District Finance District Leader Training

Kate Rynerson Training and Development Specialist

Agenda  Financial Policy and Protocol  District Financial Management Tools  Best Practices  Your Next Steps

Board of Directors

 Organizational fiduciaries and representatives  Upholding Toastmasters mission  Developing organizational strategies and policies  Approving and overseeing budget and financial matters

So What Does That Mean? Board of Directors World Headquarters Districts

So What Does That Mean? JanFebMarAprMayJunJulAugSeptOctNovDec

So What Does That Mean?

Financial Policy and Protocol  Governing Documents of Toastmasters International  The Articles of Incorporation and Bylaws of Toastmasters International  District Administrative Bylaws  Club Constitution for Clubs of Toastmasters International  Policy and Protocol 

Question 1  Which of the following assets are acceptable for districts to own?  Bank accounts  Electronic equipment  Items used to conduct meetings or district business  All of the above  None of the above

Question 2  Which of the following travel expenses would WHQ reimburse the program quality director for when traveling to Mid-year Training?  First-class airfare  Mileage for two district leaders that carpooled  A train ticket that cost less than the lowest airfare rate  The cost of renting a motorcycle

Question 3  How much can districts reimburse the program quality director and club growth director for meals during DLT?  Up to $10 per day (no receipts required)  $30 per diem (no receipts required)  Up to $30 per day (receipts required)  Up to $100 per day (no receipts required)  As much as they want (no receipts required)

Question 4  True or false: Districts can provide reimbursements to speech contestants attending the International Convention.  True  False

Question 5  True or false: Divisions, areas and conferences can be allocated funds and have their own budgets.  True  False

Question 6  When are Profit and Loss statements submitted to district leaders?  Two weeks after month-end  15 business days after month-end  30 days after month-end  Two months after month-end  None of the above

Question 7  When are profit and loss statements submitted to World Headquarters?  October 31, February 15, April 30 and August 31  March 31, June 30, September 30 and December 31  February 15, May 15, August 15 and November 15  January 31, April 15, July 31 and October 15  None of the above

Question 8  What is due to World Headquarters on July 15?  A list of all elected and appointed district leaders  The district signature form for withdrawal of district funds  A calendar of district events for the year  Changes in club assignments to areas and divisions  All of the above

Question 9  When is the district budget submitted to World Headquarters?  July 15  September 30  December 31  February 15  April 30

Question 10  What are the highest and lowest priority categories, respectively, when creating a district budget?  Club growth and retention; awards and recognition items  Supporting clubs in membership growth efforts; speech contests  District meetings; district leader travel  District and club leader training; speech contests

Financial Policy and Protocol  Protocol 8.1 – Club and District Assets  Protocol 8.2 – Fundraising  Policy 8.3 – District Leader Expenses  Policy 8.4 – District Fiscal Management  Protocol 8.4 – District Fiscal Management

District Financial Management Tools

 A Toastmasters document, found on the District Finance section of the website, on which district leaders indicate all district bank accounts and the signatories on each account District Signature Form

 A district’s financial plan in terms of expected revenue and expenses Annual Budget Template

 The September and March Profit and Loss Statement accompanied by a certification page signed by the district director and finance manager Profit and Loss Statement

Inventory Template

Accrual Template

Fixed Asset Template

Template Comparison INVENTORY TEMPLATE ACCRUAL TEMPLATE FIXED ASSET TEMPLATE What it is The Inventory Template is the document you use to record inventory on hand on December 31. The Accrual Template is the document you use to record costs associated with services and merchandise obtained by December 31 and June 30, but not yet billed to the district or recorded in the district accounting system when Mid-year and Year-end audit reports are finalized. The Fixed Asset Template is the document you use to record fixed assets on hand on June 30. Why It’s Needed Inventory is classified as an asset—instead of an expense—until it is either used or sold. Services and merchandise obtained, but not yet billed, are recorded. Fixed assets are classified as assets— instead of an expense—and depreciated each month throughout their useful life.

 The December Profit and Loss Statement accompanied by a certification page signed by the district director, finance manager and three audit committee members Mid-year Audit Report

 The June Profit and Loss Statement accompanied by a certification page signed by the district director, finance manager and three audit committee members Year-end Audit Report

 Any documents that corroborate a transaction in the district accounting system Supporting Documents

Knowledge Check 1  Which of the following items are due on September 30?  Fixed Asset Template  Inventory Template  Accrual Template  Annual Budget Template  None of the above

Knowledge Check 2  Which of the following items are due on August 31?  Year-end Audit Report  Accrual Template  Fixed Asset Template  All of the above  None of the above

Best Practices  When processing a reimbursement, attach a copy of the check to the voucher for reimbursement and supporting documents  Make copies of receipts  Provide reimbursement instructions to all district leaders

Best Practices  Refer to the budget when processing reimbursements  Complete local bank reconciliation by the 15 th of the following month  Follow up on delinquent checks  Put important dates on the calendar to ensure deadlines are met  Begin developing your budget as soon as possible

Eight Steps to a Budget Step 1: Gather Documents Step 2: Read Documents Step 3: Complete Template Step 4: Discuss Budget Step 5: Complete Narratives Step 6: Sign Certification page Step 7: Present Budget Step 8: Submit Budget COMPLETE!

Eight Steps to a Budget  Gather:  District Success Plan  District Budget Success Guide  Annual Budget Template  Managing District Finances: A Guide for District Leaders  Policy 8.3: District Leader Expenses  Policy 8.4: District Fiscal Management  Protocol 8.4: District Fiscal Management  Historical profit and loss statements, budgets and narratives

Eight Steps to a Budget  Read and review documents  Complete the Annual Budget Template  Discuss the completed budget  Fill out the narrative section of the budget  Sign the certification page  Present the budget at the district council meeting for approval  Submit the completed, approved budget

Questions?

Thank You!