TODD BAILEY DISTRICT TRESURER CENTRAL OHIO CHAPTER Reading Financials & using them to lead your board.

TODD BAILEYDISTRICT TRESURER

CENTRAL OHIO CHAPTER

Reading Financials & using them to lead your board

It’s about: Information

Format/software is not as important as

information

Board members are PR people – many are

newbiesToo many reports create confusion - KISS

Reports are NOT bank statements (Human-creations)

President’s Role

Ensure a budget is submitted and approved by

February board meeting (of calendar year)

Ask for financials one week in advance of

board meetings

Compare report to bank statements –

especially if only one signature is required

Compare report to the previous year report

Audit once per year to transition old & new

treasurer

Basic Chapter Financials

Basic Chapter Goals

INCOME Budget Month YTD Comparison Administration Accreditation Luncheons CDs

EXPENSES Budget Month YTD Comparison Administration Accreditation Luncheons CPA/Tax Prep.

REVENUE/LOSS Budget Month YTD Comparison Totals

Additions to Basic Financials

Budget Variance Difference b/w budget vs actual (monthly

or YTD)

Monthly or YTD Comparisons

Cash Flow Statement – $$$ in/out this

month

Optional Reports

AUDITS

Annually please !Annually please !

1.1.Treasurer, two officersTreasurer, two officers

2.2.Bank statements, monthly reports, Bank statements, monthly reports, receipt book , registryreceipt book , registry

3.3.Choose a number, check every __Choose a number, check every __thth item item

4.4.Write recommendations – Follow UpWrite recommendations – Follow Up

Tax Filing Laws

WWW.PRSA.ORG - Form 990-N Guidelines.docWho must file Form 990-N? If an organization

is:Tax-exemptHas gross receipts of $50,000 or lessIs not required to file another IRS form such as

Form 990, Form 990-EZ orForm 990-PF (private foundation)Is not part of a group returnShare proof of submission with Candice at PRSA

IRS Web Links

Charities & NonProfitshttp://www.irs.gov/charities/index.html Tax info on “other” NonProfitshttp://www.irs.gov/charities/nonprofits/index.html

“Generally, tax-exempt organizations must file an annual information return. Tax-exempt organizations that have annual gross receipts not normally in excess of $50,000 are not required to file the annual information return, but may be required to file annual electronic notice (e-Postcard) Form 990-N.”

Best Practices, Advice, Tips & Stories