SGB Orientation Finance Workshop Presented By: Darren Ramdin Associate Director Office of Financial Services 2 Penn Plaza, Suite 701 New York, NY 10121-0701.
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SGB Orientation
Finance Workshop
Presented By: Darren RamdinAssociate Director
Office of Financial Services2 Penn Plaza, Suite 701
New York, NY 10121-0701212-626-0584
212-997-1180 (fax)Darren.Ramdin@hq.acm.org
Overview
Finance Staff
Financial Definitions
Financial Management Report
Revenue and Expense Account Descriptions
Budget Schedule
Helpful Links
Financial Services Staff
Russell HarrisDirector
Overall financial management of the
organization
Liz ZhangSenior Accountant
Financial Statements, Tax Returns, Banking, Financial
Analysis
Craig JacobsonManager
Financial Reporting, NSF Grants, Taxes, Accounts Payable, Financial Analysis
Lily LiaoSenior Staff Accountant
Accounts Payable, Wire Transfers,
Financial Analysis
Siwei LiuStaff Accountant
Travel Reimbursements, Accounts Receivable, Credit Card Processing, Financial
Analysis
Stephen SislerSenior Staff Accountant
Investments Recording, Accounts Receivable,
Insurance, Financial Analysis
Howard GlassmanAccountant (Part-time)
Accounts Payable
Connie TamAccountant (Part-time)
Accounts Payable and Accounts Receivable
Financial DefinitionsACM is a 501(c)(3) Organization
- Allows for Federal Tax Exemption- Regulated by U.S. Department of Treasury- Organized, operated for scientific and educational purposes.- No part of the activities or the net earnings can unfairly benefit Director, officer, or any private individual.- Volunteers cannot be paid.- Subject to UBIT (Unrelated Business Income Tax).- Required to comply with U.S. Economic Sanctions.- Sales Taxes Exempt: New York, Florida,, Massachusetts. Colorado, Texas, among others. Not Exempt: California, Washington, Illinois, Nevada, among others.- VAT (Valued Added Taxes) Not Exempt. Event by Event Analysis. Preferred Professional Vendors available to assist.
Financial Definitions
Fiscal YearA period of 12 consecutive months without regard to the calendar year. The fiscal year is designated by the calendar year in which it ends.
Official Fiscal Year – July 1 – June 30
FY 12 (Fiscal Year 2012): July 1, 2011 – June 30, 2012.
Conference Fiscal Year – March 1 – February 28
FY 12 (Fiscal Year 2012): March 1, 2011 – February 29, 2012.
Financial Definitions
Accrual AccountingThe recording of economic events regardless of when the cash transactions occur. The general idea is that economic events are recognized by matching revenues to expenses (the matching principle) at the time in which the transaction occurs rather than when payment is made (or received).
Deferred RevenueIncome to be earned in future reporting periods.
Accrued ExpensesExpenses recorded when incurred (not when paid).
Financial Definitions con’t
SurplusThe net result when revenue exceeds expenses.
DeficitThe net result when expenses exceed revenue.
Fund Balances or ReservesThe accumulation of surpluses and deficits.
FMRFinancial Management Report – Financial Statement or Financial Performance Analytical Tool.
CIPConference In Process Report. Financial Management Report for Conferences.
TMRFTechnical Meeting Request Form (Conference Budgets).
Financial Definitions con’t
Overhead/Allocation This fee is part of doing business at ACM. It is not a fee for service. It is currently calculated based on the total expenses of each SIG, both general operations and conferences.To cover overhead, SIG leaders (through action of the SGB) have chosen to implement a formula based on a sliding scale, starting at 16% and decreasing by 0.8% for every $125K of expenses. Thus different SIGs and their conferences vary in the percentage used for overhead. The activities covered under overhead include general office support for SIGs and their conferences, accounting and finance support, and assistance with publications, membership, marketing, webpage/wikis, etc.For background and detail of recent discussions of the topics of overhead and allocation, please see minutes of the SGB - October 14, 2000, August 19,2001, February 23, 2002, March 16, 2003 and September 20, 2003.
