1 Treasury & Financials Asha East Coast Conference July 3 rd, 2004

2 Record Keeping – It’s Important! IRS Regulatory Requirement Transparency expected by: Donors/Contributors Sponsors Volunteers

3 Need accurate and up-to-date records of: Projects Project Proposal Funds Provided Progress & Site Visit Reports Budgets Donations & Contributions All details, such as Date, Payment Method, Check Number, Name and Amount Record Keeping Requirements

4 Record Keeping Requirements (contd.) Fundraisers Receipts of all Expenses and Checks All Income Merchandise Revenue from Merchandise by Category Bank Statements & Deposit Slips Meeting Minutes (yes, really!) Retain records for at least 4 years

5 Good Practices Use an Accounting Package (e.g. Quicken) Enter details as checks/donations come in Categorize checks into: Donations Fundraiser A, B, C, etc. T-Shirts, etc. Send timely acknowledgment of donations Maintain project documentation Clean handoff to incoming Treasurers

6 Treasurer Tips from Nagi Allow for time lag when sending project checks Send checks to be deposited before they expire (!) Compile chapter tax return info by March 1 st Treasurers should be on asha-treasurers & -wide Keep 2003 accounts in 2003 itself Move event ticketing online Easy to keep track No need to write out receipt

7 Important to clarify what we mean when we say ‘zero overhead’ 100% of donations go to our projects in India 100% of profits raised from an event go to our projects in India Zero Overhead Terminology

8 Operational Expenses Categorization of Expenses Banking and Credit Card Expenses PO Box Expenses Newsletter Mailings Publicity Material Postage Funded differently across chapters Borne by volunteers Associated with a fundraising event Covered by specific donation/sponsor Anything else?

9 Discussion: Should there be a penalty for late-reporting chapters? If so, what? Questions? Discussion & Questions

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