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Effective Treasurer Training Program 2015-2016

Comprehensive guidance for treasurers on managing council funds, conducting audits, and financial reporting. Learn essential skills for successful financial leadership. Visit MIKofC.org for detailed manuals and resources.

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Effective Treasurer Training Program 2015-2016

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  1. Treasurer – TrusteeTraining2015-2016 Thomas Marcetti, Sr., PSD State Director of MI Programs

  2. Treasurer • Charged with handling council funds • Receives money from financial secretary and deposits it in the proper council accounts • Responsible for paying all council expenses, including assessments from Supreme • Maintain accurate records of all monies received and expended by the council • Charter Constitution Laws • Treasurer sec.140

  3. Treasurer – Trustee manuals Goto: MIKofC.org

  4. Council Team of Financial Officers • Grand Knight • Financial Secretary • Treasurer • Trustees

  5. Semi-Annual Audit • Financial Secretary – Treasurer – Recording Secretary submit relevant records • Board of Trustees conduct the Audit • You should be present but you may not complete the audit Ref. Pg. #2 Treasurer Manual

  6. Working with the F.S. • FS receives all incoming funds. • FS records these funds and turns over to Treasurer with breakdown. • Treasurer prepares receipt (Form 281) and gives original to FS. • Treasurer deposits funds into bank in a timely manner. • Treasurer presents deposit slip and FS presents original receipt to GK before the next meeting.

  7. Paying the bills • Financial Secretary prepares voucher (Form 157) or using the Member Management. • GK/DGK co-signs voucher. • You need a voucher for every Check • Trustees examine the voucher- recommend the approval or rejection by council • Motion by the council - “the final authority” • Budgeted Items - brought up as a “bill” • Per Capita/Supreme Supplies - No approval is necessary for Supreme or State charges

  8. Paying the bills • Treasurer prepares check. • Treasurer staples bill to voucher and records check number on it. • GK/DGK co-sign check. • Treasurer mails check. • Treasurer records disbursement in Treasurer’s Cash Journal (Form 1401, or in an appropriate spreadsheet that imitates this book) and on check stub.

  9. Bank Reconciliation • Treasurer receives monthly bank statement. • Adds any interest into checkbook and Journal. • Looks for any unusual charges or credits and deducts or adds to checkbook as necessary. • Checks off all checks and deposits that have cleared. • Using back of statement, Treasurer writes in balance of statement in appropriate place.

  10. Bank Reconciliation • Treasurer lists all open deposits and un-cashed checks in appropriate spots on statement. • Balance derived on back should agree with checkbook – if not, examine amounts and additions and subtractions until correct.

  11. Un-cashed checks • Checks that have not been cashed that are beyond the legal period (60 to 90 days). • Contact payees to see why checks have not been cashed. • Issue a “stop payment” if the amount is significant. • If check is not found, void original and reissue a new check to payee.

  12. Semiannual Audit Due to Supreme by Feb. 15 & Aug. 15

  13. The Audit • FS presents all of the vouchers with bills attached available for review. • Treasurer presents checkbook, check register, vouchers and bank statements to Trustees. • AUDIT FORMS ARE TO BE DONE BY TRUSTEES. NOT THE TREASURER - FS • Last period’s ending balance must be this audit’s beginning balance in: Schedule A – Membership Schedule B – Cash Transactions.

  14. The Audit • GK/DGK oversees audit. • Treasurer and FS should be available to answer questions. • Trustees report audit findings at the next meeting following the audit. A State Officer or District Deputy may review and / or audit books at any time

  15. The Ledger

  16. Preparing a Budget • Council Team of Financial Officers • Base 3-5 year expenditures / income • Pass as a resolution • Do not include pass-through monies as income (Tootsie roll, take-5, McGivney Chair etc.) • Make budget as detailed as possible. Name of payee -Amount to be paid - When

  17. Reporting at meetings FS reports income from previous month Treasurer Reports: • Beginning Balance • Expenses • Income (including checkbook interest) • Ending Balance Written copies of reports for the recorder

  18. Miscellaneous – The Last Hurrah • RSVP program requires a copy of the front and back of the check presented – check to be made payable to both the seminarian and the seminary • FS & Treasurer current copy of the budget at the meeting. • Last few pages of the booklet a good starting point for your own record keeping

  19. Treasurer – Trustee manuals Goto: MIKofC.org

  20. Board of Trustee • Consists of GK and three other elected members • Supervises all financial business of the council • Conducts the semiannual audits • Are elected for terms of three, two and one year. • Charter Constitution Laws • Trustee sec.145 • “They shall perform such other duties as their council or the District Deputy or Territorial Deputy or the officers of the Order may direct.”

