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!