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Treasury & Financials

Treasury & Financials. Asha East Coast Conference July 3 rd , 2004. Record Keeping – It’s Important!. IRS Regulatory Requirement Transparency expected by: Donors/Contributors Sponsors Volunteers . Record Keeping Requirements. Need accurate and up-to-date records of: Projects

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Treasury & Financials

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  1. Treasury & Financials Asha East Coast Conference July 3rd, 2004

  2. Record Keeping – It’s Important! • IRS Regulatory Requirement • Transparency expected by: • Donors/Contributors • Sponsors • Volunteers

  3. Record Keeping Requirements • Need accurate and up-to-date records of: • Projects • Project Proposal • Funds Provided • Progress & Site Visit Reports • Budgets • Donations & Contributions • All details, such as Date, Payment Method, Check Number, Name and Amount

  4. Record Keeping Requirements (contd.) • Fundraisers • Receipts of all Expenses and Checks • All Income • Merchandise • Revenue from Merchandise by Category • Bank Statements & Deposit Slips • Meeting Minutes (yes, really!) • Retain records for at least 4 years

  5. Good Practices • Use an Accounting Package (e.g. Quicken) • Enter details as checks/donations come in • Categorize checks into: • Donations • Fundraiser A, B, C, etc. • T-Shirts, etc. • Send timely acknowledgment of donations • Maintain project documentation • Clean handoff to incoming Treasurers

  6. Treasurer Tips from Nagi • Allow for time lag when sending project checks • Send checks to be deposited before they expire (!) • Compile chapter tax return info by March 1st • Treasurers should be on asha-treasurers & -wide • Keep 2003 accounts in 2003 itself • Move event ticketing online • Easy to keep track • No need to write out receipt

  7. Zero Overhead Terminology • Important to clarify what we mean when we say ‘zero overhead’ • 100% of donations go to our projects in India • 100% of profits raised from an event go to our projects in India

  8. Operational Expenses • Categorization of Expenses • Banking and Credit Card Expenses • PO Box Expenses • Newsletter Mailings • Publicity Material • Postage • Funded differently across chapters • Borne by volunteers • Associated with a fundraising event • Covered by specific donation/sponsor • Anything else?

  9. Discussion & Questions • Discussion: • Should there be a penalty for late-reporting chapters? • If so, what? • Questions?

  10. treasurer@ashanet.org

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