A Financially Responsible AAF Club/Federation Tips To Help Keep You In The Black & Out Of Trouble

Presenter: Norm Vallone  Past President, Greater Dayton Advertising Association (GDAA)  Former Chair, GDAA Finance Committee  Treasurer, Fifth District AAF  Past President, Greater Dayton Advertising Association (GDAA)  Former Chair, GDAA Finance Committee  Treasurer, Fifth District AAF

Disclaimer  Not a CPA  Not a Lawyer  Not a financial adviser  Not a CPA  Not a Lawyer  Not a financial adviser

Is This Really Necessary?  Fiduciary responsibility

Is This Really Necessary?  Fiduciary responsibility  Managing income and expenses is a critical business function  Fiduciary responsibility  Managing income and expenses is a critical business function

Is This Really Necessary?  Fiduciary responsibility  Managing income and expenses is a critical business function  Helps secure the future of the organization  Fiduciary responsibility  Managing income and expenses is a critical business function  Helps secure the future of the organization

Is This Really Necessary?  Personal liability

Is This Really Necessary?  Personal liability  Tax consequences  Personal liability  Tax consequences

Is This Really Necessary?  Personal liability  Tax consequences  Loss of not-for-profit status  Personal liability  Tax consequences  Loss of not-for-profit status

Requires A Commitment By The Board  Appoint a Treasurer

Requires A Commitment By The Board  Appoint a Treasurer  Secure insurance/bond  Appoint a Treasurer  Secure insurance/bond

Requires A Commitment By The Board  Appoint a Treasurer  Secure insurance/bond  Establish written policies  Appoint a Treasurer  Secure insurance/bond  Establish written policies

Requires A Commitment By The Board  Appoint a Treasurer  Secure insurance/bond  Establish written policies  Select bookkeeping software  Appoint a Treasurer  Secure insurance/bond  Establish written policies  Select bookkeeping software

Requires A Commitment By The Board  Appoint a Treasurer  Secure insurance/bond  Establish written policies  Select bookkeeping software  Use common sense  Appoint a Treasurer  Secure insurance/bond  Establish written policies  Select bookkeeping software  Use common sense

It All Begins With Budgets  Hold committees accountable

It All Begins With Budgets  Hold committees accountable  Each event must be budgeted and approved by the Board  Hold committees accountable  Each event must be budgeted and approved by the Board

It All Begins With Budgets  Hold committees accountable  Each event must be budgeted and approved by the Board  Establish who develops the annual budget  Hold committees accountable  Each event must be budgeted and approved by the Board  Establish who develops the annual budget

It All Begins With Budgets  The Treasurer is the watchdog

It All Begins With Budgets  The Treasurer is the watchdog  Checks and balances  The Treasurer is the watchdog  Checks and balances

Policies  No co-mingling of funds

Policies  No co-mingling of funds  Two signatures on checks  No co-mingling of funds  Two signatures on checks

Policies  No co-mingling of funds  Two signatures on checks  Use of credit cards for purchases  No co-mingling of funds  Two signatures on checks  Use of credit cards for purchases

Policies  Accepting credit cards for payment

Policies  Accepting credit cards for payment  Check-in procedures at events  Accepting credit cards for payment  Check-in procedures at events

Policies  Accepting credit cards for payment  Check-in procedures at events  Cash handling  Accepting credit cards for payment  Check-in procedures at events  Cash handling

Policies  Purchase orders

Policies  Purchase orders  Invoicing  Purchase orders  Invoicing

Policies  Purchase orders  Invoicing  Reconciling event income with attendance  Purchase orders  Invoicing  Reconciling event income with attendance

Policies  Purchase orders  Invoicing  Reconciling event income with attendance & expenses  Spending limits and approvals above limit  Purchase orders  Invoicing  Reconciling event income with attendance & expenses  Spending limits and approvals above limit

Policies  Handling expense reimbursements

Policies  Handling expense reimbursements  Reporting & transparency  Handling expense reimbursements  Reporting & transparency

Policies  Handling expense reimbursements  Reporting & transparency  Tax filings  Handling expense reimbursements  Reporting & transparency  Tax filings

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