Treasurers Association 2012 Annual Meeting New Treasurer Orientation
Welcome! Thanks for your service to your class and college! Not a difficult job Not particularly time consuming Stay on task, and it will not be hard A great opportunity to stay connected with your class You DON’T have to be a finance wizard Lots of technology to help you
Topics Covered Mandatory Responsibilities Secondary Responsibilities Calendar Key Tools and Resources
Prepare dues request letter(s) Commitment: one hour per letter, three times per year Balance the books: maintain an accurate ledger of all class financial transactions Commitment: on average, one hour per month in non-reunion years to record your transactions Prepare and distribute an Annual Class Financial Statement Commitment: two-three hours per year in July File an Annual Tax Return Obtain a Class Tax ID (if not yet done) Commitment: three hours in October Mandatory Responsibilities
Pay class obligations on a timely basis Commitment: on average, write one check per month in non-reunion years Report on finances to your class Mandatory Responsibilities
Secondary Responsibilities Budget for class reunions and significant class events Commitment: on average, four hours for one such event every other year Record reunion/significant event transactions and pay event obligations (there may be a separate treasurer for such events) Commitment: on average, forty hours for one such event every other year Complete a timely handoff from the previous and to the succeeding treasurer Commitment: three hours every five years
Mandatory Responsibilities
Dues Request Letters Prepare dues request letter(s) Three times/year (typically) Complete questionnaire prior to first letter of the year (July) Go to Quickbase and complete info: What plan the class will be using Dues rate, class treasurer name and address information Class project line(s) and amount Any message you would like incorporated on the dues notice.
Dues Request Letters (cont’d) Draft your letter (in Word) Samples on the websitewebsite Have your president (or other officer) review it Go to Quickbase and upload the letter Consider requests Lybunts Commitment: one hour per letter, three times per year
Balance the Books Maintain an accurate ledger of all class financial transactions Reconcile against bank accounts Options: paper, Excel, accounting packages (box, online), Quickbase Report at Executive Committee Meetings Commitment: on average, one hour per month in non-reunion years to record you transactions
Accounts and Systems Typical account Bank account (checking) Other possible accounts Savings account Money Market Mutual Fund (rare) Best practices Second signer (not dual signer) Copies of statements to President Share reconciliations
Annual Financial Report Prepare and distribute an Annual Class Financial Statement What it is: two page report in Excel Summary headcounts Summary financials Other (check the box) Forms the basis for tax filing Fiscal Year End: June 30 File by August 31 Commitment: two-three hours per year in July
File the Tax Return File 990-N E-postcard (new) Alternative: 990-EZ tax return College sends instructions (on website)website Deadline: 11/15 You can complete yourself, or... Use software/online service Use a provider Russell K. North ($250) Commitment: three hours in October
New Classes: Obtain a Tax ID Obtain a Class Tax ID (if not yet done) Aka Employer Identification Number (EIN) How do I get the EIN??? Use the IRS EIN Assistant ual/index.jsp ual/index.jsp NOTE that you are tax exempt!
Paying Obligations Pay class obligations on a timely basis Newsletters (if snail mailed) Gifts Other costs Commitment: on average, write one check per month in non-reunion years
To President and Executive Committee At least annually 75% report more often To Entire class directly 50% report annually Report on Finances to Class
Secondary Responsibilities
Budget for class reunions and significant class events Commitment: on average, four hours for one such event every other year Record reunion/significant event transactions and pay event obligations (there may be a separate treasurer for such events) Commitment: on average, forty hours for one such event every other year
Secondary Responsibilities Work with Executive Committee/Reunion Committee to arrange for budgets and financing Sample budgets are available from the College Sample budgets On the website College provides systems and training for reunions Registration, etc. Complete a timely handoff from the previous and to the succeeding treasurer Commitment: three hours every five years
Calendar
Key Events July 23rd: 1st Dues Mailing due to Blunt for receipt by class September 6th August 31st: annual financial report due September 28th-29th: Class Officers Weekend Class Officers Weekend October 10th: 2nd Dues Mailing due to Blunt for receipt by December 10th November 15th: tax filing due January 30th: 3rd Dues Mailing due to Blunt for receipt by March 13th
Challenges
There is a Learning Curve Duplicate payments Return $? Credit future years? Mastering Quickbase Credit cards Lag in payments Paypal Integrating into Quickbase Filing tax returns (now simplified!) Ask your predecessor!
Key Tools and Resources
Ledyard vs. Wheelock Two plan types for collecting dues College sends out all dues requests Ledyard Payments returned to College/Ledyard College inputs payments into Quickbase Funds deposited to class Ledyard account Wheelock Payments returned to treasurer Treasurer deposits funds Treasurer inputs payments into Quickbase
Key Tools Quickbase Online database Records all personal information and gift history Use to generate monthly reports Can generate requests Can also track expenses Harris tool Paypal Online dues payment
Other Resources Procedures and Forms Ann Harvey, , Strategic Questions/ solicitations Jennifer Casey, , Tax Questions Gail Goodness, , General: Dartmouth Treasurers Association Website “Yikes! What do I do?” Ask your predecessor! Fellow Treasurers (see website)website
And in conclusion... Try to keep the job simple Keep up with your tasks Leverage technology Have fun!