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Virginia 4-H Financial Management for 4-H Clubs

Virginia 4-H Financial Management for 4-H Clubs. Agenda. 10 a.m. Welcome and Introductions Background Timeline Types of Accounts Closing Accounts 11:00 am Making Deposits 12 p.m. Lunch 1 p.m. Expenditures 2 p.m. Using Cash 3 p.m. Foundation Accounts 3:30 p.m. Adjourn.

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Virginia 4-H Financial Management for 4-H Clubs

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  1. Virginia 4-H Financial Management for 4-H Clubs

  2. Agenda 10 a.m. Welcome and Introductions Background Timeline Types of Accounts Closing Accounts 11:00 am Making Deposits 12 p.m. Lunch 1 p.m. Expenditures 2 p.m. Using Cash 3 p.m. Foundation Accounts 3:30 p.m. Adjourn

  3. Timeline • Training through October 30th • Post procedures and forms on Intranet by October 25th • 4-H Clubs/Organizations begin closing accounts October 25th • All accounts closed and funds transferred to new 4-H Accounts by December 1st

  4. Types of Accounts • Unit Operating Accounts • Local Agency Accounts • 4-H Agency Accounts • 4-H Foundation Accounts • 501 (c) (3)

  5. Closing Accounts • Club requests for bank to close account • Cashiers Check for balance • Bank letter showing account closed • Deliver check to the Extension Office • Amount of deposit recorded on log • UAA makes deposit and records in Quicken • Send copy of bank letter and copy of final bank statement to the State 4-H Office • File a copy of bank letter and statement in unit office • Club keeps original copy of bank letter and statement

  6. Club Income • Fees • Donations for which the donor is not seeking a gift receipt. (ex. Carwash donation, raffle) • Gifts- Donations requiring tax receipt • Fundraising • Sales tax must be paid on items for re-sale at time of initial purchase.

  7. Club Receipts • When required? • Fees for club activities • Pre-sale fundraisers (ex. Popcorn, pizza kits, magazines, etc). A copy of the order form marked paid, serves as a record of sale. • Sale of items (ex. Clothing, Christmas trees, Plants, etc) • Silent Auctions • Concessions, car washes-Not required

  8. Income Management • All sales are managed by the individual club or group • Deposit tickets are prepared by the club • Deposits made directly to the bank in tamper proof bag • Funds must be deposited within 24 hours of receipt if daily receipts exceed $400 • Funds must be deposited weekly regardless of amount received

  9. Deposits • Bank validated deposit ticket and tear-off from tamper proof bag is taken to the Extension Office for crediting to club account within 3 days of deposit • Funds received log is filled out • A copy of the deposit ticket is made and given to the club • Original deposit ticket is filed in unit office • UAA enters deposit into quicken and also on Banner for Wells-Fargo customers

  10. Deposit Accounting • Revenue Account Code – 0499 4H Clubs • Wells-Fargo Account Customers • Fill out pre-numbered deposit ticket • http://www.intra.ext.vt.edu/policies/ • Non-Wells Fargo Account Customers

  11. Expenditures • Payment can be made through: • Personal Reimbursement (HokieMart) • Travel Reimbursement • Direct Orders (HokieMart) • Direct Billing • Pre-payment to vendors • P-Card Purchase by Agent

  12. Approval • All 4-H Club Expenditures must be approved in advance by the membership and recorded in meeting minutes • Pre-approval ensures that the club has adequate funds to cover the expense

  13. Reimbursement • Original itemized receipt along with a reimbursement form, signed by the club leader, approving payment must be provided to the UAA. Printed receipt if purchased on-line or store receipt if purchased in-store. • 4-H Agent initials form for verification if they are not UC • UAA enters reimbursement in HokieMart for payment. UC approves request. • UAA files documentation in club file • A copy of documentation may be provided to club • Individual is paid within 30 days of approval by the UC.

