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Getting Down to Business as Chapter Treasurer

Getting Down to Business as Chapter Treasurer. Lisa Murfield, MBA, SPHR, GPHR HR Tampa, Inc. Agenda. Role of Chapter Treasurer Chapter Financial Management Chapter Financial Strategies Policies and Procedures Resources. Role of Chapter Treasurer. Treasurer Responsibilities.

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Getting Down to Business as Chapter Treasurer

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  1. Getting Down to Business asChapter Treasurer Lisa Murfield, MBA, SPHR, GPHR HR Tampa, Inc.

  2. Agenda • Role of Chapter Treasurer • Chapter Financial Management • Chapter Financial Strategies • Policies and Procedures • Resources

  3. Role of Chapter Treasurer

  4. Treasurer Responsibilities • Serve as Financial Officer and Advisor • Assess financial implications or proposed actions of BOD • Observe financial direction of chapter • Recognize potential problems and inform BOD • Act as trustee and financial agent for all funds • File appropriate forms with IRS

  5. Treasurer Responsibilities • Disburse funds for normal and usual uses • Participate in short- and long-term strategic planning • Attend all monthly membership and BOD meetings • Represent chapter in human resources community

  6. Chapter Financial Management

  7. Banking • Accounts • Checking • Interest bearing account if possible • Be familiar with routing numbers • Savings • Investments and CDs • Bank/Debit Cards • Bank Statements • Online capabilities • Keep copies for 7 years • Cancelled Checks • Hard copies v. electronic

  8. Banking • Account Reconciliations • Investigate discrepancies immediately • Perform on a monthly basis • Second review done by a non-financial officer • Check Signing Cards • Obtain from your financial institution • Establish signature authority • Signature dollar limits • Deposit Stamp • Account name and number • “For Deposit Only”

  9. Financial Reporting • Software • QuickBooks • Online capabilities • Free trial at https://login.quickbooks.com • Quicken • Excel • Access • Professional Accountant

  10. Financial Reporting • Chart of Accounts • Cash v. Accrual Method • Cash – recognize income and expenses when cash flows in and out of account • Accrual Method – recognizes income when it is earned and expenses when liability has been incurred • Balance Sheet • Assets = Liabilities + Equity • Income Statement • Profit and Loss Statement

  11. Accounts Payable • Receipts must exceed payables • Know your current cash status • Do not write checks unless you have: • Prior approval from BOD • Invoices from vendors • Check request form with receipts attached • President signs off on request forms • Receipts for completed travel expenses

  12. Accounts Payable • Write checks as soon as possible after documentation received (i.e. one week) • Record in checkbook or general ledger in a timely manner

  13. Accounts Receivables • All deposits should be made as soon as possible (i.e. one week) • Deposits should be recorded in a timely manner into checkbook or general ledger • Attach copies of checks to deposit slip and file

  14. Helpful Hints • Create an email specifically for Chapter Treasurer correspondence through Yahoo or other provider • Place completed W-9 on your website (Request for Taxpayer ID Number and Certification) for vendors • Create special section on website for BOD

  15. Chapter’s Financial Strategy

  16. Operation of Chapter • Incorporation • Provides protection to members and BOD from personal liability • Not for Profit – incorporation status under state law • Organizations benefit members and public rather private individuals • 501(c)3 or 501(c)6 • Tax Exempt – federal income tax exemption under IRS code • Exempt from paying corporate federal income tax on income generated from the activities of the association • Employer Identification Number (EIN) or Federal Tax ID

  17. Operation of Chapter • Tax Filings • Annual Tax Filing – Not for Profit • No return – Gross receipts under $25K • Form 990EZ – Gross receipts more than $25K but less than $100K • Form 990 – Gross receipts over $100K • Forms due the 15th day of the fifth month after the chapter’s year-end • Extensions of three months may be granted • Payroll Taxes • Quarterly Payroll Returns (Form 941) • Annual Report for Corporations

  18. Operation of Chapter • Insurance • Directors & Officers Liability Insurance • Fidelity Bonds

  19. Operation of Chapter • Mail Call • P.O. Box • Secures checks and other documents in one location • Office/Home address of Board member • Changes each year • Documents can be lost • Be Proactive • Stay on top of paperwork • Document and back up everything! • Treat the chapter’s money as if it is your own

  20. Operation of Chapter • Be a Strategic Partner • Budget v. Actual Budget • No budget in place – take the initiative and create one for your chapter • Be the financial advisor/conscience to keep chapter on track • Provide updates to Board and Chapter • After chapter events, provide accounting to BOD (i.e. Profit and Loss Statement) • Monthly Meetings • Chapter Conferences • Fundraisers • Provide historical comparisons • Membership renewals

  21. Operation of Chapter • Where are the Chapter records housed? • Storage area or Board member’s home or office • Label boxes with records they contain • Mark each box with discard date • Maintain inventory list of Chapter’s records/equipment/materials • Data Imaging • Store in safety deposit box

  22. Operation of Chapter • Chapter Financial Support Program • Returns a portion of SHRM national dues to chapter per member • Can be direct deposited into your chapter’s account • As of 2012 – Direct Deposit will be mandatory • 100% Chapter • $6.25/quarter or $25/annually • Non-100% chapter • $5.00 twice a year or $10/annually

  23. Policy, Procedures and Planning,Oh My!

  24. What do you do if…. • A monthly sponsor backs out • A board member submits receipts for unauthorized expenses • A board member insists on payments without receipts • A board officer presents a substantial receipt for payment without the vote of the board

  25. The Savvy Treasurer • Bring any questionable situation to the attention of the president, another officer and/or Board • Clearly identify who has the authority to commit Chapter funds • Clarify when the Board needs to vote on an expenditure • Ensure internal controls are in place to protect the finances of the Chapter • You, as Treasurer, will be held ultimately responsible

  26. Resources

  27. SHRM Volunteer Resources • www.shrm.org/vlrc • Chapter Position Descriptions • SHRM Guide to Financial Management • SHRM Leaders Guide • Chapter Treasurers • IRS website • www.sunbiz.org • Managing Chapter Funds – Susan Vowell • Lisa Murfield – murfieldld@yahoo.com

  28. Questions?

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