ACCOUNTING & FINANCE Saturday, July 22, 2017

ACCOUNTING BASICS Why do we need to know Accounting? Reporting Requirements Transparency

ACCOUNTING BASICS What is Cash Accounting? Recording transactions as they happen No liabilities (generally) Isn’t it just a checkbook? Yes…. ….and No

Liabilities = What you owe Revenues = Funds Received ACCOUNTING BASICS Assets = What you have Liabilities = What you owe Revenues = Funds Received Expenses = Funds Paid Out

ASSETS Bank Accounts Checking Savings Fixed Assets Long-Term (will be used for more than 1 year) Not common for our groups Receivables Someone owes you money 

LIABILITIES Not common for our groups Loans or Invoices to be Paid Not generally recorded until paid

REVENUE Funds Received Donations Fundraising Advertising*** ADVERTISING: Special definition for IRS reporting….See the CSB website for more detailed information!

EXPENSES Funds Paid Out Program Expenses Fundraising Expenses Advertising Expenses*** ADVERTISING: Special definition for IRS reporting….See the CSB website for more detailed information!

REPORTING REQUIREMENTS Balance Sheet Assets & Liabilities Profit & Loss Revenues & Expenses Monthly Expenditure Listing Checks & Debit Transactions

REPORTING REQUIREMENTS Tax Reporting Form 990 Form 990-T AZ Form 99 AZ Form 99-T Excel Spreadsheet on CSB Website

REPORTING REQUIREMENTS Tax Reporting Donations – Donors get nothing in return Fundraising – Donors purchase something Program – Directly related to program support Administration – Related to administration of organization Advertising – Special IRS Definition (Taxable)

QUESTIONS….