record keeping at asha
DESCRIPTION
Record Keeping at Asha. Why is it Important?. Regulatory Requirement (IRS) Need Transparency for Donors/Contributors. What does it Entail?. Have Accurate and Up to Date Records of Projects Project Proposal Funds Provided Progress Reports Site Visit Reports including Photographs Budgets - PowerPoint PPT PresentationTRANSCRIPT
Record Keeping at Asha
Why is it Important?
• Regulatory Requirement (IRS)
• Need Transparency for Donors/Contributors
What does it Entail?
• Have Accurate and Up to Date Records of– Projects
• Project Proposal
• Funds Provided
• Progress Reports
• Site Visit Reports including Photographs
• Budgets
– Donations, Contributions and Fundraisers• All details of the Donations (Date, Payment Method,
Cheque Number, Name and Amount)
What does it Entail (Contd.)?
– Fundraisers• Receipts of all Expenses and Copies of Cheques Issued
• All Income from the Fundraiser
– Merchandise• Proper classification of COGS and Revenue from
Merchandise by category such as T-Shirts, Mugs..
– Bank Statements and Deposit Slips– Minutes of Meetings
• Retain Records for 4 Years Minimum
Good Practices
• Use an Accounting Package like Quicken
• Enter Cheque Details at the Earliest
• Categorise the Cheques into Donations, Fundraiser A, Fundraiser B, T-Shirts etc.
• Maintain Project Documentation
• In Case of a Change, have a Clean Handoff to the Incoming Treasurer
Acknowledgement of Donations
• Prompt Acknowledgement of Donations lends credibility to the Organisation
• Acknowledge all Donations irrespective of the Amount
• Send Receipt + Thank-you Letter within 1 month of receiving the Cheque
• Deposit the Cheque or send it to Asha Treasurer within 2 weeks of receiving it
Operational Expenses
• What is an Operational Expense?• Categorisation of Expenses
– Banking Expenses– PO Box Expenses– Newsletter Mailings– Postage– Pure Administrative Expenses
• Tracking of Donations Earmarked to Cover Operational Expenses
Other Issues
• Duplicate Transactions
• Protecting the Franchise
Key Findings
• Recordkeeping is Critical
• Recordkeeping includes projects and meeting minutes
Questions/Comments/Suggestions
• Pankaj Gupta– [email protected]– [email protected]– (908) 687 5584 (Residence)– (718) 754 2381 (Office)
Thank You