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Financial Director/Assistant Financial Director Understanding your role Your role as a financial director is to maintain financial records for the chapter leadership board. The financial director and assistant financial director are part of a board that provides strategic direction, leadership planning and administration support for service teams. Note: All references to “financial director” in this document can apply to both the financial director and assistant financial director positions. Stay Informed What will the financial director/assistant financial director do? Chapter News is the The primary responsibility is maintaining financial accounting for the entire leadership board, official information source including the service teams. The financial director will: for chapter leaders. • Verify and track requests from service teams for program funding. Available online at • Respond to service teams regarding board approval of requested project/funding. www.thrivent.com > • Collect and retain receipts from service teams for Care Abounds in Communities® and Care in Thrivent Community, it Congregations® activities and for all operating funds expenditures. Verify service team includes valuable up-to- expenses and year-end financial reporting to the Operations Center. date administrative and program information • Manage the chapter’s operating funds budget, including reimbursing and maintaining important to leading your records for operating funds expenses and reporting expenditures online. chapter. • Maintain financial records of income and expenses for the leadership board and service teams. For additional up-to- • Report the chapter’s financial condition at each chapter board meeting. (See page 5 — date online chapter Meetings for more information.) related information, • Assume primary responsibility for the chapter checking account and its activity. visit Ask CHIP! Chapter Information Place at The entire chapter leadership board is involved in all funding decisions. Requests should be www.thrivent.com > discussed, voted on and approved by an overall majority or majority at a meeting of all of the Thrivent Community > elected chapter leadership board members. Chapters > Volunteer Chapter operating funds Leader Resources. There Operating funds are available to chapters to cover the annual election and other expenses (chapter you will also find many meetings, postage, phone calls, bookkeeping tools, etc.). The funds are deposited into the chapter checking other resources to help account semiannually, in January and in July, each representing approximately 50 percent of the chapter’s you learn about and be total annual operating funds, if requirements are met (the chapter must have the five elected leaders in successful in your chapter place; have a current account at Thrivent Financial Bank; have reported their operating expenses online; and leader role. have submitted their Chapter Summary Report authorization page). Operating funds are deposited directly into the chapter’s checking account. Operating funds are not the What’s inside Page same as program funds (see page 2—Program funds). The financial director will be notified by email What will you do........1 when the deposit has been made. You can verify the deposit is in the chapter’s account at Operating funds.........1 www.thriventbank.com. Program funds ...........2 The financial director should lead a discussion with chapter leaders to develop a budget for use of Chapter Leadership operating funds. It is important to budget appropriately in order to cover chapter expenses throughout Administration ...........3 the year, including the local chapter leader election meeting(s) later in the year. Online banking ..........3 Internet security .........3 Chapter operating funds may be used for: • Administrative expenses Financial reporting . 4-5 • Member events/awareness Meetings....................5 • Volunteer recognition Contact information...5 • Service team seed money/benevolence. (See guide below for specific details.) For more information about guidelines, appropriate uses and how to report operating funds, all chapter leaders are asked to review the Managing and Reporting Chapter Operating Funds guide*. The financial director is responsible for reimbursing chapter members for approved operating expenses. • When an expense is incurred, the person who incurred the expense submits a Chapter Leader Expense Reimbursement Request, along with a receipt, to the chapter before reimbursement is made. Receipts should be kept for seven years. • If your chapter leadership board has voted to reimburse mileage, please see CHIP for additional information regarding this. The financial director is responsible for entering all operating funds transactions online (see Managing and Reporting Chapter Operating Funds guide*). Entering the previous year’s operating expenses online is required to be eligible for the July operating funds deposit. Chapter operating funds remaining at year-end carry over to the next year, but chapters should use funds in the year provided whenever possible. *Available at www.thrivent.com/members/pdf/OperatingFundsBudgetGuide.pdf Information included in this document is current as of 2/12/09 and is subject to change. Understanding your role as Financial Director/Assistant Financial Director Program Funds—Managing Care Abounds in Communities® The financial director is responsible for managing the Care Abounds in Communities® program funds. Each January, he/she is notified of the amount of funds available to Care in Congregations® the chapter for the year. These program funds ARE NOT initially placed into the chapter’s checking account. After an activity is completed, a chapter leader needs to As a