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.