things your treasurer should know-final

Things Your Treasurer Treasurer

Should Know

Presented by Patricia J. Foley, CPAy y,

For the Friends of Connecticut LibrariesNovember 14, 2009

THINGS YOUR TREASURERTREASURER

SHOULD KNOWIntroductionsB thBeethoven

Mission Statement of Your Friends OrganizationMembership of interested peopleSupport and cooperate with the Library

developing maintaining enhancingdeveloping, maintaining, enhancingStimulate the use of the LibraryEncourage gifts, endowmentsEncourage gifts, endowments Focus public attention on the Library

2009(c)Patricia J. Foley

CPA


SHOULD KNOW

Duties of the Treasurer

Record Keeping & Reporting

Budget Preparation


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SHOULD KNOW

DUTIES OF THE TREASURER


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SHOULD KNOW

Duties of the TreasurerDuties of the Treasurer

• The Bylawsy• Finance Committee• Financial Policies• Financial Policies• Treasurer’s Handbook

Li i t C itt d E t• Liaison to Committees and Events• Review Board Minutes


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SHOULD KNOWDuties of the Treasurer

Finance Committee• Financial Policies are determined• Financial Procedures are determined• Financial Procedures are determined• Get professionals involved

T i i d f t t• Training ground for next treasurer


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SHOULD KNOWDuties of the TreasurerFinancial Policies

N b f i i d f h k• Number of signatures required for a check• Deposit making / check writing schedule

Ni ht D it B• Night Deposit Box• Authority to enter into contracts

S h d l f i ti f A t O d• Schedule of inspection of Assets Owned• Donor’s Bill of Rights


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SHOULD KNOWDuties of the Treasurer

• Policies• BylawsTreasurer Handbook

• State Registration• Sales Tax Exemption• Bank Account

A th i ti d i

• Time Line • Procedures• IRS Determination

L tt Authorizations and copies of signature cards

• Password List• Property Tax Exemption

Letter• Sales Tax Registration• List of Fixed Assets

owned by the Friends • Property Tax Exemption• Location of Files• Liaison Memos

owned by the Friends• Keys to Friends Office • Contracts


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SHOULD KNOW

RECORD KEEPING&

REPORTING


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SHOULD KNOWRecord Keeping & Reporting

• Location of Records• Statute of LimitationsStatute of Limitations• Bank and Investment Accounts• Permanent Records (• Permanent Records (like Treasurer Handbook)

• Monthly Reports• Year End Reports


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• Revenues:• Unrestricted

• MembershipMembership• Book Sales (net)• Event Revenue (net)• Event Revenue (net)

• Temporarily RestrictedPermanentl Restricted2009(c)

Patricia J. Foley CPA

• Permanently Restricted



• Expenses:• Programs / Acquisitions• Operations / AdministrationOpe at o s / d st at o• Fundraising expenses• Joint Costs• Joint Costs


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SHOULD KNOWRecord Keeping & ReportingRevenues This Month Year to Date

Book SalesBi S l (N t) 100 00$ 5 000 00$Big Sale (Net) 100.00$ 5,000.00$ Daily Sale 53.00 1,253.00

Membership 2 500 00 7 000 00Membership 2,500.00 7,000.00 Other Income

Commissions 125.00 535.00 Fund Raising Events - 2,550.00 Interest Income 27.00 539.00

Total Revenues 2,805.00$ 16,877.00$ 2009(c)Patricia J. Foley

CPA


SHOULD KNOW


• Audit, Review, Compilation


p

• Tax ReturnsTax Returns


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SHOULD KNOW


Financial Statements


• Balance Sheet• Statement of Revenues & ExpensesStatement of Revenues & Expenses• Statement of Activities• Statement of Cash Flows• Statement of Cash Flows• Notes to the Financial Statements


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SHOULD KNOW

BUDGET PREPARATION


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SHOULD KNOWBudget Preparation

• AnnuallyR ibilit• Responsibility

• Organization and Presentation• Not just the Dollars $$$• Operating vs. Specific Requestp g p q• Approval• Wish ListWish List


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SHOULD KNOWBudget Preparation • AnnuallyAnnually

• Projecting the Revenue• Membership• Membership• Book Sales – NET!

• Daily Sale• Big Sale

Oth I• Other Income• Interest• Commissions• Fundraising Events


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SHOULD KNOWBudget Preparation

Book SalesYEAR 2007 2008 2009 2010BUDGET 7,000.00 5,000.00 8,000.00 12,000.00ACTUAL 5,300.00 9,000.00 13,500.00

O (U d ) d (1 00 00) 4 000 00 00 00Over (Under) Budget (1,700.00) 4,000.00 5,500.00

Note: In 2008 ‐ we had an extra day of the book sale

Note: In 2009 ‐ we had a $5/bag on the extra day


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SHOULD KNOW

B d t P tiBudget Preparation

• Annuallyy• Projecting the Expenditures

• Programs / AcquisitionsPrograms / Acquisitions• Museum Passes• Summer Reading• Summer Reading• DVD Collection

N l tt P i ti• Newsletter Printing2009(c)Patricia J. Foley

CPA


SHOULD KNOWPrograms $16,500

Museum Passes, $Summer $2,000

N l

Summer Reading, $5,000

Newsletter Printing, $5,000

DVD

Flowers , $1,500

DVD Collection, $3,000


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SHOULD KNOW

Budget PreparationBudget Preparation • Annually

• Projecting the Expenditures• Projecting the Expenditures•Administration

M b hi i FOCL FOLUSA•Membership in FOCL FOLUSA•Committee /Director expenses•Insurance D & O / LiabilityInsurance D & O / Liability


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SHOULD KNOWCurrent Year Year 2010

Projected Budget BudgetProjected Budget BudgetRevenue:

Book Sales (net) 13,500.00$ 8,000.00$ 12,000.00$ Membership 12 000 00 10 000 00 10 000 00Membership 12,000.00 10,000.00 10,000.00 Other Income 1,257.00 - - Total Revenue 26,757.00 18,000.00 22,000.00

ExpendituresExpendituresPrograms 9,800.00 10,000.00 13,250.00 Acquisitions 3,005.00 3,000.00 3,750.00 Administration 2,415.00 2,500.00 2,500.00 , , ,Fundraising 1,950.00 2,500.00 2,500.00 Total Expenditures 17,170.00 18,000.00 22,000.00

Net Revenues Over 2009(c)

Patricia J. Foley CPA

Expenditures 9,587.00$ -$ -$


SHOULD KNOW

Wish List • $ 9,587


CPA


SHOULD KNOW

Bl St b d Vi itBlog – Stop by and Visit www.friendslibrarys.blogspot.com

E il M f i d @ tt jf lEmail Me – [email protected]


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