finance 1q05 nbod status report rick giraudy vp finance february 5, 2005
TRANSCRIPT
Finance1Q05 NBOD Status Report
Rick GiraudyVP Finance
February 5, 2005
1Q05NBOD Meeting 2
Presentation Agenda
• Organization Structure• Program Enhancements• Financial Metrics• Challenges/Needs• Budget Approval• Next Quarters Activities• Final Thoughts and Questions
1Q05NBOD Meeting 3
Organizational Structure Changes
• National Treasure –
• Conference Treasure –
• Membership Treasure –
• BETF Liaison –
Marvin Neal (Greater Birmingham)
Alberta Gordon (New Jersey)
Open
Vanessa Davis (Atlanta)
1Q05NBOD Meeting 4
Program Enhancements
• Added 12 chapters to the National 501(c)(6) Group for 2004 Tax Year
..\..\Taxes & Audit\BDPA501c6GroupChapters12-2004.xls
MUST complete 2004 taxes Send to N.O. and notify [email protected]
For 2005 Tax year will need your Tax ID and Contact Name before 1 July 2005
• File Your Form 990 - A good source is http://efile.form990.org/
1Q05NBOD Meeting 5
Program Enhancements
1Q05NBOD Meeting 6
Program Enhancements
Gross annual receipts of less than $100,000 and total assets less than $25,000 990ez, else 990
Filing deadline is 4 ½ months after the end of the fiscal year – normally 4/15
Can get an automatic 3 month extension with Form 8868 (on line) 7/15 A 2nd 3 month extension MAY be approved with
justification
1Q05NBOD Meeting 7
Program Enhancements
• Conference team selected the same tool for conference registration eCheck application submitted
• 2005 budget show’s income from: Section L, Corporate Marketing, In-kind, Registration, Souvenir Sales and National Programs separately
1Q05NBOD Meeting 8
2004 Financial Metrics
Income• Conf Corp Sales: $• In-Kind: $• Conf Registration: $• National Corp Sales: $• Membership: $
Expense• Conf : $• HSCC: $• MM: $• MS: $• NO: $
1Q05NBOD Meeting 9
Financial Metrics
• AP (as of 12/31/2004) $0.00
• AR (as of 12/31/2004) $243,100
• Bank Balances (as of 12/31/2004) Money Market - $173,033 National - $72,719 Conference - $30,719
• Cash Account Balance (as of 12/31/2004) $24,240
1Q05NBOD Meeting 10
2005 Budget Highlights
Income• C. Corporate Marketing:• In-Kind:• Registration:• Souvenir Sales:• N. Corporate Marketing:• BETF:• Membership:
$539,800$250,000$253,500$4,000$144,470$7,500$222,000
TOTAL $1,421,270
1Q05NBOD Meeting 11
2005 Budget Highlights
$83,770.00 $12,858.00 $87,024 $83,210 $41,639 $159,250 $56,693 $20,120 $4,017
Expense• Business Management:• Chief Information Officer:• Executive Director:• Finance: • Member Services;• Membership
Management:• National Office:• Strategy and Planning:• President: TOTAL
$1,383,121
1Q05NBOD Meeting 12
Approval/Motion Request
• Entertain a motion to approve the 2004 Financial Statements
• Entertain a motion to approve the 2005 Budget V2.52
1Q05NBOD Meeting 13
Challenges/Needs
• Too many manual transaction Checks, paper applications
• Need to spread out more transactions People working more than 5 hours a week
• Invoices sent from membership database when adding new members – lots of “I have already paid!” emails
• Conference registration system setup in the ARC product for 2006 or 2007
1Q05NBOD Meeting 14
Next Quarters Activities
• Track budget vs actual numbers in QB• eCheck setup complete• American Express transactions setup• 2001-2002 Audits started• Train N.O. Staff to run financial reports• Continue to send out checks around the
1st and 15th of the month• Start & Complete 2004 form 990
1Q05NBOD Meeting 15
Final Thoughts and Questions
2005 is my last year, we will have a new VPF in 2006. Will that be a member of your chapter?