financial director, you do report the activity online. For fund-raising activities, the funds will then be deposited not manage the Care in into the chapter’s checking account. For hands-on service activities, funds may be Congregations® program funds. sent to the person purchasing the supplies or to the chapter, as designated on the However, you will receive the online application. receipts from the Care in Congregations® activities to keep A chapter leader can view at any time the program funds available and the funds on file as well as an informational used to date on the Chapter Leadership Administration page (see page 3) by automated email when activities choosing View Program Funds Available. are completed. Reporting funded activities After the chapter leadership board approves an activity, it must be entered into All receipts or copies of receipts the Chapter Leadership Administration page BEFORE the activity takes place. should be placed in an envelope and given to you. This When a community service team completes an activity, all receipts or copies of information will need to be receipts should be placed in an envelope and mailed to the chapter leadership retained for seven years. board—along with the net funds raised—within one month of completing the activity. Encourage the community service team not to send cash. A chapter leader is responsible for updating the Chapter Leadership Donations Administration page with the information from that activity (i.e., number of member households participating, volunteer hours, local funds raised, reporting Because Thrivent chapters are donations valued at $250 or more) in the Report Funded Activity Results not-for-profit entities that are option. exempt from income tax, special reporting is required if a The financial director needs to send all checks, with a deposit slip, to Thrivent community service team accepts Financial Bank. donations (goods or money). Please do not send cash. If you have cash after an activity, either write a personal check or have your local financial institution issue a cashier’s check For more information on that can be sent along with any other checks. donations, go to To verify when the funds have been deposited and are available in your www.thrivent.com > Thrivent checking account, use the online banking option. The financial director will Community > Chapters > View not be notified of deposits sent in by the chapter. All Forms > Donation Tracking Receipts should be kept by the financial director. Record. After you verify the deposits (both local funds raised and supplemental funds) are Note: Any donation valued available in the chapter’s checking account, a check can be delivered to the at $250 or more must be recipient either by mail or in person. You may want to check with the community reported online. It is also service team regarding their involvement in the funds delivery. important for chapters to provide service teams with information Requesting up-front funds on issuing acknowledgements For a hands-on service activity, community service teams may request up to 50 (receipts) for donations made to percent up-front funding for the immediate purchase of supplies required for the the chapter or Thrivent Builds. activity. Request up-front funding when entering the activity in the Chapter For more information, go to Ask Leadership Administration page prior to the activity. CHIP (see Stay Informed, p.1) Funds can be sent directly to a designated community service team member and search for to purchase necessary materials. This means these funds may not funnel ’acknowledgements.’ through the chapter’s account, but they are being tracked at the Operations Center for year-end reporting. For a fund-raising activity, community service teams may inquire about up-front funding (seed money), in the form or either a loan or grant, from the chapter leadership board. For ideas on getting seed money for fund-raising, go to Ask CHIP (see Stay Informed, p.1) and search for ‘seed money’. Information included in this document is current as of 2/12/09 and is subject to change. Understanding your role as Financial Director/Assistant Financial Director Chapter Leadership Administration Clarify your responsibilities To access Chapter Leadership Administration, go to The financial director and records www.thrivent.com in the MyThrivent tab. Type your User ID director are required to have internet and Password in the blue box on the upper right and click access. The internet reporting Log In. Note: If you’re visiting Chapter Leadership functions could be shared between Administration for the first time, click “Register” to get a User ID these positions or any other elected and Password. In the MyChapter box, click Chapter leaders who have Internet access. Leaders Only. This takes you directly to the Chapter The chapter leadership board Leadership Administration Menu. members should discuss such roles Alternately, the Administration Menu can be accessed via www.thrivent.com > and responsibilities at one of the first Thrivent Community > Chapters > Volunteer Resources > For Chapter Leaders. Some chapter meetings of the year and of the tasks you might do from this area include: distribute the duties. View program funds available; report funded activity results. Request for activity funding; change funding request amount. Note: Outgoing financial directors will Report Operating Funds expenses. have access to Chapter Leadership Admini- View activities; run various reports and listings. stration until March 1 of the following year. Order chapter supplies. Note: Many of the Administration pages have a “Tips for using this page” link for additional help. Online Banking Internet Security Each chapter has a checking account with Thrivent Financial Protecting member