Financial Directors by EchoMovement


									    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.                   >
•     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
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                                                                                      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

    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                 > 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 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 >            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 ( 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

                                                                                        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

  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.
                                                                                       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 ( >
    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 > 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

                                            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
      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 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.

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