  21. Primary Duties • Supervise all financial business of the council and approve the payment of all bills • Scrupulously audit council financial records • Verify that the council sticks to the budget • Approve banks used by the council • Set bonding amounts for the FS & Treasurer • Be involved in the selection of the Chaplain

  22. Primary Duties • Guide your council in matter of tax returns, home corporations, charitable fund raising, and licensed gaming • Participate in the evaluation of the FS every 3 years • Sign the nomination form for the appointment of the FS • Serve on the council's retention committee and sign all Knight Alerts

  23. Supervise finances Always follow protocol or good business practices • Examine the voucher for submitted bills • Motion by the council - “the final authority” • Budgeted Items - brought up as a “bill” • Per Capita/Supreme Supplies - No approval is necessary for Supreme or State charges • Council by-laws may provide for mutual aid • No money in excess of $500.00 shall be paid or transferred except…..

  24. Audit Requirements Under no circumstances should either the FS or Treasurer prepare the audits • This is to safeguard the council’s financial affairs • If the Trustees and Grand Knight cannot personally make the audit, they should arrange to have one made by a qualified member at the expense of the council. • The Board of Trustees should not control records for more than 1 week.

  25. Records & items from the FS • Vouchers • Receipts, Treasurer to FS • Current Council Roster (July 1 or Jan. 1) • Council Statements for the audit period • Cash and checks on hand, if any • Bills or invoices requiring payment • Copy of last council audit • Member ledgers (or Outstanding Balance Report in Member Billing)

  26. From the Treasurer • Treasurer’s Cash Book (#1401) • Check book, bank statements, cancelled checks and vouchers for the audit period. • All bank books, all accounts. • All documents reflecting cash or liquid assets such as stocks, bonds, notes, etc. From the Recorder • Minute Book (#1403)

  27. Completing theAudit Report • Each member of the board of trustees should have a copy and read pgs.5-10 of the Trustee training Manual. • Audit report is due Aug.15 & Feb.15 yearly. • At the next regular meeting following the audit, the Trustees should report to the membership.

  28. Council Budget • Encourage the establishment of a reasonable council budget. • Budget should be prepared by the GK, FS, Treasurer and Trustees. • Budget should be adopted by resolution. • Maintain an accurate balance of remaining funds. • Remind council of current status of the budget when new spending is discussed

  29. Tax Returns The board of trustees should have a copy and read pgs.5-10 of the Trustee training Manual. Each council: • Is federal tax-exempt under Sec. 501(c)(8) • Must have an (EIN) Employer Identification Number • Must file a return with the IRS With annual gross receipts of : $50,000 or less electronically file a Form 990-N $50,001 to $199,999 use Form 990- EZ

  30. Tax Records • Each council shouldmaintain a tax file • See pages 12-13 of the Trustee training Manual for a detailed list • Copies in 2 or more locations • Federal law imposes a penalty of $20 per day, up to a maximum of $10,000, for incomplete or late filing.

  31. Home Corporations • Councils, under state and federal law, may not hold title to real estate. • Group exemption does not extend to home corporations or home associations, which are separate legal entities. • May qualify as non-profit, non-stock, nonprofit corporations with tax-exempt status as: 501(c)(2) (title holding company) 501(c)(7) (social club).

  32. Charitable fund raising, andlicensed gaming • Trustee training Manual was written in 2011 and does not reflect all new rules. • Millionaire's Parties & Texas Hold’em under the Casino Commission • Raffles under the Lottery Commission • Rules still being reviewed by state legislators

  33. Evaluation & appointment of Financial Secretary Eligible to be a FS • 3rd degree member • At least 21 years of age • Cannot be engaged in the sale of life or health insurance for another organization.

  34. Once appointed by the Supreme Knight the FS Serves for 3 years Unless the FS: • Sends a letter of resignation to supreme. • Fails in the performance of his duties • Dies, is suspended or expelled from the Order FS serves until his replacement is appointed by the Supreme Knight A District Deputy may not vacate the office but…

  35. Evaluation of the FS • GK will receive the Evaluation of Financial Secretary form (1938) & arrange to meet with the Trustees • The Supreme Knight requires the Trustees evaluation or approval of applicants. • They do this by signing form (1938) or the Nomination form (FS-103). • District Deputy must sign form (1938). • State Deputy must sign form (1938).

  36. Retention committee • See pages 23-27 of the Trustee training Manual for concise directions & procedures • Is he a Life or Honorary Life member? • Is he disabled (FS to fill out form 1831- expires Dec.31 each year) • Is he no longer a practical Catholic or is he a convicted felon (prior to initiation or since)? • Recommend a waiver of dues, when appropriate.

  37. Retention committee • Take no shortcuts, use the Retention Worksheet • Supreme will not process suspensions if the GK has not reported a Retention Committee Chairmen on the Service Program Personnel Report #365 • Your goal is to re-recruit this brother • Suspension means we have failed a brother knight

  38. Miscellaneous – The Last Hurrah • The board of trustees should have a copy of the Trustee Training Manual. • An excellent resource (particularly pgs. 1-27) • MiKofC.org / resources officers training manuals / Trustee Training Manual (Posted 2015a)

  39. The End of this Session With wishes for the Beginning of a Great Fraternal Year Flame without Focus is a Wildfire

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