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Making Cent$ Out of Chapter Finances
Presented by:
Richard Ricciardi, PhD, NP, FAANP
Jody Burdine, BS, Chief Financial Officer
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Chapter Finance: Agenda
– Treasurer’s Responsibility– Budgeting– Audits– Investing– IRS Filing Requirements– Fidelity Bonds– Resources– Questions
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Treasurer’s Responsibilities
A. 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
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Treasurer’s Responsibilities
B. Treasurer’s specific responsibilities
• Timely recording of financial events• Prepare financial statements• Investments• Make financial recommendations
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Treasurer’s Responsibilities
C. Additional Duties
• Financial section of annual report• Finance committee member• Coordinate outside review or audit• Tax returns
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BUDGETING
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BUDGETING
– Plan Activities
– Actual vs. Budget
– Identify Trends
– Re-plan Activities and Goals
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BUDGETING
• Be Realistic• Historical Data• Interviews• Individual Program Budgets• Summary Budget• Monthly Budgets• Monitor-Actual vs. Budget
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AUDITS
»When
»Who
»How Often
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AUDITS
“An external audit of the books should be arranged at least biennially.”
– The Governance Resource for Board of Directors and Committees
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AUDITS
• Who can perform a certified audit?
Certified Public Accountant
(CPA)
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AUDITS
Reviews
Compilations Internal Reviews
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INVESTING
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INVESTING
• “Compounding interest is the greatest mathematical discovery of all time.”
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INVESTING
Types of Investments:
Interest Bearing Accounts Savings Accounts Money Market Accounts
o Safe, risk free, consistent flow, lowest rate of return
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INVESTING
Mutual Funds
Collection of stocks, bonds Various kinds of funds
o Blue chip, mid cap, growth, equity, fixed income,
REIT, international………o Various risk levelso No control of stocks
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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.
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INVESTING
In satisfying this standard, the
trustee shall exercise reasonable
care, skill and caution.
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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
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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.
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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
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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
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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
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RESOURCES
Forms
Membership Subsidy Fund/Application Form
Samples
Budget Sheet
Chart of Accounts
Expense Voucher Template
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RESOURCES
Jody Burdine – Chief Financial Officer
Malika Abdullah – Accounting Supervisor
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QUESTIONS