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A Financially Responsible AAF Club/Federation

A Financially Responsible AAF Club/Federation. Tips To Help Keep You In The Black & Out Of Trouble. Presenter: Norm Vallone. Past President, Greater Dayton Advertising Association (GDAA) Former Chair, GDAA Finance Committee Treasurer, Fifth District AAF. Disclaimer. Not a CPA Not a Lawyer

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A Financially Responsible AAF Club/Federation

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  1. A Financially Responsible AAF Club/Federation Tips To Help Keep You In The Black & Out Of Trouble

  2. Presenter: Norm Vallone • Past President, Greater Dayton Advertising Association (GDAA) • Former Chair, GDAA Finance Committee • Treasurer, Fifth District AAF

  3. Disclaimer • Not a CPA • Not a Lawyer • Not a financial adviser

  4. Is This Really Necessary? • Fiduciary responsibility

  5. Is This Really Necessary? • Fiduciary responsibility • Managing income and expenses is a critical business function

  6. Is This Really Necessary? • Fiduciary responsibility • Managing income and expenses is a critical business function • Helps secure the future of the organization

  7. Is This Really Necessary? • Personal liability

  8. Is This Really Necessary? • Personal liability • Tax consequences

  9. Is This Really Necessary? • Personal liability • Tax consequences • Loss of not-for-profit status

  10. Requires A Commitment By The Board • Appoint a Treasurer

  11. Requires A Commitment By The Board • Appoint a Treasurer • Secure insurance/bond

  12. Requires A Commitment By The Board • Appoint a Treasurer • Secure insurance/bond • Establish written policies

  13. Requires A Commitment By The Board • Appoint a Treasurer • Secure insurance/bond • Establish written policies • Select bookkeeping software

  14. Requires A Commitment By The Board • Appoint a Treasurer • Secure insurance/bond • Establish written policies • Select bookkeeping software • Use common sense

  15. It All Begins With Budgets • Hold committees accountable

  16. It All Begins With Budgets • Hold committees accountable • Each event must be budgeted and approved by the Board

  17. It All Begins With Budgets • Hold committees accountable • Each event must be budgeted and approved by the Board • Establish who develops the annual budget

  18. It All Begins With Budgets • The Treasurer is the watchdog

  19. It All Begins With Budgets • The Treasurer is the watchdog • Checks and balances

  20. Policies • No co-mingling of funds

  21. Policies • No co-mingling of funds • Two signatures on checks

  22. Policies • No co-mingling of funds • Two signatures on checks • Use of credit cards for purchases

  23. Policies • Accepting credit cards for payment

  24. Policies • Accepting credit cards for payment • Check-in procedures at events

  25. Policies • Accepting credit cards for payment • Check-in procedures at events • Cash handling

  26. Policies • Purchase orders

  27. Policies • Purchase orders • Invoicing

  28. Policies • Purchase orders • Invoicing • Reconciling event income with attendance

  29. Policies • Purchase orders • Invoicing • Reconciling event income with attendance & expenses • Spending limits and approvals above limit

  30. Policies • Handling expense reimbursements

  31. Policies • Handling expense reimbursements • Reporting & transparency

  32. Policies • Handling expense reimbursements • Reporting & transparency • Tax filings

  33. Got Questions?

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