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AFE Chapter Year-End Financial Reports Guidelines

Learn about creating a comprehensive year-end financial report for AFE Chapters, covering balance sheet summaries, revenue and expense details. Understand the importance of accurate financial reporting and get tips on how to effectively organize and prepare your report using different tools.

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AFE Chapter Year-End Financial Reports Guidelines

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  1. AFE Chapter Year-End Financial Reports Paul R. Mitchell, P.E. Treasurer AFE Region IV May 17, 2003

  2. What is a year-end financial report? • A Balance Sheet summary:- checking account balances- savings account balances • A Revenue summary • An Expense summary

  3. Why create a year-end report? • Official record of how the AFE Chapter handled its member funds during the year • Follows good accounting practices, and is important for a non-profit organization • Required by AFE:- member chapter dues collected by AFE are held until the year-end financial report is submitted to AFE

  4. What does a report look like?

  5. What Balances are reported? • December 31 balances: • Checking account • Savings account • Investment account • Receivables and Liabilities • Inventory and Equipment

  6. What Revenue categories are reported? • Chapter dues • Regular chapter meeting fees • Publications and periodicals • Newsletter and other advertising • Education programs • Investment and other income

  7. What Expense categories are reported? • Membership promotion (mailing) • Regular chapter meeting • Publications (newsletter, directory) • Education program • Awards and recognition • Scholarships • Administrative (board meetings)

  8. Where to start? • Start now - don’t wait! • Set up Revenue categories • Set up Expense categories • Associate each deposit and each check with a category through the year • Keep records in 12 envelopes, one for each month

  9. Tools to prepare the report? • Paper spreadsheet:- proven, but tedious • PC spreadsheet:- easy to set-up and maintain • Money-management program:- more complex, but also more powerful reporting options

  10. Summary • AFE Chapter year-end financial report is required • Three reporting sections: balances, revenues, and expenses • Organizing the information to fit the categories makes reporting a lot easier • Tools are available to make it easy

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