1 / 19

PAC Treasurer 101

PAC Treasurer 101. Marvin Klassen DPAC Treasurer Paula Fowler Past DPAC Treasurer treasurer@dpac43.org September 25, 2015. The Basics. Gaming Grant Gaming Licenses Bank Accounts & Signing Authorities Financial Motions Budget Fundraising Donations / Tax Receipts Record-keeping

debral
Download Presentation

PAC Treasurer 101

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. PAC Treasurer 101 Marvin Klassen DPAC Treasurer Paula Fowler Past DPAC Treasurer treasurer@dpac43.org September 25, 2015

  2. The Basics • Gaming Grant • Gaming Licenses • Bank Accounts & Signing Authorities • Financial Motions • Budget • Fundraising • Donations / Tax Receipts • Record-keeping • Reporting • GST Rebate

  3. Gaming Grant • PAC receives $20 per student annually • Application submitted online (Apr – Jun) • Deposited to Gaming Account by Sep 30 • Use of funds limited: extracurricular opportunities (publications, competitions, clubs, computers, sports equipment, etc) – refer to Guidelines • Gaming Summary Report – due within 90 days of fiscal year end • Contact: 604-660-2421 or Gaming.Grants@gov.bc.ca • Gaming Grant (Guidelines, Conditions, Application): http://www.gaming.gov.bc.ca/grants/pacdpac.htm

  4. Gaming Licenses • Licenses – available for 12 months (similar events) • Classes: • A – gross revenues > $20,000 • B – gross revenues between $5,001 and $20,000 • D – gross revenues to maximum of $5,000 • Contact: 604-660-0245 or Gaming.Branch@gov.bc.ca • Gaming Licenses (Guidelines, Application): http://www.gaming.gov.bc.ca/licences/index.htm

  5. Gaming License Categories

  6. Bank Accounts & Signing Authorities • Minimum 2 bank accounts: • Gaming funds • General operating funds • Signing Authorities – as per Constitution & Bylaws • School Principal must not be a signing authority – update your Bylaws, if necessary • Minimum 2 signing authorities – strongly recommended • Bank will require copy of minutes naming signing authorities; contact bank for other requirements • Reconcile bank accounts monthly

  7. Financial Motions • Clear information – K.I.S.S. • Examples of motions: • Change of signing authorities – use names, not titles • One resolution for removal of signing authorities • One resolution for addition of signing authorities • Approval for PAC Treasurer to move funds to/from GIC • Approval to spend amounts beyond budget figures

  8. Budget • Review figures from last year (or more) • Create current year figures based on history and knowledge of future events • Clear information - K.I.S.S. • Notes to support figures

  9. Reporting • Clear information – K.I.S.S. • Regular reporting to PAC Executive or Membership • File with government agencies on time • Independent annual audit • Three reports: • Balance Sheet • Income Statement • Events Report

  10. Sample PAC Balance Sheet

  11. Sample PAC Income Statement

  12. Sample PAC Event Report

  13. Fundraising • Plan outline of event: • Establish if gaming license required • Expected revenues • Expected expenses • Expected # of volunteers • Present outline to PAC Executive or Membership for approval • Work with PAC Treasurer to accurately/clearly record revenues and expenses • Present report to PAC Executive or Membership after event completion

  14. Sample Fundraising Outline

  15. Donations / Tax Receipts • Donation cheques payable to school, not PAC • School writes a single cheque to School District 43 and sends it to the Finance Department, with a clear list of: Donor Name, Donor Address, Amount, Date Received • SD43 will write a cheque back to the school and issue tax receipts directly to the donors • PAC works with the school to direct funds

  16. Record-keeping • Clear information - K.I.S.S. • Have at least two people count money received • Backup for every cheque written • Cheque requisition form submitted with copies of all receipts • Recommendation - copy of cheque stapled to receipts or cheque requisition form • Maintain records in binders or file folders, clearly organized and labelled • Retain historical financial information for minimum of 7 years

  17. GST Rebate • GST Rebate: • PAC is eligible for 50% rebate, if a Qualifying NPO • Qualifying NPO (non-profit organization) = minimum 40% of revenue from government funding • Filed semi-annually or annually • Can be filed up to 4 years after claiming period • Discuss large purchases with school district for higher rebate (eg. computers, playground equipment) • Resources – CRA website - http://www.cra-arc.gc.ca: • RC4034 – GST/HST Public Service Bodies’ Rebate (Guide) • GST66 – Application for GST/HST Public Service Bodies’ Rebate • RC7066 – SCH Provincial Schedule – GST/HST Public Service Bodies’ Rebate

  18. Resources • BCCPAC Leadership Manual – Tab 15: http://www.bccpac.bc.ca/leadership-manual • Gaming Grant (Guidelines, Conditions, Application): http://www.gaming.gov.bc.ca/grants/pacdpac.htm • Gaming Grant Info: 604-660-2421 or Gaming.Grants@gov.bc.ca • Gaming Licenses (Guidelines, Application): http://www.gaming.gov.bc.ca/licences/index.htm • Gaming License Info: 604-660-0245 or Gaming.Branch@gov.bc.ca • CRA website - http://www.cra-arc.gc.ca • PST Refunds on PAC-Funded Purchases: http://www.sbr.gov.bc.ca/documents_library/bulletins/pst_401.pdf • DPAC Treasurer – treasurer@dpac43.org

More Related