Copyright © 2014 by The University of Kansas Managing Your Money.

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Copyright © 2014 by The University of Kansas Managing Your Money

Copyright © 2014 by The University of Kansas Why does your organization need a money management plan? To fulfill its purpose To control your finances and cash flow To maintain good relationships with your suppliers of goods and services To establish your credibility in the community To save you time and a great deal of worry To devote time to the actual purposes of your organization

Copyright © 2014 by The University of Kansas What does the everyday management of your money include? Systems: Accounting Banking Money-handling Petty cash Payroll Payables and receivables Grants management Handling cash flow issues

Copyright © 2014 by The University of Kansas Decisions: Computerizing your accounting Types of bank accounts What constitutes full-time employment Which bills and obligations to settle first What does the everyday management of your money include?

Copyright © 2014 by The University of Kansas What issues are involved in being tax-exempt? Apply for state tax-exempt status Make sure that the correct forms are used when purchases are made Remove taxes that you've been paying on your phone, utilities, and any other regular payments Fill out tax forms Arrange and undergo a yearly audit

Copyright © 2014 by The University of Kansas How do you handle cash flow? Try to anticipate when cash flow problems may occur Set your priorities beforehand Develop a cash flow contingency plan based on your priorities and the situation of your organization

Copyright © 2014 by The University of Kansas What are some day-to-day money management issues? Shopping for goods and services Negotiating with funders Maintaining systems

Copyright © 2014 by The University of Kansas What are some investment issues? A Certificate of Deposit A Money Market Account