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AFE Chapter Year-End Financial Reports

AFE Chapter Year-End Financial Reports. Paul R. Mitchell, P.E. Treasurer AFE Region IV May 17, 2003. What is a year-end financial report?. A Balance Sheet summary: - checking account balances - savings account balances A Revenue summary An Expense summary. Why create a year-end report?.

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AFE Chapter Year-End Financial Reports

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  1. AFE Chapter Year-End Financial Reports Paul R. Mitchell, P.E. Treasurer AFE Region IV May 17, 2003

  2. What is a year-end financial report? • A Balance Sheet summary:- checking account balances- savings account balances • A Revenue summary • An Expense summary

  3. Why create a year-end report? • Official record of how the AFE Chapter handled its member funds during the year • Follows good accounting practices, and is important for a non-profit organization • Required by AFE:- member chapter dues collected by AFE are held until the year-end financial report is submitted to AFE

  4. What does a report look like?

  5. What Balances are reported? • December 31 balances: • Checking account • Savings account • Investment account • Receivables and Liabilities • Inventory and Equipment

  6. What Revenue categories are reported? • Chapter dues • Regular chapter meeting fees • Publications and periodicals • Newsletter and other advertising • Education programs • Investment and other income

  7. What Expense categories are reported? • Membership promotion (mailing) • Regular chapter meeting • Publications (newsletter, directory) • Education program • Awards and recognition • Scholarships • Administrative (board meetings)

  8. Where to start? • Start now - don’t wait! • Set up Revenue categories • Set up Expense categories • Associate each deposit and each check with a category through the year • Keep records in 12 envelopes, one for each month

  9. Tools to prepare the report? • Paper spreadsheet:- proven, but tedious • PC spreadsheet:- easy to set-up and maintain • Money-management program:- more complex, but also more powerful reporting options

  10. Summary • AFE Chapter year-end financial report is required • Three reporting sections: balances, revenues, and expenses • Organizing the information to fit the categories makes reporting a lot easier • Tools are available to make it easy

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