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Leadership Summit Session 7: Budget Boot Camp

Leadership Summit Session 7: Budget Boot Camp. January 17, 2014 9:00 a.m.– 9:45 a.m. Budget Boot Camp 2014. 2014. John J. DiGilio, MLIS, JD SLA Treasurer. 1. Agenda. What's the Big Deal? - Why boot camp? Money Matters - Where it comes from. Where it goes.

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Leadership Summit Session 7: Budget Boot Camp

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  1. Leadership SummitSession 7: Budget Boot Camp • January 17, 2014 • 9:00 a.m.– 9:45 a.m.

  2. Budget Boot Camp2014 2014 • John J. DiGilio, MLIS, JD • SLA Treasurer 1

  3. Agenda • What's the Big Deal?- Why boot camp? • Money Matters - Where it comes from. Where it goes. • Key Players – Key roles in SLA’s finances • The Toolbox – Tools every treasurer needs & leaders need to know about • Bottom Lines & Bookkeeping – Securing your unit's bottom line • Time for Questions – Q&A with SLA’s Treasurer and CFO 2

  4. The Big Deal 16

  5. The Big Deal • What is a Fiduciary? • Someone in whom another has placed a great deal of trust. • One having the duty to protect the property or funds of another and to use those resources for the benefit of that other. • YOU are! 4

  6. The Big Deal • YourFiduciary Duty • To protect the property and funds of your unit and its members. • To use those funds and property for the benefit of your members. 4

  7. Money Matters 16

  8. Money Matters • INCOME: Where does it come from? • Conference • Dues • Other 4

  9. Money Matters • EXPENSES: Where does it go? • Conference • Membership • Other 5

  10. Money Matters: Trends 9

  11. Money Matters: Allotments 8

  12. Key Players 16

  13. SLA Financial Team Key Players • SLA CFO • SLA Treasurer • SLA Finance Committee • Unit Treasurers 11

  14. SLA’s CFO Key Players • Linda Broussard • lbroussard@sla.org • +1.703.647.4938 12

  15. SLA’s Treasurer Key Players • John DiGilio • jdigilio@reedsmith.com • +1.312.207.3902 13

  16. Key Players SLA’s Finance Committee • Hal Kirkwood • Bill Noorlander • Tom Rink • Kim Walsh 14

  17. Unit Treasurers Key Players • Chapters • Divisions The Folks on the Front Lines! 15

  18. The Toolbox 16

  19. The Toolbox • Quicken: Required • Treasurers' Discussion List: Robust & Active • Treasurers' Wiki: Best Practices, Instructions, & More 18

  20. The Toolbox Quicken http://quicken.intuit.com Starting 2014, each unit is responsible for procuring and maintaining its own copy of Quicken. This is the required software package for annual financial reports. 19

  21. The Toolbox Treasurers' Discussion List TREASURERS@lists.sla.org SLA unit treasurers are automatically added to this list each February. The SLA Finance Committee is also on this list. 19

  22. The Toolbox Treasurers' Wiki http://wiki.sla.org 19

  23. Bottom Lines & Bookkeeping 16

  24. Bottom Lines & Bookkeeping Financially Healthy Units • Timely reports • Bank statements • Generate revenue • Spend appropriately • Make CFO signatory • Pooled fund 21

  25. Bottom Lines & Bookkeeping What We Know • Many units report: • Difficulty breaking even • Not having an actual budget • Having trouble transitioning treasurers 21

  26. Bottom Lines & Bookkeeping What We Need to Do: • Consider making budgeting part of your annual unit process • Increase communication with and from your treasurers • Monetize some of your best work • Invest in your membership 21

  27. Q&A with John & Linda 23

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