Troop Finance-Best Practices Winter 2013

Who can be on a Girl Scout Bank Account? To be on a Girl Scout Bank Account you must: Be a registered Girl Scout Member Apply to be ─ at minimum ─ a Troop Parent Helper Pass a criminal background check Sign a Volunteer Financial Agreement 2

What are the signers Responsible for? All Signers are Responsible for: Completing AND Turning in the Annual Troop Finance Report Making sound financial decisions Insuring troop funds are used by the troop Adults are to guide the girls and coach them on how to spend their earnings in responsible ways to support their Girl Scout Program. ALL bank account signers are held accountable for ALL FINANCIAL ACTIVITY on accounts they sign for. 3

How we use the Annual Troop Finance Report The Annual Troop Finance Report is used: To help girls and parents understand how the troop funds have been used. To hold troops accountable for clean financial reporting. Girl Scouts of Western Washington holds all bank account signers responsible for maintaining clear accounting standards and practices. To confirm bank account responsibility and to itemize the account. 4

The Annual Troop Finance Report Includes: A detailed account summary (a spread sheet of all the income and expenses throughout the Girl Scout year for the troop and bank account). GSWW provides an easy to use editable template.editable template The most current bank statement A completed Annual Troop Finance ReportAnnual Troop Finance Report 5

Why is the Annual Troop Finance Report Important? The report models transparency, integrity, and financial literacy for the girls. It’s also a safeguard in the event a parent or leader questions management of troop funds. A detailed explanation is available on our website.website. A Troop Finance Report also: Gives leaders, parents, and girls an opportunity to review the year’s finances Gives girls the opportunity to set financial goals and learn money management, a key part of the Girl Scout Leadership Experience Provides clarity on the ins and outs of troop finances and participate in troop financial planning 6

How to do the Annual Troop Finance Report Financial Reports are due for review to Service Unit Manager by June 18 th each year. Start right when you start meeting for the year: Keep all receipts from all Girl Scout transactions Balance your checkbook each month by comparing receipts with the bank statement Use your Girl Scout Bank Card or checks for all Troop purposes. Do not pay in cash. Be sure all troop money goes through the Girl Scout Bank Account Deposit all money, do not keep cash on hand, do not hold on to checks or other forms of payment for more than a week before depositing them. 7

GSWW Detailed Cash Record and Account Summary Either create your own or use our Excel version This form separates income and expenses into correct categories, which are then used for the Annual Troop Finance Report 8

The categories from Detailed Cash Record will help you complete the Annual Troop Finance Report It’s important to be as detailed as possible throughout the year so it’s easier to fill out this form at the end of year Troop Financial Form 9

Banking Best Practices Keep a file of all receipts and each year’s annual reports. Share and review your detailed account summary with the troop parents on a regular basis (monthly, bi-monthly, or quarterly). Some troop treasurers improve transparency by keeping it as a Google doc so parents can access it at anytime. Include girls on all financial decisions – It’s part of the GSLE! Even Daisies can help make decisions about what they want to do with the money they earn. As girls get older, they can help balance the bank account under adult supervision and take a more active roll in financial planning. 10

Resources Volunteer EssentialsVolunteer Essentials: Chapter 5, “About Finances” Page 32, “What a Girl Can Do” Banking and Finance section of the Girl Scouts of Western Washington websiteBanking and Finance section of the Girl Scouts of Western Washington website: Volunteer Financial Agreement Bank Account guidelines (new accounts, change of signers) Financial Report Tools for Troops and Service Units “What a Girl Can Do” – GSUSA and GSLE Info: Transforming Leadership – Leadership OutcomesTransforming Leadership Exploring Girl Leadership – A Girl Scout Research Institute StudyExploring Girl Leadership Financial Literacy 11

12 Thank You - Girl Scout Volunteers!