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From the Presention by Judith A. Yannarelli, CPS/CAP 2010-2011 International Treasurer
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Evaluating financial policies Evaluating goals and objectives Evaluating financial performance Effective teamwork
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Financial review/audit recommendations Banking requirements Communication and access
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What’s the difference ◦ Financial Review Internal Review Members assigned to provide an evaluation and/or monitor the reporting and financial practices; Or: Accounting professional will review records to assess the validity of numbers and speak with appropriate officers. ◦ Audit External Review Accounting professional will obtain independent evidence of the numbers, plus look at the internal controls. The accounting professional offers an opinion.
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Definition of a 501(c)(6) Enforcement Use of funds Standards of Integrity
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State and local laws Fundraisers Auctions Raffles
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Fulfilling IAAP’s mission Reserves IRS scrutiny
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Responsibility Form 990 W-9 form Form 1099 & 1096
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Form 990N (less that $50,00 or less gross income) http://www.irs.gov/charities/article/0,,id=169250,00.html Form 990 E-Z (more that $50,000 gross income) www.irs.gov/pub/irs-pdf/i990ez.pdf Form 1099 (payments to an individual over $600) www.irs.gov/pub/irs-pdf/f1099msc.pdf Form 1096 (summary of 1099 forms) www.irs.gov/charities/article/0,,id=172607,00.html Which form & where do I get it?
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State requirements Permanent files Deadlines
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Review Update
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Definition Review strategic plan Determine financial goals Approval
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How to Create a Division/Chapter Budget webinars – for all division/chapter presidents and treasurers Webinar is available on the Treasurer’s e-group
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Definition Review Evaluate Communicate
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Definition Committee Review Communicate
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Education Deadlines Review Communication
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Criteria o Division o Chapter
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and understand your financials!!! having complete knowledge or expertise on financials is not a requirement – common sense is essential there is no such thing as a dumb question IAAP is a 501c6 non-profit association
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›The Treasurer has the appropriate resources to do the job. o Financial software o Spreadsheet software o Access to a computer/laptop ›and be knowledgeable about tax compliance guidelines, as well as raffle and auction state and local rulings ›the Division must remain in compliance on every level
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›it is wise and prudent to educate all officers, chairs and members on the financials – who, what, when, where, and why (tribal knowledge) ›you need to remain in Need-To-Know mode in the arena of financials
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›expect timely financial reports ›to communicate with the Board often – create a set date/time each month to take afinancial pulse
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about budget trends o If repeat events have declining revenue, budget accordingly. Be conscious of variances on the statement of activities o about spikes and valleys in some areas of income and expenses o what is deferred revenue (income) on a Balance Sheet?** o money not yet received for goods and services
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o Sample Forms: W-9, 1099-MISC, 1096 o Tax Compliance Announcements o IAAP Standards of Integrity o Silent Auctions and Raffles Info o Tax Compliance Q & As o “Let’s Get Serious” posting to Treasurers’ eGroup o Accounting Library Document List
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Internal Revenue Service - www.irs.govwww.irs.gov Division Treasurer – treasurer@iaap-illinoisdivision.orgtreasurer@iaap-illinoisdivision.org International Treasurer Treasurer’s eGroup HQ Staff - acct@iaap-hq.orgacct@iaap-hq.org Holly Emmert, Accounting Specialist Melissa Mahoney, Finance & Facilities Supervisor Sue Tuff, Controller
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Lisa Olson 2011-2012 Illinois Division Treasurer treasurer@iaap-illinoisdivision.or 630-417-4104 (cell)
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