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TREASURER TRANSITIONING Become intimately familiar with the Chapter Finances Policies Hold in person meeting with outgoing Treasurer Work with outgoing President and Treasurer on transitioning bank card Work with outgoing President and Treasurer on access to banking Become intimately familiar with current budget Prepare for guiding discussion on next year budget at board retreat

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Page 1: SGMP TREASURY 101. ROLE OF LEADERSHIP Anna Marie Stewart – Staff Accountant Reporting Questions on Bookkeeping Keeps Chapter Treasuries Brett Sterenson

SGMP TREASURY

101

Page 2: SGMP TREASURY 101. ROLE OF LEADERSHIP Anna Marie Stewart – Staff Accountant Reporting Questions on Bookkeeping Keeps Chapter Treasuries Brett Sterenson

ROLE OF LEADERSHIP

Anna Marie Stewart – Staff AccountantReporting

Questions on BookkeepingKeeps Chapter Treasuries

Brett Sterenson – National TreasurerBudgeting

Questions on Treasurer DutiesChapter Conference Calls

Page 3: SGMP TREASURY 101. ROLE OF LEADERSHIP Anna Marie Stewart – Staff Accountant Reporting Questions on Bookkeeping Keeps Chapter Treasuries Brett Sterenson

TREASURER TRANSITIONINGBecome intimately familiar with the Chapter Finances Policies

Hold in person meeting with outgoing TreasurerWork with outgoing President and Treasurer on transitioning bank card

Work with outgoing President and Treasurer on access to bankingBecome intimately familiar with current budget

Prepare for guiding discussion on next year budget at board retreat

Page 4: SGMP TREASURY 101. ROLE OF LEADERSHIP Anna Marie Stewart – Staff Accountant Reporting Questions on Bookkeeping Keeps Chapter Treasuries Brett Sterenson

FINANCE POLICY HIGHLIGHTS Chapter Finances in Policy Manual – pages 54-78

CF-1: All Chapters are required to produce an annual budgetCF-2 / CF-4: All Chapters are required to use standardized budget and

standardized Chart of AccountsCF-5: What Chapters may and may not use Chapter funds for

CF-11: Chapter Treasurer ResponsibilitiesCF-17: Chapter Audit Requirements

CF-21: Chapter Savings AccountsCF-22: Chapter Revenue Sharing

Page 5: SGMP TREASURY 101. ROLE OF LEADERSHIP Anna Marie Stewart – Staff Accountant Reporting Questions on Bookkeeping Keeps Chapter Treasuries Brett Sterenson

BANK CARDSPolicy CF-7 in the Policy Manual

All chapters are required to maintain a current and accurate signature card at the bank where chapter funds are held. The bank signature card must always be current and up to date with the proper authorized signatures. All bank signature card changes must be completed no later than 30 days after any change has occurred with the Chapter Board,

so that the most current banking information is on file.

SGMP Headquarters must be notified in writing of all changes to the banking signature card and/or records, and the written notice must be accompanied by a copy of the new

bank signature card.

Page 6: SGMP TREASURY 101. ROLE OF LEADERSHIP Anna Marie Stewart – Staff Accountant Reporting Questions on Bookkeeping Keeps Chapter Treasuries Brett Sterenson

THE BUDGETPolicy CF-1 in the Policy Manual

All Chapters are required to produce an annual budget. The budget will be based upon a 12 month fiscal year, starting July 1 and ending June 30 of the following year. Prior to each fiscal year beginning July 1, the Chapter Treasurer and Chapter President should

lead the entire Chapter Board in the development of the fiscal year budget. The chapter is required to use and submit its budget on one the standard Excel accounting form

provided by SGMP.

All chapter budgets must be approved by the Chapter Board. The yearly due date for submission is July 31. Chapter Treasurers are required to have their approved chapter

budgets to SGMP Headquarters by this date. SGMP Headquarters and the National Treasurer will review each chapter’s budget for final approval to ensure all IRS

mandated non-profit organization guidelines are being properly followed.

Page 7: SGMP TREASURY 101. ROLE OF LEADERSHIP Anna Marie Stewart – Staff Accountant Reporting Questions on Bookkeeping Keeps Chapter Treasuries Brett Sterenson

SPEND YOUR MONEY

ProgrammingScholarships

Page 8: SGMP TREASURY 101. ROLE OF LEADERSHIP Anna Marie Stewart – Staff Accountant Reporting Questions on Bookkeeping Keeps Chapter Treasuries Brett Sterenson

BEST PRACTICES & NOTESApproved Chapter Budgets are due to HQ on July 31st each year.

By the 10th of each month, chapters must send to HQ copy of bank statement from previous month and current month’s budget template.

When Budgeting, begin with Income, then Expenses, then balance.When Record Keeping, more Backup is better than less Backup.

HQ is responsible for Auditing Chapter Records each year.Be wary of items labeled as Miscellaneous – do not overuse.

Refunds are not Income; record as credit against Expense.Returned checks are not Expenses; record as reduction against Income.

Backup for prior year is due to HQ on August 15th each year.

Page 9: SGMP TREASURY 101. ROLE OF LEADERSHIP Anna Marie Stewart – Staff Accountant Reporting Questions on Bookkeeping Keeps Chapter Treasuries Brett Sterenson

TAX EXEMPT STATUSSGMP is a 501(c)(6) organization which the IRS defines as a business league.

“A business league is an association of persons having some common business interest, the purpose of which is to promote such common interest and not to

engage in a regular business of a kind ordinarily carried on for profit.”

The society and its subordinate organizations (chapters) are registered as trade associations and not as charities. The IRS is very specific about rules regarding

donations – according to section 170(c) of the code, donors may not deduct contributions made to them.

Page 10: SGMP TREASURY 101. ROLE OF LEADERSHIP Anna Marie Stewart – Staff Accountant Reporting Questions on Bookkeeping Keeps Chapter Treasuries Brett Sterenson

SPECIAL RESOURCES

Treasurer’s Conference Calls - will be held twice a year and the next scheduled call will be in early June to help prepare for next year’s

budgeting.

Ad Hoc Conference Calls - with chapter presidents and treasurers, one chapter at a time are scheduled on a case-by-case, as needed basis, in

August and in January to ensure budgets are properly established and to ensure chapters are on pace to meet them

Page 11: SGMP TREASURY 101. ROLE OF LEADERSHIP Anna Marie Stewart – Staff Accountant Reporting Questions on Bookkeeping Keeps Chapter Treasuries Brett Sterenson

IMPORTANT RESOURCES

http://www.sgmp.org/chapterboard

Page 12: SGMP TREASURY 101. ROLE OF LEADERSHIP Anna Marie Stewart – Staff Accountant Reporting Questions on Bookkeeping Keeps Chapter Treasuries Brett Sterenson

END OF YEARTREASURER

AWARDS

Page 13: SGMP TREASURY 101. ROLE OF LEADERSHIP Anna Marie Stewart – Staff Accountant Reporting Questions on Bookkeeping Keeps Chapter Treasuries Brett Sterenson

CONTACT INFORMATION

Anna Marie Stewart – Staff Accountant703-566-3633

[email protected]

Brett Sterenson – National Treasurer202-641-5580

[email protected]