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CLUB TREASURERS RESPONSIBILITIES Duties and Responsibilities

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					CLUB TREASURERS
   RESPONSIBILITIES
Duties and Responsibilities

• Basic duties are outlined in Standard Club
 By-laws. Article VI.

• You may be assigned additional duties by
 your club.
DUES AND MEMBERSHIP FEE
RECORDS



• In most clubs the secretary normally
 collects fees and keeps membership fees
 records, unless these responsibilities are
 delegated to the treasurer.
TREASURER’S NORMAL
RESPONSIBILITIES
• Record all funds paid to the club.
• Promptly deposit them into official
  depositories.
• Disburse funds.
• Maintain club’s financial records.
• Make the records available.
CONTINUED

• Prepare and present monthly reports
  (Board meetings, yearly meeting)
• Perform any other duty assigned.
• OPTIONAL: The treasurer may give a
  fidelity bond, if required by BOD.
FISCAL RESPONSIBILITY

• Be sure checks written are authorized by
  board.
• DO NOT SIGN BLANK CHECKS.
• Recommend all checks have two
  signatures.
• Obtain support for all disbursements.
• Be attentive to maturity dates to maximize
  interest.
TYPICAL CALENDAR

• August – before year starts – present
 previous budget & YTD actual expenses to
 President-Elect and team and/or Executive
 officers to get new year’s budget
 underway.

• September – Approve next year’s budget.
CONTINUED

• October - Present budget to Board and
  get budget approved by the new board.
• October – Send Florida and International
  Foundation gifts.
• February 15 – Assure the IRS 990 is filed.
  Kiwanis clubs are on fiscal year.
CONTINUED

• March 31 – Register as Charitable
  Organization with the Florida Department
  of Agriculture’s Consumer Affairs; can file
  on line; this date is for professional
  solicitors; others file annually from date of
  initial filing.
• May 1 – Be sure the Florida Annual Report
  has been mailed and payments made.
ANNUAL DUES

This is determined by club’s anniversary
 date.
Cycles are: 1 September – December
   Roster sent to clubs on September 1,
 membership cut-off is the 30th and roster
 is due on October 10. Payment due date
 will be on bill. It is important to pay by
 the due date to be eligible to receive a
 refund.
CONTINUED

Cycle 2: Jan-April December 1 is when
 roster is sent with the cut-off date being
 December 31. Roster is due January 10
 and payment is expected on due date.
Cycle 3: May-August February is when the
 roster is sent with the cut-off date being
 February 28. Roster is due March 10 and
 payment is expected on due date.
FEES AND CONVENTIONS

• Be sure to send both International
  ($50.00) and Florida ($25.00) new
  member add fees to International with
  application. Keep copies of support sent
  to International.
• Conventions – Assure registration fees,
  hotel reservations, etc. are filed and paid
  timely to take advantage of all discounts
  for early registration.
ACCOUNT BREAKDOWNS

• Clubs are required to keep track of 2 types
 of funds, these can be in the same
 account (use different colors and number
 sequence) or in separate bank accounts:
            --Administrative
         -- Service
  More breakdown is possible, social, etc.
• Clubs may also have an independent
 foundation corporation (maybe a 501 (c)
 (3), which has an entirely separate set of
 books and needs additional filings and
 reports and tax returns.
FUND ACCOUNTING
• Earmark funds as authorized by the Board.
• Funds received from club members CAN
  go into either account, while funds from
  outside sources CANNOT be used for
  administrative purposes.
• Administrative funds can go for service
  projects, BUT service funds CANNOT be
  used for administrative purposes.
EXAMPLES

Administrative - Dues
                   - Meals
               - Happy Bucks
Service        - Grants
                   -Donations and
  Fundraising
                     from non-members.
ACOUNTING SYSTEM

• Accounting systems differ, depending on
 software and equipment available to the
 treasurer, but should meet the following
 requirements: - Identify source of income
                  - Identify all
 disbursements
                  - Be accurate
  Permit accurate billing of members
CONTINUED

• Allows an accurate financial standing of
 each member at any given time.

• Enables the secretary/treasurer to prepare
 a statement of delinquent members for
 the Board. This information MUST be
 confidential.
FUND RAISING

 All fund-raising solicitations by and in
 behalf of Kiwanis clubs and the Florida
 District must include an express statement
 that, “contributions to the club are not
 deductible as a charitable contributions for
 federal income tax purposes.” The
 statement must be conspicuous and easily
 recognizable on all solicitations.
ANNUAL AUDIT

• Club bylaws require an annual audit of all
 club accounts. The Board names the
 auditors.

• A certified audit is NOT required.

• Club members may conduct the audit.
PERMANENT RECORDS



Books of accounts should be maintained as
 permanent records until disposal is
 permitted by law and authorized by Board.
IRS FORMS

• Kiwanis clubs are 501 (c) (4) tax exempt
  organizations
• Form 990 is required when an
  organization has $25,000 or more in gross
  receipts.
• Form 990 is due 15 days after the fifth
  month after the end of the year (February
  15). Late fee is $25 per day.
FLORIDA NOT-FOR PROFIT
ANNUAL REPORT

 The returns are due to the Florida
 Department of State, Division of
 Corporations every year.

 The returns are required to be filed by
 May 1.
FLORIDA DEPARTMENT OF
AGRICULTURE DIVISION OF
CONSUMER AFFAIRS

• Due annually in coordination with 1st date
 filed.

• Late fee of $25 per month for not filing

• Fee is per schedule
TREASURER’S PARTICIPATION

• The treasurer is an officer of the club and
  a member of the Board.
• The treasurer should be a key participant
  in preparing the annual budget.
• The treasurer should track the budget and
  help the club in following the budget.
• The treasurer is both a “cop” and an
  advisor.
KEY POINTS


• Budgets should be based on needs and
 anticipated income.

• Goals and objectives should be WISE.
WAIVER OF DUES
• The following interpretation of Article
 XXII-Revenue, Sections 1 and 4 was
 approved by the International Board of
 Trustees:

 1. Starting date is September 30, 2006
 and the first measurement date is
 September 30, 2007.
CONTINUED
 2. Ending membership count in one year is
 the beginning membership in the following
 year.
 3. All clubs worldwide are eligible.
 4. Based on ACTIVE members in the club
 as of measurement dates (September 30)
 as determined by Kiwanis International
 and reported to the District offices.
CONTINUED
 5. Merged clubs are not eligible.
 6. Only clubs on ACTIVE STATUS at the end of
 the measurement year are eligible.
 7. Clubs on the following status at the end of
 the measurement year (September 30) are not
 eligible: Charter Suspended Notice, Charter
 Suspended, Pending Revocation, Charter
 Revoked, and Charter Suspended by District.
CONTINUED

 8. All clubs dues and fees must be paid as
 of the end of the measurement year
 (September 30), including all new member
 fees are eligible.
 9. New clubs are eligible in the year
 organized using the clubs organizational
 date as the start date.
CONTINUED
10. All clubs must pay their current years dues by
  the due date of their respective annual dues
  billing period (for US/Canada district clubs) or
  within 90 days of the date of being invoiced (for
  clubs in Regions III, IV, and V) to be eligible.

REFUNDS will be sent within 120 days of the end
  of year measurement date. KI will determine
  the method of refund.
THANK YOU

• Have a great year!!!!

• Service your community by reaching out
 and allowing others to reach up.

				
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