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Belgian Sheepdog Club of America Treasurer’s Report

Detailed summary of the Belgian Sheepdog Club of America's financial report for 2019, including expenses, revenue, and recommendations for future financial management.

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Belgian Sheepdog Club of America Treasurer’s Report

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  1. Belgian Sheepdog Club of America Treasurer’s Report Cindy Herman 2019

  2. Summary • Membership and Dues – Renewal trends and affect on revenue • PayPal – Trends and fees • Treasurer Procedures

  3. Membership Fees 2019 Revenue from Dues Renewal Single Memberships 222 $4,440.00 Household Memberships 31 $1,240.00 Total $5,680.00

  4. What Dues Should Cover – Pre-arranged Costs General Liability Insurance $ 600 Director’s & Officer’s Insurance 976 AKC Club membership 25 State of Indiana Corp Registration 22 1099 & 990 Prep & Filling 515 Website Costs 213 Merit Awards 400 Title Medallions 400 Regional Specialties &Supported Entries 1,000 Judges Education 1,000 Junior Program 1,000 Total $6,151 Cleary, Membership Dues do not cover fixed costs

  5. Members Who Did Not Renew • 15 single members did not renew • 1 not showing, if does start showing need to be a smaller breed • 10 financial reasons • 4 did not give a reason

  6. Other Expenses (Not covered by Dues) PayPal Fees $1271 Meet The Breed 756 QuickBooks 240 Postage 239 Printing 700 Miscellaneous 190 Total Other $3396

  7. Dues Recommendation • Fixed cost are over membership dues revenue by $471 • This deficit must be covered by profit from the specialty or by depleting savings. • “Other Expenses” are not covered by dues and are instead covered by specialty profit or by depleting savings. • Recommendation: leave dues at $65 household and $90 Household • There is a trend of loosing several members due to financial reasons • Raising dues could increase this trend • It is encouraging that some of our expenses are decreasing, reducing some of the financial pressure, but we need to continue to reduce our expenses.

  8. PayPal Expenses • PayPal fees have been steadily growing. Club membership dues and other sources of revenue have to cover these, putting a burden on the Club’s finances. • PayPal fees are approximately equal to the projected 2019 Club deficit from dues. Recommendation: Institute a 3% fee for all PayPal transactions

  9. Expenses Reduction from Prior Year Efforts to reduce printing and postage expenses are paying off

  10. National Specialty Expenses • In order to have 3 years worth of national specialty expenses in saving which would be a comfortable savings the club needs to further build its savings. • At present we have $90,407 of unrestricted funds in saving • This value needs to increase to ~$150,000 over time In addition to reducing expenses to address the annual deficit, the club needs to continue to lower expenses in order to build up savings

  11. Treasurer Procedures With the absence of a finance committee I have started implementing procedures to make it easier on the treasurer, audit committee, and board If anyone would like to join the finance committee see me after the meeting User name and Passwords • All accounts use treasurer@bsca.info purpose to make transition of new treasurer easier • President and Recording Secretary are given list of accounts and passwords • If something were to happen to the treasurer accounts can be accessed easily

  12. Audit • Per constitution Audit committee is to consist of 3 members in good standing • Committee to be appointed by board of directors by September 1st • Treasurer is to have financial information to Audit Committee by October 1st • This will give the audit committee time to review the books and send the report to the recording secretary in time for annual meeting reports

  13. Procedure Manual • This is a manual of best practices • Purpose • Make transition of new treasurer easier • Should something happen to present treasurer it well help whoever steps in • Once completed it will be in the board of director files • Information in the manual • Vendors, invoice amounts and due dates • Agility fundraiser procedures • QuickBooks procedures

  14. Forms • We are also implementing standard forms for expense transactions • The forms detail what the expenses are for • Show the expenses have been approved • Implementing the following forms will make it easier for the audit committee to follow the expenses • Easy to understand and review paper trail

  15. Proposal for Standardized Reimbursement Forms • Committee Expense • Travel Expense • Refund • Deposit • Total Deposits • Fund Reconciliation • National Specialty Deposit • Trophy Donation

  16. BSCA Committee Expenses • This can be used for committee and national specialty expenses

  17. Travel Expenses • This can be used for meet the breed, judges education and national specialty judges.

  18. Request for Refund • Often Refunds need to be given at Specialties. • This serves as back up for the refund and shows approval

  19. BSCA Deposit Form • This form shows how the revenue for the deposit was distributed.

  20. BSCA National Specialty Deposit • This form shows how the national specialty revenue for the deposit was distributed.

  21. Back Up To Treasurer • President • Recording Secretary • This are the other signers on the account • Treasurer should have set up these are the people to contact

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