cindy Hoover, Finance Chair-Elect
On-Line Resources
SWE Communities – SWE Money
SWE Governance Documents
IRS Web page:
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