Financial Definitions con’t
Required Fund Balance
ACM Policy - All subunits must maintain adequate reserves against unexpected occurrences.
Formula
50% of organizational expenses + 40% of conference expenses. The Required Fund Balance is established for each SIG as part of the annual budgeting process.
Financial Management Reports
FMRs
Revenue Account Descriptions
SIG Dues 619 Voting, Associate, Affiliate & Student Dues
Non-Member Subs 623 Subscription to SIG Newsletters (Non-Members)
SIG Proceedings Pkg 624 Proceedings Sold to Members
Digital Library 628 Distribution from DL Net
Proceedings Sales 632 Single Copy Sales of Proceedings
Video Sales 637 Sales of Material on DVDs
Other S/C Sales 639 All Other S/C Sales e.g. Tutorial Notes
Conference Revenue 651 Income from All Conferences
Revenue Account Descriptions
Interest Income 692 Income from Fund Balance Investments
Expedited Service 695 Air Service Charges
Contributions 696 Support from Other Organizations
Other Misc. Revenue 698 Other Income not classified Above
Expense Account Descriptions
Travel 812 Volunteer Airline Tickets, Lodging, Meals, Taxis
Communications 833 Telephone, Fax
Mailing and Handling 834 Postage, FedEx excl. Member Benefits
Stationery & Supplies 835 Letterheads, Envelopes etc.
Minor Printing 836 Minor Printing excl. Member Benefits, Elections
Copying/Duplicating 837 Copying
Production 841 Productions Costs of Member Benefits
Distribution 842 Distribution and Handling Costs for Member Benefits
Expense Account Descriptions
Other Pubs. Services 847 Editorial and Designs Pubs Costs
Web Design 850 All aspects of Web Design/Support
Professional Service 869 Contractors/Service Providers
Local SIG Support 871 Support Given to Local Sigs
Grants 872 Travel Grants Program
Awards 872 Lifetime, Service, Special
Scholarships 874 Student Initiatives (Restrictions)
Expense Account Descriptions
Special Projects 875 Non-Normal Operating Costs
Meetings/Functions 882 Meeting Room Rental, Audio Visual
Other Misc. Expenses 889 Expenses not classified above
Conference Expenses 891 Conference Expenses
Overhead 900 Overhead Costs
SGB Support 903 SGB Overhead Operational Costs
Conference Transfer 904 Conference Transfer of Allocation
Transfers 905 SIG Project Fund & Endowments
FY ’13 Budget ScheduleThe FY 13 budget covers Conference activity from March 1, 2012 through February 28, 2013 and Organization activity from July 1, 2012 through June 30, 2013. The FY 13 Budget Schedule is as follows:
On or about November 15, 2011 – Submit FY ’13 Member Benefits to Office of SIG Services. On or about January 16, 2012 - ACM Finance commences inputting data on the FY 13 budget templates. Data on special projects, awards, grants, travel are requested from SIG Officers. No Later than January 30, 2012 - FY 13 changes in member dues and subscriber rates must be submitted to ACM Finance for inclusion in the publications catalog; On or about February 13, 2012 - Completion date for preliminary preparation of draft budgets. On or about March 12, 2012 - Review with SIG officers, obtain approvals, work toward completion; On or about April 2, 2012 - Inclusion in ACM budget draft to be presented to ACM EC and Council.
Officers Manual:http://www.acm.org/sig_volunteer_info/officers_manual/
Financial Management Reports: fmr.acm.org
Policy and Procedures:http://www.acm.org/sig_volunteer_info/policy_procedures/
Travel Guidelineshttp://www.acm.org/sig_volunteer_info/travel.html
Conference Manualhttp://www.acm.org/sig_volunteer_info/conference_manual/
SGB Minuteshttp://www.acm.org/sigs/sgb/minutes/minutes-toc
Helpful Links
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