RISK MANAGEMENT FINANCIAL SR. DIRECTOR FINANCE & ADMINISTRATION JEAN MERVINE SR. DIRECTOR INFORMATION SERVICES LISA MANGIAFICO Soroptimist International.

Slides:



Advertisements
Similar presentations
BOOSTER CLUB TRAINING Department of Athletics Temple Independent School District.
Advertisements

PTA LOCAL UNIT TREASURER. DUTIES OF A TREASURER ASSIST IN DEVELOPING A BUDGET ASSIST IN DEVELOPING A BUDGET MANAGE THE FUNDS OF THE UNIT MANAGE THE FUNDS.
Chapter Financial Management Training.  Operate Chapter per the Board of Directors Approved Manual for Chapter Operations.  Chapter Treasurer Duties.
Legal Responsibilities for Board Members of Nonprofit Organizations Or…all you need to know to stay out of trouble. Presented: July 2007 Prepared by: Elsbeth.
MISD Booster Clubs Guidelines Training Roy Renzenbrink, Director of Fine Arts April Lam, Internal Auditor August 4, 2009.
Parent Associations and Parent-Teacher Associations: Financial Affairs - Part 1.
Eastern Area Leadership Forum Money! Money! Money Links Finance.
…FOR BOTH TREASURERS AND PRESIDENTS KATIE SAYANI, GCC OF PTAS TREASURER GCC of PTAs Treasurers Training.
“Money! Money! Money!” Handling 4-H Finances. What’s it All About?  A 4-H Charter is the only document that officially recognizes a 4-H Club or Affiliated.
TAX EXEMPTION AND RELATED ISSUES FOR THE NOT FOR PROFIT (NFP) CORPORATION REUBEN S. SEGURITAN 7 Penn Plaza, Suite 222 New York, NY Tel. No. (212)
Prepared by. As stewards of a chapter’s money the chapter officers are responsible for the careful handling and dissemination of funds.
MONEY MATTERS 101.
LOCAL OFFICIAL FINANCIAL RESPONSIBILITIES UNDER NAGE CONSTITUTION AND BY-LAWS AND DEPARTMENT OF LABOR/IRS RULES DRAFT.
MISD Booster Clubs Guidelines Training Roy Renzenbrink, Director of Fine Arts April Lam, Internal Auditor August 19, 2010.
End of the Year Duties for Treasurers Candace Leggett, SCPTA Treasurer 2013 SCPTA Convention Saturday, May 4, 2013 SOUTH CAROLINA.
Tax Update for Alumni Classes September 29, 2012 Hanover, NH Dartmouth College.
ASHRAE Chapter Best Practices Chapter Financial Risk Management Training Chapter Financial Risk Management Training.
ASHRAE Chapter Best Practice Chapter Financial Risk Management.
PTA Treasurer Jennifer Young – Treasurer Virginia PTA July 2014.
Presented by Tim Lundell District Trainer 2013 Assemblies.
District 2610 CLTS 2013 District Club Leadership Training Seminar | 1 Session 1: Secretaries and Treasurers.
Session 102: Treasurers for Non- Treasurers Jennifer Young, Treasurer Virginia PTA 2012 Annual Conference July 13, 2012.
Lions Club Treasurer May 30, 2009 Virginia Lions State Convention.
Risk Management Overview with Meg Tully, CAE Meg Tully, CAE Association Development Director.
Chapter Treasurer Orientation April 23, Chapter Treasurer Responsibilities Maintain the chapter’s financial records Provide the President and Board.
Booster Clubs PTA Class of 2009 You are an officer – NOW WHAT ??
Financial Resource Management Recommended Best Practices Training for Volunteers and Support Groups.
PTA Treasurer Training Pam Grigorian August 20, 2015.
Financial Accountability Update & Review Ingham County 4-H Clubs August 19, 2008.
ASHRAE Chapter Treasurer Chapter Financial Risk Management for International Chapters Chapter Financial Risk Management for International Chapters.
