WASHINGTON STATE UNIVERSITY EXTENSION
WE’VE GOT Photo here
THE MONEY
NOW
WHAT?
Club Bank Account
Small Every club that handles funds is
photo here required to have a club bank account.
or delete Club monies should not go through a
line below
personal account. If your club will not
be handling any funds or you are a
family unit, you will not be required to
have a club account but you will still
need to turn in an annual financial
report.
Opening a Bank Account
• To open a bank account you will
need certain documents. The first
being an IRS employer identification
number (EIN).
• The Form SS-4 application can be
found on the IRS website at
http://www.irs.gov/
A list of other useful websites is at the end
of this slide presentation.
Application for Employer Identification Number
• When filling in the name of our
club, be sure to include 4-H Club
as part of the name.
• The GEN number should be
listed as 2704.
• The numbers 9a and 16 should
indicate 4-H youth development.
• The ending month for accounting
(box 12) should state September.
• Box 14 should be checked YES,
as you will have no employees.
After Receiving EIN
• Once the Form SS-4 is submitted to
91 – 54345 – 432 -0
the IRS, they will notify you of your
assigned EIN.
• Once you have this number, notify
your county 4-H Extension office with
a letter asking to be included under
the National 4-H GEN number.
• They will submit a list to the state
4-H office, which then sends a
master list to National 4-H.
4-H Club Charter
The second item you will
need to take with you to
the bank to open a
business account is a
charter for your 4-H Club.
Your county 4-H office
issues these charters to
clubs that are in
compliance with county
policy.
Tax Exempt Status
The third item that is
helpful to have is a
copy of the tax
exempt status from
National 4-H.
Club Bylaws and Minutes
It is also helpful if you take a
copy of your club bylaws
and a copy of the minutes
showing when officers were
elected.
Bank Requirements
• Most banks will not allow youth
signatories on business accounts
and you may need to list a leader as
a co-president. Only do so if they
make it an issue.
• If a bank is making it difficult to open
an account, tell them no thank you
and try another bank. Every branch,
even within the same bank chain,
operates a little differently.
Signing Checks
Your treasurer will need to keep
accurate records.
• First, each check should have
two signatures, the treasurer and
a leader. Even though the bank
does not recognize the youth,
they can be an extra signature
below the leaders.
Yearly Budget
Your club will need to prepare a budget
for the year that is voted on by the
membership. Any funds that are spent
outside of the approved budget must be
voted on by the club and indicated in
the minutes of that meeting.
Sample budget on next slide >>
Sample Budget
Treasurer’s Report
A treasurer’s report should be made
at each business meeting of the
club, and approved by the club.
The Treasurer’s Book provides
instructions and it would be
beneficial for the treasurer to also
have the Leader’s Guide to the
Treasurer’s Book.
Electronic bookkeeping is also
acceptable.
Sample monthly record on next slide >>
Sample Monthly Record
Receiving Funds
When funds are received by the club, a
receipt should be issued. In the case of
funds from a raffle, bazaar, etc., one
receipt in the file indicating the total
amount is acceptable.
Reimbursements
When reimbursements are made, be
sure to indicate what they are for and to
cancel out any receipts submitted by
indicating date paid and check number.
Annual Financial Report
At the end of the 4-H year,
an annual financial report will
need to be presented to the
club for approval.
Yearly Budget
There will also be a
report that will be filled
out and submitted to
the county 4-H office
by the indicated
deadline. This is
required even if the
club should not be
continuing next year.
Peer Review of Books
The financial records for
your club should be peer
reviewed by two
individuals (parents or
one parent and one
senior member) and their
report filed along with the
club report to the county
office.
See the following slide >>
Peer Review Committee Report
Form 990-N
The last thing for the end of year will be to fill out a
990N form on the IRS website which is an electronic
submission only.
The form is simple and asks for your EIN and whether
or not your club had less than $25,000.00 in gross
revenue during the year.
If by chance your club earned $25,000 or more during
the year, then a 990EZ form must be filed with the IRS.
If this should be the case, contact the state 4-H office
for assistance.
NOTE: Please wait to file a 990N until directed to do so
by your county office, as the IRS is still working on
clarifying all the EIN with their records.
Fundraising
If your club plans to do
fundraising, there must be a
reason for why you are doing
so. Funds should not be raised
just “because.”
Remember to give receipts for
donations.
Raffles
Keep in mind that raffles are considered gambling.
Here are some very specific rules about conducting a
raffle:
• No more than two public raffles per entity, per year.
• Raise no more than $5000 a year.
• Tickets must all be the same value (no $.50 each or 3 for
$1).
• Tickets are to be bought and sold by adults over 18 years
of age.
• Tickets must be consecutively numbered.
• Prizes must be listed.
It is recommended that clubs not conduct licensed
raffles.
The next slide shows rules governing Washington State Raffles >>
Websites
The following websites will help you find answers to questions in
regards to your club’s financial activities.
Treasurer’s Book and Leader’s Guide to Handling Funds
http://www.4h.wsu.edu/EM2778CD/generalmaterials/index.htm
Tax Exempt Status
Policies and Regulations (National 4-H Headquarters)
http://www.national4-hheadquarters.gov/library/4h_polregs.htm
EIN IRS application
http://www.irs.gov/pub/irs-pdf/fss4.pdf
Raffles
http://www.national4-hheadquarters.gov/library/fs-raffles%2001-23-07.pdf
http://www.wsgc.wa.gov/gambling/raffles.asp
IRS 990-N
http://www.irs.gov/charities/article/0,,id=169250,00.html
http://epostcard.form990.org/