  14. Travel Reimbursement • All receipts for travel are submitted to the UAA for completion of travel reimbursement form • 4-H Agent initials form for verification if they are not UC • UC signs travel form and it is sent to VT for payment • UAA records payment in Quicken • Payment within 30 days of receipt of form in controllers office • Check is mailed to home of individual

  15. Direct Orders • Items ordered in HokieMart for club needs • Must be done in advance so pre-planning is required • Orders shipped to the Extension Office to be picked up by Club representative • Vendors providing an invoice may also be paid through HokieMart • UAA records payment in Quicken

  16. Direct Billing • Many hotels will allow direct billing to prevent up-front payment by volunteers. • Contact facilities directly to determine if they allow direct billing • Billing processed through VT Controllers Accounts Payable office • Payment is taken directly from 4-H fund • UAA debits payment in Quicken • Pre-planning needed as it may take up to 30 days to set up accounts

  17. Pre-Payment to Vendors • Processed through HokieMart if amount owed is known ahead of time and an invoice for payment can be provided for full amount owed • Examples are Judges, Bus Drivers, Club sponsored camps • Allow 15 days for check to be mailed to Extension Office • UAA debits amount from club account in Quicken

  18. P-Card Purchase • Use for on-line or in-store purchases • Only Agents may use a P-Card • Clubs must make prior arrangements in order to use this method of payment • Purchases must be pre-approved by Agent • Payments are directly billed to the club account and are debited in Quicken by UAA

  19. Use of Cash • Change Fund • Disbursement Fund • Cash funds may not be used for purchasing items for club use

  20. Change Fund • Up to $200 • Initially requested by Agent • Approved by District Director, CALS Finance, VT Controller and VT Bursar • Allow 45 Days to establish fund • Check issued to requesting Agent • Funds placed in locked and secure location • Agent is responsible for Change Fund

  21. Change Fund • Clubs make request 7 days prior to the event • Complete temporary change of custodian form placing funds in custody of the volunteer • Funds placed in tamper proof bag • Change fund returned to Extension Office within 3 days of event along with bank validated deposit ticket for funds raised • Net deposit entered into Quicken by UAA • Temporary change of custody form completed, placing funds back in custody of Agent

  22. Change Fund • Funds may be temporarily transferred to another employee if the permanent custodian will be out of office for vacation • When permanent custodian returns, funds must be transferred back into their custody • Fund must be audited once monthly by permanent custodian and another Agent

  23. Disbursement Fund • Cash fund for when larger amounts of cash are needed • Examples, livestock shows, awards for 4-H achievement • Up to $2,000 • Must be requested by an Agent • Approved by District Director, CALS Finance, VT Controller and VT Bursar • Allow 45 days to receive fund

  24. Disbursement Fund • A complete description of funds needed and purpose must accompany the original request • Once approved, check is sent to the Extension Office payable to the Extension Agent making the request • Check is cashed and placed in a locked and secure location

  25. Disbursement Fund • Funds are transferred to Volunteer using change of custodian form • Funds become the responsibility of individual with custody • For participants earning $50 or more in awards, a W-9 must be completed and participant will be paid by check as a vendor in HokieMart. W-9 is only completed one time

  26. Disbursement Fund • Participants earning less than $50 may be paid in cash the day of show. Must sign log showing receipt of cash. • After event, all unused funds are returned to the Extension Office along with a completed participation spreadsheet showing those who received cash • A separate log will be completed for participants earning $50 or more and will be entered in HokieMart by UAA for payment

  27. Disbursement Fund • A change of custodian form is completed to transfer custody of funds from volunteer back to Agent who requested funds. • Agent makes payment of unused cash by using the on-line sytem through HokieSpa. • UAA completes HokieMart ISR to the Bursars Office Vendor Id to repay loan for actual disbursements made.

  28. Disbursement Fund • An image of supporting documentation must be attached in HokieMart to the requisition • HokieMart requisition is approved by UC or DD as appropriate • UAA debits club account for actual funds disbursed, less unused cash repaid.

  29. Quicken Review • Provide Quicken report to each 4-H club/organization monthly • Provide Quicken report to the 4-H agent

  30. Foundation Accounts • Account allows 4-H clubs/groups to receive gifts from donors who desire a tax deduction for their gift. • Gifts may be monetary or in-kind • ONLY avenue for 4-H clubs to accept gifts unless they are a 501 (c) (3) • Gifts are subject to a one-time reinvestment fee • No fee assessed on monies deposited as other income. (See foundation handbook)

  31. Foundation Accounts • Endowment Funds • $25,000 fully funds an Endowment • UAA records deposits and payments for foundation accounts in a separate Quicken account • Summary of account is provided to clubs monthly

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