information is a Bank, City Center East, 122 E. College Ave. Ste 1E, Appleton, responsibility that Thrivent Financial for WI 54911-9110 (www.thriventbank.com). Financial Lutherans takes very seriously. Our security directors are encouraged to use online banking. ensures that only the people with the Follow the steps online to register for a customer number appropriate authorization receive access to certain and password. information. Through a registration process, members Note: When signing up for online banking, the financial establish a user ID and password needed to enter certain director should enter the chapter’s Employer Identification areas of the website. Number (EIN) instead of using a Social Security number. Each Your User ID and password identify you as a member and chapter has an established EIN. chapter leader and give you access to Chapter Leadership Administration. The password is created online and used immediately. Online banking—Your customer number and password give access to the chapter checking account and online banking. Online banking is only available to the financial director and/or other chapter leaders who have signed a The financial director can obtain the EIN by calling bank signature card after the election. After completing the the Fraternal Service Center at 800-236-3736. online banking enrollment, registration instructions will be Note: If your chapter has a Thrivent Builds Chapter sent via email. All leaders share the same access codes. If Specialist, a Thrivent Builds checking account may be opened your chapter has an assistant financial director or other for your chapter using the chapter’s EIN. The Thrivent Builds leaders authorized for the checking account, make those Chapter Specialist will have the authorization to conduct signers aware of the customer number and password. The business on that account and will sign a separate depository customer number and password will also need to be shared authorization for that account. However, they will share the with the Thrivent Builds Chapter Specialist if a Thrivent same online banking customer number and password as the Builds checking account is opened for your chapter. primary chapter account. Please remember, these passwords identify you and your Bank statements role in the chapter. You cannot use your ID and password Each month, the financial director receives a statement, either to perform activities restricted to a different position (e.g., a by mail or online, from Thrivent Financial Bank. If the bank congregational coordinator cannot access chapter leader statement is received by mail, a postage-paid envelope is functions). included that can be used to send in deposits. It is important to balance the checkbook each month. Questions about online banking or requests for additional deposit envelopes should be directed to the bank customer service area at 866-226-5225 or email at email@example.com. Information included in this document is current as of 2/12/09 and is subject to change. Understanding your role as Financial Director/Assistant Financial Director Financial Reporting Information Thrivent Financial for Lutherans files a group tax return on Recordkeeping behalf of our chapters. In order for us to complete the The financial director should keep the following records Group 990 report for the IRS, each chapter must file a for seven years, passing them on when a new financial year-end financial report for the chapter. director is elected: •Monthly bank statements. Year-end/monthly reporting •The checkbook and all unused checks. Our goal is to make year-end reporting as easy as •Checkbook ledgers; duplicate check registers. possible. The Chapter Summary Report compiles the •Financial director’s chapter meeting reports. information your leadership board has been entering •Receipts for all expenses reimbursed by the chapter. online to be used for the year-end IRS reporting •Activity Report forms; Chapter Leader Expense Reim- requirements. This report is online at the Chapter bursement Requests; receipts for Care in Congre- Leadership Administration page under Reports/ gations® & Care Abounds in Communities® activities. Listings. •Copies of Thrivent Builds records, if the chapter has sponsored a build in their area. Income 2008 Verify the amount deposited into the chapter’s checking account by Thrivent Financial against the supplemental The report contains the information required for the dollars requested online for each activity (these numbers Group 990, including income, expenses, donation should match). Please note: for hands-on service activities, information and general financial information. The report if the chapter has chosen to have grant dollars sent is updated monthly, and at year-end, we combine the directly to the purchaser of the supplies, you will not find entire year’s information into a report for each chapter. a deposit for those dollars in the chapter’s account. Below is a list of things which, if done on a monthly basis, When a Thrivent Financial service team conducts a local will help make your year-end review easier: fund-raiser, deposit the service team’s fair share of the Keep receipts for all expenditures from the chapter dollars raised into the chapter’s checking account. Keep account, as well as receipts from all service teams. copies of checks deposited and verify that the deposit Keep records of donations of $250 or more matches the amount reported online. (submitted from service teams) and ensure they are If the amount reported doesn’t match the deposit entered online. amount, verify that there is a “Letter of Acknowledge- Use the chapter checking account for all financial ment” from the co-hosting organization that verifies the transactions. amount reported online was raised and explains where Use