BY FRANCIS MULI Finance & (some) Information Technology

Scope Finance ● Record keeping ● Petty cash, deposits Information Technology ● my.ewb.ca ● Chapter websites ● Forms, templates, spreadsheets

Myths It’s just about math ● It’s boring ● Accountants like when you make fun of them

Why do it? ● Required by law ● Better decision making ● Tax revenue (charities) ● Proof of success ● Catch costly mistakes

Chapter Executives ● Maintaining chapter bank account ● Managing chapter finances ● Innovating new ideas ● Keeping Francis informed

Tools for Success ● Proactivity ● Chronological system of filing ● Templates and spreadsheets ● Business bank account ● ‘Admin access’ to my.ewb.ca ● Attention to detail

Basics of *.EWB.ca Log ins Chapter groups Admin access Chapter websites Finance section Finance tool

Chapter Revenues Types of revenues ● Fundraising event ● Donation ● Membership fees ● Transfers (incoming) $162,306.25

Fundraising Event Revenue ● Has a cash cost component for chapter ● Donor pays for some sort of benefit ● Examples: sales drives, galas & parties, sponsorship ● Tax receipt eligible ONLY IF: (MV of benefit) - (donation) >$20

Fundraising Event Revenue continued Required supporting documents: ● Copy of cheque ● Proof of donation receipt (cash) ● Confirmation of electronic deposit ● Description of donation ● All other correspondence with donor ● Deposit slip from bank

Donation Revenue ● No cash cost component for chapter ● Donor doesn’t receive goods/services ● Eg: Solicited/unsolicited/anonymous donations from Uni, individuals, businesses ● Tax receipt eligible if individual donation is $20 or more

Donation Revenue continued Required supporting documents: Same as fundraising event revenue

Membership Fees ● University chapter memberships - $20 ● City network chapter memberships - $40 ● Not tax eligible ● Required documentations: Same as fundraising and donation revenues

Transfer (incoming) ● Not a donation! ● Money reallocation from one chapter to another - revenue neutral ● Example: Presidents Retreat chapter equalization payments ● Supporting documents: receipts of expenses being reallocated

Donation Tax Receipts Rules ● CRA rules on charity tax receipts CRA rules ● Only National Office can issue tax receipts ● Copy or clear image of cheque A MUST ● Donation of $20 or more only ● If benefit is offered by chapter, not eligible unless MV - donation >$20 (ask for guidance)

Chapter Expenses Administrative Fundraising event costs Conference Retreats School outreach African programs National Office materials Transfers (outgoing) $181,040.22

Administrative Expenses Costs associated with day to day running of chapter affairs Examples: Bank fees, stationery, refreshments for chapter members during mandatory meeting

Administrative Expenses continued Supporting documents: ● Bank statement (bank fees), signed approval form with description of expense, receipts (preferably showing payee name & address, sales taxes, dates) ● Other relevant correspondence between chapter and payee.

Fundraising Event Expenses Ticketed events; the expected outcome of incurring these costs is to generate Fundraising Event Revenue Supporting documents: Same as administrative expenses

Conference and Retreat Expenses ● Costs associated with attending EWB’s annual National Conference, other retreats and conferences deemed necessary by the chapter ● Supporting documents: Same as fundraising event and admin expenses

School Outreach & African Programs ● School Outreach Expenses: Water for the World ● African Programs Expenses: fellowships, It Takes a Village (ask NO to invoice)

Other Expenses ● Annual Reports, Failure Reports (also available on the website)also available on the website ● Transfers (outgoing): Not a true expense because EWB remains cost neutral when equalizations are transacted

Deposits and myewb ● Transactions on myewb must mirror bank statement ● Do not lump different class revenues and expenses; instead, ask for separate deposit slips ● How to enter transactions and submit monthly reports How to enter transactions and submit monthly reports

Petty Cash ● Do not keep cash lying around - cash is known to suddenly wake up and walk away ● If you must keep petty cash, use a ledger and vouchers to keep track of money ● There are several learning tools onlinelearning tools

End of Year Balance ● Charities are allowed a reserve fund at the end of the year (money that has not been disbursed) ● General rule for chapters is (on average) three months worth of operating expenses

The End