VFC Chapter Officer Training Chapter Treasurer Stan Palen

General Duties Prepare an annual financial budget for the Chapter Collect all Chapter income Pay all Chapter bills Maintain Chapter financial records Balance the Chapter checkbook Report on Chapter finances Submit IRS form 990N annually

Questions What does a Chapter budget look like and where does the information come from? What do you do with the budget, once it is prepared? How do you know where to enter expenses? How do you report this information? What records do you keep and for how long?

Mandatory Treasurer’s Records Action Items (bills pending) Dues Income Expenses Paid (receipts) Bank Statements (with associated records) Bank Account Information IRS form 990N Treasurer’s Books Audit Reports IRS Federal Income Tax Exemption Letter

Optional Additional Records Attendance Lists from Chapter Luncheons Used Luncheon Certificates Pertinent Correspondence Listing of Treasurer’s Functions & Responsibilities Chapter Constitution & Bylaws

What Should a Treasurer Keep on Hand Stamps & Envelopes Paper Receipt Forms (blank) Envelopes for Cash & Checks Tickets for Raffles and Door Prizes Name Tags for Luncheon Attendees Other Miscellaneous Items

Information on IRS form 990N Organization’s legal name Organization’s mailing address Organization’s website address Organization’s employer identification number (EIN) Names and address of principal officer Organization’s annual tax year

IRS form 990N When does it need to be filled out? How do you access the form and who fills it out? What information is required? Can it be filled out manually? Are NARFE Chapters classified as “Exempt Organizations? What happens if the form is not submitted?

Information on IRS form 990N Answers to the following questions –Are the annual gross receipts still $50,000 or less? –Has the organization terminated or gone out of business? Are you a registered user –What is your login ID and Password Location –

Important Chapter Treasurer’s Capabilities Is he/she the payer of their household expenses? Can he/she balance a checkbook? Is he/she organized? Is he/she familiar with keeping financial records? Is he/she familiar with developing and keeping a budget? Does he/she get shaken up / nervous easily?

Optional Additional Capabilities Is he/she computer literate? Can he/she access the Internet? Does he/she have an address and know how to use ? Does he/she have spreadsheet and word processing software? Is he/she familiar with using this software?

Useful NARFE Reports A-220 Report Dues Payment to Chapter W-101 Report Dues Withholding M-130 Report Bonus Recruiting Fees M-131 Report Recruiting Fees M-112 Report Monthly Membership Rpt M-114 Report Bi-Yearly Membership Rpt