From the Presention by Judith A. Yannarelli, CPS/CAP International Treasurer

 Evaluating financial policies  Evaluating goals and objectives  Evaluating financial performance  Effective teamwork

 Financial review/audit recommendations  Banking requirements  Communication and access

 What’s the difference ◦ Financial Review  Internal Review  Members assigned to provide an evaluation and/or monitor the reporting and financial practices; Or:  Accounting professional will review records to assess the validity of numbers and speak with appropriate officers. ◦ Audit  External Review  Accounting professional will obtain independent evidence of the numbers, plus look at the internal controls. The accounting professional offers an opinion.

 Definition of a 501(c)(6)  Enforcement  Use of funds  Standards of Integrity

 State and local laws  Fundraisers  Auctions  Raffles

 Fulfilling IAAP’s mission  Reserves  IRS scrutiny

 Responsibility  Form 990  W-9 form  Form 1099 & 1096

Form 990N (less that $50,00 or less gross income) Form 990 E-Z (more that $50,000 gross income) Form 1099 (payments to an individual over $600) Form 1096 (summary of 1099 forms) Which form & where do I get it?

 State requirements  Permanent files  Deadlines

 Review  Update

 Definition  Review strategic plan  Determine financial goals  Approval

 How to Create a Division/Chapter Budget webinars – for all division/chapter presidents and treasurers  Webinar is available on the Treasurer’s e-group

 Definition  Review  Evaluate  Communicate

 Definition  Committee  Review  Communicate

 Education  Deadlines  Review  Communication

 Criteria o Division o Chapter

 and understand your financials!!!  having complete knowledge or expertise on financials is not a requirement – common sense is essential  there is no such thing as a dumb question  IAAP is a 501c6 non-profit association

›The Treasurer has the appropriate resources to do the job. o Financial software o Spreadsheet software o Access to a computer/laptop ›and be knowledgeable about tax compliance guidelines, as well as raffle and auction state and local rulings ›the Division must remain in compliance on every level

›it is wise and prudent to educate all officers, chairs and members on the financials – who, what, when, where, and why (tribal knowledge) ›you need to remain in Need-To-Know mode in the arena of financials

›expect timely financial reports ›to communicate with the Board often – create a set date/time each month to take afinancial pulse

 about budget trends o If repeat events have declining revenue, budget accordingly. Be conscious of variances on the statement of activities o about spikes and valleys in some areas of income and expenses o what is deferred revenue (income) on a Balance Sheet?** o money not yet received for goods and services

o Sample Forms: W-9, 1099-MISC, 1096 o Tax Compliance Announcements o IAAP Standards of Integrity o Silent Auctions and Raffles Info o Tax Compliance Q & As o “Let’s Get Serious” posting to Treasurers’ eGroup o Accounting Library Document List

 Internal Revenue Service -  Division Treasurer –  International Treasurer  Treasurer’s eGroup  HQ Staff - Holly Emmert, Accounting Specialist Melissa Mahoney, Finance & Facilities Supervisor Sue Tuff, Controller

Lisa Olson Illinois Division Treasurer (cell)