Record Keeping at Asha

Why is it Important? Regulatory Requirement (IRS) Need Transparency for Donors/Contributors

What does it Entail? Have Accurate and Up to Date Records of Projects Project Proposal Funds Provided Progress Reports Site Visit Reports including Photographs Budgets Donations, Contributions and Fundraisers All details of the Donations (Date, Payment Method, Cheque Number, Name and Amount)

What does it Entail (Contd.)? Fundraisers Receipts of all Expenses and Copies of Cheques Issued All Income from the Fundraiser Merchandise Proper classification of COGS and Revenue from Merchandise by category such as T-Shirts, Mugs.. Bank Statements and Deposit Slips Minutes of Meetings Retain Records for 4 Years Minimum

Good Practices Use an Accounting Package like Quicken Enter Cheque Details at the Earliest Categorise the Cheques into Donations, Fundraiser A, Fundraiser B, T-Shirts etc. Maintain Project Documentation In Case of a Change, have a Clean Handoff to the Incoming Treasurer

Acknowledgement of Donations Prompt Acknowledgement of Donations lends credibility to the Organisation Acknowledge all Donations irrespective of the Amount Send Receipt + Thank-you Letter within 1 month of receiving the Cheque Deposit the Cheque or send it to Asha Treasurer within 2 weeks of receiving it

Operational Expenses What is an Operational Expense? Categorisation of Expenses Banking Expenses PO Box Expenses Newsletter Mailings Postage Pure Administrative Expenses Tracking of Donations Earmarked to Cover Operational Expenses

Other Issues Duplicate Transactions Protecting the Franchise

Key Findings Recordkeeping is Critical Recordkeeping includes projects and meeting minutes

Questions/Comments/Suggestions Pankaj Gupta treasurer@ashanet.org Pankaj.Gupta@morganstanley.com (908) 687 5584 (Residence) (718) 754 2381 (Office)

Thank You