SGMP TREASURY 101

ROLE OF LEADERSHIP Talley Management Group - Accountant Reporting Questions on Bookkeeping Keeps Chapter Treasuries Brett Sterenson – National Treasurer Budgeting Questions on Treasurer Duties Chapter Conference Calls

FINANCE/AUDIT COMMITTEE QUARTERLY FINANCIAL STATEMENT REVIEW QUARTERLY BUDGET FORECASTING INVOLVEMENT IN THE BUDGET PROCESS CONSULTANTS TO FELLOW CHAPTER TREASURERS WHO COULD USE MEMBERS Nate Melvin, Michigan Chapter Ashley Leftwich, Tennessee Chapter Annette Wallace, MoCap Chapter Willie Clay, Chicago Chapter Wayne Callis, Old Dominion Chapter

CRITICAL DATES Chapter Budget Submission – 7/31 Year End Financial Report – 8/15 Chapter Monthly Reports – 10th of the Month

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

FINANCE POLICY HIGHLIGHTS Chapter Finances in Policy Manual – pages 54-78 CF-1: All Chapters are required to produce an annual budget CF-2 / CF-4: All Chapters are required to use standardized budget and standardized Chart of Accounts CF-5: What Chapters may and may not use Chapter funds for CF-11: Chapter Treasurer Responsibilities CF-17: Chapter Audit Requirements CF-21: Chapter Savings Accounts CF-22: Chapter Revenue Sharing

REVISIONS TO TEMPLATE The 80/20 Rule was thoroughly addressed and scoured by the National Finance and Audit Committee. It has led to a Revised Template which will be distributed to all current chapter treasurers and Presidents as well as posted on line by 5/31/16

Programming Scholarships SPEND YOUR MONEY Programming Scholarships

BEST PRACTICES & NOTES Approved 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 STATUS SGMP 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

IMPORTANT RESOURCES http://www.sgmp.org/chapterboard Click here 

END OF YEAR TREASURER AWARDS

Old Dominion Michigan Greater Oregon Northern Lights HONORABLE MENTION Old Dominion Michigan Greater Oregon Northern Lights

TENNESSEE CHAPTER Ashley Leftwich BRONZE TENNESSEE CHAPTER Ashley Leftwich

CHICAGO CHAPTER Willie Clay SILVER CHICAGO CHAPTER Willie Clay

MISSOURI CAPITAL CHAPTER Joyce Becker GOLD MISSOURI CAPITAL CHAPTER Joyce Becker

CONTACT INFORMATION Talley Management Group – Accountant ChapterAccounting@sgmp.org Brett Sterenson – National Treasurer 202-641-5580 brett@hotel-lobbyists.com