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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

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Record Keeping at Asha

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  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. 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

  8. Other Issues • Duplicate Transactions • Protecting the Franchise

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

  10. Questions/Comments/Suggestions • Pankaj Gupta • treasurer@ashanet.org • Pankaj.Gupta@morganstanley.com • (908) 687 5584 (Residence) • (718) 754 2381 (Office)

  11. Thank You

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