Planning For Excellence Budget & Finance MEMBERSHIP ORIENTATION October 7-11, 2009 New Braunfels, TX Jim Dambeck 2010 WCR Texas Treasurer GRI,ABR,CNHS,SRES,PMN.
Financial Management for State and Regionals: Best Practices for Busy Leaders Ari Kaufman, Associate Registrar for Operations – Berklee College of Music.
What Every Treasurer Must Know Teresa Williams, National PTA Secretary-Treasurer Jeanice Aikens, National PTA Chief Financial Officer © National PTA, 2010.
Lisa Murfield, MBA, SPHR, GPHR HR Tampa, Inc..  Role of Chapter Treasurer  Chapter Financial Management  Chapter Financial Strategies  Policies and.
Session Objectives Keeping Good Financial Records - Administration - Activities/Project Financial Planning Budgeting and Reporting(Monthly & Year End)
Fiduciary Responsibility Handling of Union Funds By AFGE Local Officers.
42nd Biennial Convention Soroptimist International of the Americas 43 rd Biennial Convention July 2014 Vancouver, Canada Finance Presentation Paula.
An Overview.  Elected to Office  Custodian of all PTA funds  Receives & disburses funds  Prepares financial reports  Maintains records  Supports.
LITTLE LEAGUE BASEBALL District 17 Workshops 2008 Season.
Financial Operations & Risk Management Governors Round Table June 14 th and 15 th, 2015.
Tax Update for Alumni Classes Rachel L. Williamson, CPA Joined Dartmouth College in June.
Introduction to PTA Money Matters. The PTA Audit First step in building a budget; Purpose: to certify accuracy of PTA’s financial records; Audit committee.
Great Lakes Region Treasurer Preparation Treasurer Office Duties and Responsibilities.
The Construction Specifications Institute CSI Chapter Financial Education Webinar Series #4: “Changing of the Guard – Treasurer’s Orientation” July 15,
Managing Chapter Funds Brent Woods, Esq., CAE, SPHR NIGP Executive Director for Business Operations and Finance.
Finance Training Preparing for the Audit PVP Council November 13, 2015.
Fiduciary Responsibilities of the District. Fiduciary Duties of District Board Members One of the main responsibilities of board members is to maintain.
Treasurer Training Penny Wirsing, FY14 Treasurer.
Club Best Practices Officer Roles and Responsibilities.
Presented by: Sharon Pender Louisiana State PTA Treasurer.
TREASURER TRAINING (60 SLIDES). TREASURER TRAINING.
Treasurer Topics 2 Workshop 3 Teresa Atherley, Utah PTA Treasurer Facebook group: Utah PTA Treasurers.
PTA Treasurer Ensure the unit’s financial records are audited according to the bylaws before assuming his or her duties; Ensure the filing of the unit’s.
PTA Finance Training 2015 California State PTA. The Finance Team Association Members The President The Treasurer Board Members The Secretary The Financial.
The Business of PTA – Finance, IRS Compliance and Risk Management 2016 National PTA Convention & Expo Orlando, FL Presenting Sponsor:
MONEY MATTERS 101.
Finance Committee Update
PTA Treasurer Training
Treasurer Training Penny Wirsing, FY13 Treasurer
MONEY MATTERS 101.
Internal Control and Cash
Unit Treasurer Workshop/PTA-Economics
IPMA-HR Chapter Treasurers Training
Iowa Extension Council Association Iowa 4-H Youth Development
Financial Responsibilities
CEC Unit & Division Treasurers
DISTRICT 7890 ASSEMBLY CLUB TREASURER BREAKOUT SESSION
Finance, Operations & Legal Overview for Leadership
President Elects Training Seminar 2019 Rotary District 7570
Budget Planning Boot Camp
Presentation transcript:

