Section & Branch Finance and Accounting

Purpose of Session

Introduce available resources

Familiarize with Section Financial Manual

Provide information on organizational structure

Money Theory

Review budget practices

Organizations

Sections – very small to large Some with subsidiary organizations, some without

Branches

Other subsidiary organizations Younger member groups Technical committees Institute branches Endowments & trusts Scholarship funds

Branches and others must report to their Section

National Resources

Xythos server – All Section and Section folders All Sections Each Section – Link sent to treasurer

Manual, spreadsheets, checklists and forms

Finance Dept. contacts and assistance

QuickBooks on-line

Excel worksheet for Form 990-EZ return preparation

Insurance coverage

Tax-Exempt Status

All Sections federal tax exempt under ASCE exemption

Section tax IDs are registered with IRS

Branches and other subsidiary organizations use Section tax ID

Never use the ASCE National ID: 13-1635293

501(c)(3) charitable and scientific – contributions may be deductible

Must file federal 990-N, 990-EZ or 990 to maintain tax-exempt status

Returns are due Feb 15; two 3-month extensions are allowed

ASCE Finance assists with federal filings

Finance Manual has instructions for Forms 990-N and 990-EZ

Organizational Structure

Unincorporated associations

Branches and other subsidiary organizations

Student chapters

Reserves

ASCE annual allotment

State registration and reporting

Money Theory

Money Theory

Save It

Spend It

Reserves

Services

Money Theory

Reserve Policy Up to each group to determine Many groups chose 25% TO 100% of annual budget goal. Society uses 35% goal.

Uses Buffer a bad program or year. Annuity (scholarship) Save for large upcoming event (host national meeting)

Money Theory

Spend It Money collected from members to be used for members.

Provide programs and service. If you need help, check out CGU’s Best Practices Manual. Membership depends on local satisfaction.

Control expenses by use of budget. If you get a number of unexpected requests, may want to

budget some amount to be distributed throughout year.

Budget Practices

Establish organizational goals

Budget revenue and expense relating to realistic goals or objectives – activities

Have governing body understand and approve

Use budget to monitor actual financial activities

Questions…

and Answers?