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Taxes Quicken


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       The Role of the
• Control the fiscal well being of the
• Be the budget “watch dog”
• Keep appropriate records
• Be prepared for an audit
• Issue and receive funds
• See to it NMA members enjoy
  healthy ROI
• Practice “squeaky clean” ethics
• Document everything

 What do you feel is the most difficult aspect   Secretaries/
            of being Treasurer?                   Treasurers
             The Budget
•   Review prior year’s budget performance
•   Schedule preliminary meetings
•   Define goals for upcoming year
•   Be conservative projecting income
•   Go into as much detail as necessary
•   Plan contingencies
•   Get commitment from persons responsible
•   Approve budget
•   Mid-year update

      How do you get financial support from   Secretaries/
        the community or the company?          Treasurers
• Use the system that works best for you
   • Cash receipts ledger
   • Cash disbursements ledger
   • P. C. software - “Quicken” or “Excel”
• Written policies regarding income, cash
  transfers, disbursements
• Process all financial transactions without delay
• Establish a clear personal check
• Get Receipts for everything

           Any “tricks of the trade” that you        Secretaries/
                    wish to share?                    Treasurers
• Use company credit union
• Pay all bills by check
• Require 2 signatures on large
   • (Have 3 signatures on card)
• Change bank signature card to current
  members only
• Dues by payroll deduction
• Monthly dues to NMA

How do you track new members or deletions?   Secretaries/
   Any problems with reporting to NMA?        Treasurers
           NMA Dues
• Annual Chapters
  • Invoiced by NMA
  • Pay on yearly basis
  • Changes submitted with “Membership
    Report Form for Annual Chapters M-1A”
• Payroll Chapters
  • Calculated on “Membership Report Form
    for Payroll Chapters M-1P”
  • Pay on monthly basis

• Reports to chapter/council
   • Income/disbursements prior month
   • Actuals to budget
   • Year-to-date
   • Bank balance
• Report abnormalities when identified
• Periodic reviews with president
• Annual report to membership

     How have you handled non-budgeted   Secretaries/
        expenses or other surprises?      Treasurers
•   IRS Form 990
   • Gross receipts over $25,000 must file returns
   • Under $25,000 file Form 990 without financial
   • File by the 15th of the 5th month following
     chapter’s fiscal year end
• AFT Form 199 (California organizations)
   • Submit IRS Form 990
   • File Fee $10.00

        Does anyone have a tax question        Secretaries/
         or issue to bring to the group?        Treasurers
         Audit of Books

• Have company representative from tax or
  accounting department do audit
• Provide all documentation for audit
• Close the books
• Submit audit report to President and
  incoming Treasurer
• Review audit report and implement suggested
• Assume you will be audited

      Have any of you been audited by the   Secretaries/
               company or IRS?               Treasurers

• Fully brief incoming Treasurer
   • Learn from past mistakes
   • Explain bookkeeping and rationale
• Look at performance of prior budget
• Participate in all planning sessions
• Leave good records behind!!!

      What advice would you give to next   Secretaries/
              year’s Treasurer?             Treasurers
Thank you for attending!

  Download guidebooks at:

     NMA… THE Leadership Development Organization
                2210 Arbor Boulevard
                 Dayton, Ohio 45439                  Treasurers

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