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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