1. SGMP TREASURY 101

2. ROLE OF LEADERSHIP Anna Marie Stewart – Staff Accountant Reporting Questions on Bookkeeping Keeps Chapter Treasuries Brett Sterenson – National Treasurer Budgeting Questions on Treasurer Duties Chapter Conference Calls

3. TREASURER TRANSITIONING Become intimately familiar with the Chapter Finances Policies Hold in person meeting with outgoing Treasurer Work with outgoing President and Treasurer on transitioning bank card Work with outgoing President and Treasurer on access to banking Become intimately familiar with current budget Prepare for guiding discussion on next year budget at board retreat

4. FINANCE POLICY HIGHLIGHTS Chapter Finances in Policy Manual – pages 54-78 CF-1: All Chapters are required to produce an annual budget CF-2 / CF-4: All Chapters are required to use standardized budget and standardized Chart of Accounts CF-5: What Chapters may and may not use Chapter funds for CF-11: Chapter Treasurer Responsibilities CF-17: Chapter Audit Requirements CF-21: Chapter Savings Accounts CF-22: Chapter Revenue Sharing

5. BANK CARDS Policy CF-7 in the Policy Manual All chapters are required to maintain a current and accurate signature card at the bank where chapter funds are held. The bank signature card must always be current and up to date with the proper authorized signatures. All bank signature card changes must be completed no later than 30 days after any change has occurred with the Chapter Board, so that the most current banking information is on file. SGMP Headquarters must be notified in writing of all changes to the banking signature card and/or records, and the written notice must be accompanied by a copy of the new bank signature card.

6. THE BUDGET Policy CF-1 in the Policy Manual All Chapters are required to produce an annual budget. The budget will be based upon a 12 month fiscal year, starting July 1 and ending June 30 of the following year. Prior to each fiscal year beginning July 1, the Chapter Treasurer and Chapter President should lead the entire Chapter Board in the development of the fiscal year budget. The chapter is required to use and submit its budget on one the standard Excel accounting form provided by SGMP. All chapter budgets must be approved by the Chapter Board. The yearly due date for submission is July 31. Chapter Treasurers are required to have their approved chapter budgets to SGMP Headquarters by this date. SGMP Headquarters and the National Treasurer will review each chapter’s budget for final approval to ensure all IRS mandated non-profit organization guidelines are being properly followed.

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8. BEST PRACTICES & NOTES Approved Chapter Budgets are due to HQ on July 31 st each year. By the 10 th of each month, chapters must send to HQ copy of bank statement from previous month and current month’s budget template. When Budgeting, begin with Income, then Expenses, then balance. When Record Keeping, more Backup is better than less Backup. HQ is responsible for Auditing Chapter Records each year. Be wary of items labeled as Miscellaneous – do not overuse. Refunds are not Income; record as credit against Expense. Returned checks are not Expenses; record as reduction against Income. Backup for prior year is due to HQ on August 15 th each year.

9. TAX EXEMPT STATUS SGMP is a 501(c)(6) organization which the IRS defines as a business league. “A business league is an association of persons having some common business interest, the purpose of which is to promote such common interest and not to engage in a regular business of a kind ordinarily carried on for profit.” The society and its subordinate organizations (chapters) are registered as trade associations and not as charities. The IRS is very specific about rules regarding donations – according to section 170(c) of the code, donors may not deduct contributions made to them.

10. SPECIAL RESOURCES Treasurer’s Conference Calls - will be held twice a year and the next scheduled call will be in early June to help prepare for next year’s budgeting. Ad Hoc Conference Calls - with chapter presidents and treasurers, one chapter at a time are scheduled on a case-by-case, as needed basis, in August and in January to ensure budgets are properly established and to ensure chapters are on pace to meet them

11. IMPORTANT RESOURCES http://www.sgmp.org/chapterboard

12. END OF YEAR TREASURER AWARDS

13. CONTACT INFORMATION Anna Marie Stewart – Staff Accountant 703-566-3633 anna.marie.stewart@sgmp.org Brett Sterenson – National Treasurer 202-641-5580 brett@hotel-lobbyists.com