1. Region & Section Treasurer Meeting Stacey DelVecchio, FY12 Treasurer and Penny Wirsing, FY12 Finance Chair October 2011

2. Agenda Treasurer Responsibilities General Financial Procedures
Financial Report Forms
Federal Tax Exemption
IRS filing requirements
More Information
Questions
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3. Treasurer Responsibilities
Collecting, safekeeping, & distribution of section’s funds
Accounting of all income & expenditures
Reporting to section Executive Council
Submission of annual Financial Report to Headquarters by 7/30
Submission of IRS forms and e-postcards
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4. General Financial Procedures
Safeguarding
Budgets
Reports--internal and external
Income
Reimbursements
Investments
Other
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5. General Financial Procedures
Safeguarding
Keep records up to date
Prepare monthly financial reports and provide to executive council for review
Update bank signature card whenever changes occur
Review bank statements and reconcile on a monthly basis
Review invoices and supporting information prior to check writing
Keep only small amount of petty cash
Identify a treasurer known by others
Do an internal assessment
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6. General Financial Procedures
Budget
Budget Category
04/05 Budget
Actuals
1.0.0
EXPENSES
1.1.0
Administrative
1.1.1
General
Post Office Box Rental
Printing "Space Coast Facts"
Postage
Misc..... Printing/letterhead
CCTS Dues
Miscellaneous
Membership Printing/postage
Bank charges
Subtotal
1.1.2
Newsletter
Printing/supplies
1.1.3
Region Meeting Travel
1.2.0
Continuing Development
1.2.1
Monthly meetings
Christmas Party
Speaker Meals/Program Costs
Misc.....
Meals
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7. General Financial Procedures
Events
Include income or loss for events in budget and financial report (not total income & expenses)
Donations
Acknowledgement letters are required for donations greater than $250
Letter must mention “no services received” or equivalent
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8. Financial Report Forms
Located in the sharepoint files
SWE Governance
Section and MAL FY Financial Forms
Two forms
EZ Financial Report if you have <$10,000
Financial Report if you have >$10,000
Same forms are used for collegiates and professionals
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9. Financial Report Forms
Reimbursements
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10. Federal Tax Exemption
All sections can be covered by SWE 501(c)3 status
Individual sections need to request this of the treasurer by March 1
HQ files documents by end of March annually
Sales tax exemption
Each section must have their own Employer Identification number (IRS form SS-4)
Use SWE federal tax exemption #9225
In some states, Sections can receive state tax exemption
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11. Federal Tax Exemption If $1,000 of unrelated income
File 990 T - Unrelated Income (IRS pub. 598)
Pay Taxes
$1,000 test of unrelated income
Unrelated business income = actual income regularly carried on, but not substantially related to primary mission
Must be educational (not t-shirt sales, advertising income, etc.)
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12. IRS Filing Requirements
IRS Filing - Submit between July 1 to November 15
For sections with gross receipts >$25,000
Submit a full IRS Form 990 or 990EZ
For sections with gross receipts <$25,000
Submit IRS Form 990-N
Commonly referred to as the e-postcard
SWE does not cover any of this filing for the sections
Some Universities may cover their collegiate sections
What happens if you don’t file?
You risk losing your tax-exempt status!
Go to for complete details or review the information on SWE Money community.
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13. Finance Manual Update in January 2011
Everything you need to know is in here
Located in the sharepoint files
SWE Governance
Procedures
Also located in SWE Money community
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14. Continued Finance Focus for FY12
Assist in tools to use for self – assessment
Additional training on safeguarding section/region funds
Documentation on website
SWE Money in communities for ease of use
example – IRS Postcard information posted
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15. Any Finance Questions or need more info
Stacey M. DelVecchio, FY11 Treasurer
Penny Wirsing, Finance Chair
LeeAnn Escobar, Finance Chair-Elect
On-Line Resources
SWE Communities---SWE Money
SWE Communities---SWE Section and Region
IRS Web page:
Form 990/990EZ & 990T instructions
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