RISK MANAGEMENT FINANCIAL SR. DIRECTOR FINANCE & ADMINISTRATION JEAN MERVINE SR. DIRECTOR INFORMATION SERVICES LISA MANGIAFICO Soroptimist International of the Americas July 16-17, 2012

Systems of checks and balances Assure integrity of financial assets Prevent opportunity for fraud, theft or embezzlement Best practice What are internal controls? 42nd Biennial Convention Soroptimist International of the Americas

Procedures to keep cash and checks safe Regular financial reports Segregation of duties Two signers on a bank account Reconciliation of the bank statement Lock and key Some examples... 42nd Biennial Convention Soroptimist International of the Americas

Helps to prevent fraud or theft Sets an environment for control Helps identify a loss quickly to minimize damage Provides members with assurance that the organizations money and assets are safe Why have internal controls? 42nd Biennial Convention Soroptimist International of the Americas

Club treasurers who kept no records or receipts Clubs not complying with IRS filings and requests Treasurers who have comingled club and personal funds Clubs whose only authorized bank signer left and took all of the money “But this can’t happen to us!” 42nd Biennial Convention Soroptimist International of the Americas

Financial policies Clear role definition Physical controls Handling cash Bank reconciliation Five essential internal controls 42nd Biennial Convention Soroptimist International of the Americas

Other best practices 42nd Biennial Convention Soroptimist International of the Americas

Part of internal controls Sources and uses of income Approved expenditures to reflect strategic plan Compare budget to actual Budgeting 42nd Biennial Convention Soroptimist International of the Americas

Keep receipts Keep good records Report financial results regularly Tracking expenses 42nd Biennial Convention Soroptimist International of the Americas

More than one authorized signer Signatures on checks Bank reconciliation Banking 42nd Biennial Convention Soroptimist International of the Americas

Protects your financial assets SIA has a plan available in US & Canada Bonding 42nd Biennial Convention Soroptimist International of the Americas

Register as a charitable organization Know your local, state and federal regulations Responsibilities in Fundraising 42nd Biennial Convention Soroptimist International of the Americas

Members section of soroptimist.org Sample club budget Club treasurer guidelines Club audit procedures 501(c)(3) Organizations information (US only) Resources Available 42nd Biennial Convention Soroptimist International of the Americas

Gaining 501(c)(3) Status Requirements Exempt purpose: charitable Not organized or operated for the benefit of private interests Does not attempt to influence legislation as a substantial part of its activities or participate in campaigning for political candidates U.S. Tax Related Issues 42nd Biennial Convention Soroptimist International of the Americas

Keeping 501(c)(3) Status Requirements All 501(c) organizations MUST file an annual information return: 990 ((the most in-depth version) annual gross receipts <$50, EZ (the short form version) annual gross receipts <$50, N (e-Postcard) annual gross receipts of $50,000 or less ; file online at : A filing receipt can be printed as soon as the filing is made online. U.S. Tax Related Issues 42nd Biennial Convention Soroptimist International of the Americas

Losing 501(c)(3) Status Clubs or regions that fail to file for three consecutive years will have their status automatically revoked by the IRS 13 clubs and 1region have been revoked Treasurer should provide proof of filing, and President should request proof of filing U.S. Tax Related Issues 42nd Biennial Convention Soroptimist International of the Americas

When SIA headquarters has word a club is chartering: Contact the club president with the paperwork to be part of SIA’s group exemption; copy the governor SIA requires: a letter requesting inclusion, an agreement to abide by exempt requirements, copy of club bylaws, and if incorporated, copies of the articles of incorporation New Clubs and Tax Status 42nd Biennial Convention Soroptimist International of the Americas

Thank You! We will now take a 15 minute break. 42nd Biennial Convention Soroptimist International of the Americas

WHAT ARE YOUR REGION’S FINANCIAL BEST PRACTICES? Small Group Discussion July 16-17, 2012

FINANCIAL BEST PRACTICES GROUP REPORT OUT Small Group Discussion July 16-17, 2012

Insurance packages through SIA’s insurance broker available in US and Canada: Club Liability Insurance Management Liability Insurance Bonding Contact Kaelin Hill, AH&T Insurance or Support Services for your Region and Clubs 42nd Biennial Convention Soroptimist International of the Americas

QUESTIONS? 42nd Biennial Convention Soroptimist International of the Americas

Thank You! We will now take a 10 minute break. 42nd Biennial Convention Soroptimist International of the Americas