the Chapter Leadership Administration page for the remainder of the funds raised was deposited. reporting activities and operating funds expenditures. Verify the two deposits of operating funds in January and Use Online Banking. in July (see page 1 for requirements). Make sure you receive the monthly bank statement. Balance the chapter checkbook. Disbursements Make sure you receive all receipts or copies of receipts Keep records of all checks and their duplicates (including for each Care program activity. voided checks). Review the Chapter Summary Report. Be sure you have accurate paperwork before issuing disbursements (bills; receipts; deposits for the fair share of As financial director, you will be asked to review the year- funds raised by service teams; Chapter Leader Expense end report, verify it for accuracy, sign a statement Reimbursement Requests, etc.). regarding the accuracy of the information presented and give us permission to include your chapter’s data on the Reimburse all recipients in a timely fashion after you have Group 990. received all necessary paperwork and deposits and have verified the checking account available balance Important: This signed financial report from the will support the amount of the check you’re writing. previous year will be due in late February or early March Pay proceeds to the recipients of locally supported of the current year and must be on file to be eligible to fundraisers if the funds were deposited into the chapter’s receive the second (July) installment of operating funds. checking account. Information included in this document is current as of 2/12/09 and is subject to change. Understanding your role as Financial Director/Assistant Financial Director If you choose to track the specific data for your chapter, you may wish to use some of the following categories: Raffles If your chapter or a service team is Income categories considering a charitable raffle as a fund- • Chapter operating funds provided by Thrivent Financial. raising activity, please keep in mind that • Care program funds deposited. raffles are considered gaming activities and • Other income provided by Thrivent Financial. a license is often required, and certain • Funds raised by your chapter for Care Abounds in Communities® activities. prizes require recipients to pay taxes. For • Other funds raised by your chapter (e.g., chapter activities where no more information on raffles, go to go to supplemental funds were provided by Thrivent Financial). Ask CHIP (see Stay Informed, p.1) and Expense categories search for ‘raffles.’ • Chapter operating expenses including Administrative, Member Events/ Awareness, Volunteer Recognition and Service Team Seed Money/Benevolence. Operating funds are further broken down by expense type; please refer to the Managing and Reporting Operating Funds guide (www.thrivent.com > Thrivent Community > Chapters > Volunteer Leader Resources > Quick Reference Guides) for details. • Care Abounds in Communities® hands-on service activity expenses paid, fund-raising activity expenses, and funds paid to recipients. • Other funds paid to recipients for non-program related events. Note: The Manage Operating Funds system is available to report and track operating funds expenditures. Unsupported Quicken and MS Excel spreadsheet templates also are available, if desired, to help track operating expenses. Access these resources at www.thrivent.com > Thrivent Community > Chapters > Volunteer Leader Resources. Important: All operating funds expenses must be entered online in the Manage Operating Funds area, regardless of which tracking system you use. Meetings Please ensure that you have the following items At the regular chapter meetings, the financial from the service team: director is responsible for presenting and seeking approval of the previous month’s financial Receipts for all expenses. Note: You are not required to follow information. Things to report include: up on receipts for Care in Congregations® fund-raisers. However, receipts must be collected for hands-on service Checkbook balance, deposits and list of activities for Care in Congregations® as well as all Care Abounds checks issued. in Communities® activities. Summary of activities, funds raised, The net funds raised for deposit into the chapter checking supplemented funds and funds paid out. account (if you haven’t already received). Program allocation balance. A running total is An acknowledgement of funds raised by a chapter service team available in View Program Funds Available in that are not deposited into the chapter checking account. For the Chapter Leadership Administration Menu example, in rare situations where you weren’t able to deposit (see Chapter Leadership Administration, p.3). your fair share of the funds raised, you need to retain an Operating Funds balance. If you enter each acknowledgement from the co-hosting organization of the transaction, a balance is available in the funds raised. Chapter Leadership Administration Menu (see A donation tracking form if there were any individual donations above) under Reports/Listings. with a value of $250 or more (this information should be recorded online). See page 2 for more information on donations. How to contact the Fraternal Service Center The Fraternal Service Center staff is available to answer your chapter-related questions. You can contact the staff several ways: To speak with a staff member, call 1-800-236-3736 during the following times: ♦ Mon. & Tues. 7 a.m.— 9 p.m. Central time ♦ Wed. — Fri. 7 a.m.— 6 p.m. Central time Call 1-800-236-3736 and leave a message, or email firstname.lastname@example.org any time of the day. You will receive a response by the next business day. Information included in this document is current as of 2/12/09 and is subject to change.