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Financial Responsibility
Catherine Oakes, CPA
SCTE Headquarters
SVP, Operations
Tim Funk
Comcast Communications
Great Lakes Chapter
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Treasurer’s Fiduciary Responsibilities
• Funds used to accomplish SCTE Mission• Keep accurate financial records• Enforce financial internal controls• Follow policies, procedures & bylaws• Safeguard funds• Keep chapter board informed
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Why so many policies?
• Internal Revenue Service• Tax-exempt purpose • Members best interest • Safeguard assets
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Managing Chapter Funds
• Accurate and complete financial records• Supporting documentation• Reasonable and approved expenditures• Transactions that adhere to exempt
purpose• No personal benefit to anyone
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Income
• Cash handling• Deposits• Credit card transactions • No advertising income• Disclosure Statement required• Supporting documentation
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Expenses
• Pay by check• Original invoice or check request• No SCTE credit cards• $100 petty cash limit• Board member expense reimbursements• Approved and reasonable expenses only
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Record Keeping
• Receipts and Disbursements journal• Chapter programs and events• Operating expenses• Bank reconciliations• Quarterly Reports• Submit to SCTE headquarters
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Cash
• Petty Cash - $100 maximum• Checks –signature requirements• Use of ATM/debit cards• Bank account balances/reserves
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Internal Controls and SCTE Policies• Supporting documentation• Check signing policy• Bank Signature cards• Investments• Credit Card transactions• Expense reimbursements• Cash handling• Prize policy• Raffle tickets and other games of chance• No Advances or loans• No debt financing• Charitable Contributions
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Credit Card Processing
• Chapter Leadership Access Site (CLAS)• PayPal not approved• Processing through SCTE A/P• Two week turn around from SCTE• 3% Fee• Procedures and processing form
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Forms 1099
• Anyone receiving over $600• Services rendered (volunteers are not
paid)• Prizes• Submit info to SCTE staff (A/P or
Chapters)
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Nonprofit Crack Down!
• Sarbanes Oxley Rules• Revised IRS Form 990
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Raffle Tickets and Gaming
• New Schedule G of Form 990• Cumbersome and detailed IRS reporting
needed for any games of chance and Bingo
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Financial Responsibility
Questions??
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Financial Responsibility
Catherine Oakes, CPA
SCTE Headquarters
VP, Finance and Administration
610.594.7328