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Making Cent$ Out of Chapter Finances

Making Cent$ Out of Chapter Finances. Presented by: Richard Ricciardi, PhD, NP, FAANP Jody Burdine, BS, C hief Financial Officer. Chapter Finance: Agenda. Treasurer’s Responsibility Budgeting Audits Investing IRS Filing Requirements Fidelity Bonds Resources Questions.

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Making Cent$ Out of Chapter Finances

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  1. Making Cent$ Out of Chapter Finances Presented by:Richard Ricciardi, PhD, NP, FAANP Jody Burdine, BS, Chief Financial Officer

  2. Chapter Finance: Agenda • Treasurer’s Responsibility • Budgeting • Audits • Investing • IRS Filing Requirements • Fidelity Bonds • Resources • Questions

  3. Treasurer’s Responsibilities • Fiduciary responsibility for the financial management and safeguarding of chapter assets • Safeguarding assets • Proper & timely reporting • Proper & timely handling of funds • Continual awareness • Financial decisions

  4. Treasurer’s Responsibilities B. Treasurer’s specific responsibilities • Timely recording of financial events • Prepare financial statements • Investments • Make financial recommendations

  5. Treasurer’s Responsibilities C. Additional Duties • Financial section of annual report • Finance committee member • Coordinate outside review or audit • Tax returns

  6. BUDGETING

  7. BUDGETING • Plan Activities • Actual vs. Budget • Identify Trends • Re-plan Activities and Goals

  8. BUDGETING • Be Realistic • Historical Data • Interviews • Individual Program Budgets • Summary Budget • Monthly Budgets • Monitor-Actual vs. Budget

  9. AUDITS When Who How Often

  10. AUDITS “An external audit of the books should be arranged at least biennially.” • The Governance Resource for Board of Directors and Committees

  11. AUDITS • Who can perform a certified audit? Certified Public Accountant (CPA)

  12. AUDITS • Reviews • Compilations • Internal Reviews

  13. INVESTING

  14. INVESTING • “Compounding interest is the greatest mathematical discovery of all time.”

  15. INVESTING Types of Investments: Interest Bearing Accounts • Savings Accounts • Money Market Accounts • Safe, risk free, consistent flow, lowest rate of return

  16. INVESTING Mutual Funds • Collection of stocks, bonds • Various kinds of funds • Blue chip, mid cap, growth, equity, fixed income, REIT, international……… • Various risk levels • No control of stocks

  17. INVESTING Uniform Prudent Investor Act A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements and other circumstances of the trust.

  18. INVESTING In satisfying this standard, the trustee shall exercise reasonable care, skill and caution.

  19. IRS FILING REQUIREMENTS • Chapters within the United States • Chapters with $25,000 of income within the fiscal year (7/1 – 6/30) – Form 990 • All other US chapters – Form 990 - N • Deadline—15 November

  20. Form 990-N E-Postcard Filing on IRS Web site http://www.irs.gov/charities/article/0,,id=169250,00.html Warning: IRS will revoke the tax-exempt status of your chapter if it fails to meet its annual filing requirement for three consecutive years.

  21. Form 990-N The e-Postcard will require you to provide the following information: • Chapter’s legal name • Any other names your chapter uses • Chapter’s mailing address • Chapter’s website address (if applicable) • Chapter’s employer identification number (EIN) • Name and address of a principal officer of your organization • Chapter’s annual tax period (this year will be 2007) • A statement that your chapter’s annual gross receipts are normally $25,000 or less • If applicable, a statement that your chapter is terminating

  22. FIDELITY BONDS Safeguarding your Chapter’s Assets Tom Popcheff – tomp@stti.iupui.edu

  23. RESOURCES http://www.nursingsociety.org/Chapters/Resources/Pages/off_treasurer NEW!  Federal IRS tax filing requirements for chapters            beginning 15 November 2008 Job Description Treasurer Orientation Manual Chapter Leaders Listserv Chapter Financial Information

  24. RESOURCES Reports Annual Chapter Report - DUE AUGUST 1 FINANCIAL SECTION ONLY Guidelines Chapter Finance Guidelines Investing Your Chapter Assets Tax Exempt and Bulk Mail Guidelines

  25. RESOURCES Forms Membership Subsidy Fund/Application Form Samples Budget Sheet Chart of Accounts Expense Voucher Template

  26. RESOURCES Jody Burdine – Chief Financial Officer jody@stti.iupui.edu Malika Abdullah – Accounting Supervisor malika@stti.iupui.edu

  27. QUESTIONS

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