section & branch finance and accounting. purpose of session introduce available resources...
TRANSCRIPT
Section & Branch Finance and Accounting
Purpose of Session
Introduce available resources
Familiarize with Section Financial Manual
Provide information on organizational structure
Money Theory
Review budget practices
Organizations
Sections – very small to large Some with subsidiary organizations, some without
Branches
Other subsidiary organizations Younger member groups Technical committees Institute branches Endowments & trusts Scholarship funds
Branches and others must report to their Section
National Resources
Xythos server – All Section and Section folders All Sections Each Section – Link sent to treasurer
Manual, spreadsheets, checklists and forms
Finance Dept. contacts and assistance
QuickBooks on-line
Excel worksheet for Form 990-EZ return preparation
Insurance coverage
Tax-Exempt Status
All Sections federal tax exempt under ASCE exemption
Section tax IDs are registered with IRS
Branches and other subsidiary organizations use Section tax ID
Never use the ASCE National ID: 13-1635293
501(c)(3) charitable and scientific – contributions may be deductible
Must file federal 990-N, 990-EZ or 990 to maintain tax-exempt status
Returns are due Feb 15; two 3-month extensions are allowed
ASCE Finance assists with federal filings
Finance Manual has instructions for Forms 990-N and 990-EZ
Organizational Structure
Unincorporated associations
Branches and other subsidiary organizations
Student chapters
Reserves
ASCE annual allotment
State registration and reporting
Money Theory
Money Theory
Save It
Spend It
Reserves
Services
Money Theory
Reserve Policy Up to each group to determine Many groups chose 25% TO 100% of annual budget goal. Society uses 35% goal.
Uses Buffer a bad program or year. Annuity (scholarship) Save for large upcoming event (host national meeting)
Money Theory
Spend It Money collected from members to be used for members.
Provide programs and service. If you need help, check out CGU’s Best Practices Manual. Membership depends on local satisfaction.
Control expenses by use of budget. If you get a number of unexpected requests, may want to
budget some amount to be distributed throughout year.
Budget Practices
Establish organizational goals
Budget revenue and expense relating to realistic goals or objectives – activities
Have governing body understand and approve
Use budget to monitor actual financial activities
Questions…
and Answers?