1 / 17

FINANCIAL RESPONSIBILITY

FINANCIAL RESPONSIBILITY. Cathy Karch, MBA SCTE Senior Director, Accounting. SCTE. Financials Tax Status – 501(c)6 Each Chapter is under our IRS Tax ID Your Chapter Financials are reported to the IRS Form 990 Legal

huela
Download Presentation

FINANCIAL RESPONSIBILITY

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. FINANCIAL RESPONSIBILITY Cathy Karch, MBA SCTE Senior Director, Accounting

  2. SCTE Financials Tax Status – 501(c)6 Each Chapter is under our IRS Tax ID Your Chapter Financials are reported to the IRS Form 990 Legal Your chapter and board members are covered under our liability insurance however board members have a responsibility to the chapter and the entire society (SCTE) as a whole.

  3. Your chapter bylaws Legal – The chapter shall comply with all federal, state and local laws, rules and regulations governing chapter operations. Also, the chapter shall comply with all applicable policies and reporting requirements to Headquarters in order for SCTE to maintain its tax exempt status. Liabilities – Except in cases of fraud or acts of bad faith, the directors and officers of this organization shall not be held personally responsible for debts, obligations, or liabilities of the organization or for their actions on behalf of the organization.

  4. Fiduciary duty of the board Directors owe duties of “care” and “loyalty” to the organization. These duties required the board of directors to: act in good faith. with the care of an ordinarily prudent person in a like position would exercise under similar circumstances, and in a manner he or she reasonably believes to be in the best interest of the organization and its members.

  5. Fiduciary Responsibilities Funds used to accomplish SCTE Mission Keep accurate financial records Enforce financial internal controls Follow policies, procedures & bylaws Safeguard funds Keep chapter board informed Whistleblower policy

  6. Managing Chapter Funds Accurate and complete financial records Supporting documentation Reasonable and approved expenditures Transactions that adhere to exempt purpose No personal benefit to anyone

  7. Income Cash handling Deposits Credit Card transactions No advertising income Disclosure Statement required Supporting documentation

  8. Expenses Pay by check Original invoice or check request No SCTE credit cards $100 petty cash limit Board member expense reimbursements Board approved and reasonable expenses only

  9. Record Keeping Receipts and disbursement journal Chapter program and events Operating expenses Bank reconciliations Quarterly Reports Submit to SCTE Headquarters

  10. QuickBooks

  11. New Look (QuickBooks)

  12. Cash Petty Cash - $100 maximum Checks – signature requirements Use of ATM/debit cards Bank account balances/reserves

  13. Credit Card Processing SCTE Website & Chapter Leadership Access Site (CLAS) PayPal not approved Processing through SCTE A/P Two week turn around from SCTE 3% Fee Procedures and processing form

  14. Form 1099 Anyone receiving over $600 Services rendered (volunteers not paid) Prizes Submit info to SCTE staff (A/P or Chapters)

  15. Raffle Tickets and Gaming New Schedule G of Form 990 Cumbersome and detailed IRS reporting needed for any games of chance and Bingo

  16. Financial Responsibility Cathy Karch SCTE Headquarters Senior Director, Accounting ckarch@scte.org 610.594.7315

More Related