sgmp treasury 101. role of leadership anna marie stewart – staff accountant reporting questions on...
DESCRIPTION
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 retreatTRANSCRIPT
SGMP TREASURY
101
ROLE OF LEADERSHIP
Anna Marie Stewart – Staff AccountantReporting
Questions on BookkeepingKeeps Chapter Treasuries
Brett Sterenson – National TreasurerBudgeting
Questions on Treasurer DutiesChapter Conference Calls
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
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
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.
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.
SPEND YOUR MONEY
ProgrammingScholarships
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.
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.
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
END OF YEARTREASURER
AWARDS
CONTACT INFORMATION
Anna Marie Stewart – Staff Accountant703-566-3633
Brett Sterenson – National Treasurer202-641-5580