1 / 11

Record Keeping at Asha

Record Keeping at Asha. Why is it Important?. Regulatory Requirement (IRS) Need Transparency for Donors/Contributors. What does it Entail?. Have Accurate and Up to Date Records of Projects Project Proposal Funds Provided Progress Reports Site Visit Reports including Photographs Budgets

agatha
Download Presentation

Record Keeping at Asha

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. Record Keeping at Asha

  2. Why is it Important? • Regulatory Requirement (IRS) • Need Transparency for Donors/Contributors

  3. What does it Entail? • Have Accurate and Up to Date Records of • Projects • Project Proposal • Funds Provided • Progress Reports • Site Visit Reports including Photographs • Budgets • Donations, Contributions and Fundraisers • All details of the Donations (Date, Payment Method, Cheque Number, Name and Amount)

  4. What does it Entail (Contd.)? • Fundraisers • Receipts of all Expenses and Copies of Cheques Issued • All Income from the Fundraiser • Merchandise • Proper classification of COGS and Revenue from Merchandise by category such as T-Shirts, Mugs.. • Bank Statements and Deposit Slips • Minutes of Meetings • Retain Records for 4 Years Minimum

  5. Good Practices • Use an Accounting Package like Quicken • Enter Cheque Details at the Earliest • Categorise the Cheques into Donations, Fundraiser A, Fundraiser B, T-Shirts etc. • Maintain Project Documentation • In Case of a Change, have a Clean Handoff to the Incoming Treasurer

  6. Acknowledgement of Donations • Prompt Acknowledgement of Donations lends credibility to the Organisation • Acknowledge all Donations irrespective of the Amount • Send Receipt + Thank-you Letter within 1 month of receiving the Cheque • Deposit the Cheque or send it to Asha Treasurer within 2 weeks of receiving it

  7. Sending funds to Project? • Check Payable to: • Mailing address of the project: • FCRA Status: • Name of the Bank: • Name of the Branch/Location • Phone Number: • Email address if any: Have following info handy..

  8. Operational Expenses • What is an Operational Expense? • Categorisation of Expenses • Banking Expenses • PO Box Expenses • Newsletter Mailings • Postage • Pure Administrative Expenses • Tracking of Donations Earmarked to Cover Operational Expenses

  9. Other Issues • Duplicate Transactions • Protecting the Franchise

  10. Key Findings • Recordkeeping is Critical • Recordkeeping includes projects and meeting minutes

  11. Questions/Comments/Suggestions • Ajith Krishnamurthy • treasurer@ashanet.org • ajith.rao@gmail.com • 248 703 8958 (Cell) • 248 608 2892 (Home)

More Related