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TREASURER TRAINING AUGUST 7, 2019

Learn the essential duties of a treasurer, including managing funds, budgeting, record-keeping, issuing checks, and reporting on club finances. Get hands-on experience with accounting software and learn about legal requirements for filing and fundraising.

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TREASURER TRAINING AUGUST 7, 2019

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  1. District 7730 On-Line Training TREASURER TRAINING AUGUST 7, 2019

  2. Treasurer Training • Treasurer Duties • Read the RI Treasurer Manual • Can be found under District Files, RI Manuals • Manage Funds • Collect and Submit Dues & Fees • Report on the state of Club’s Finances • Verify info on RI Invoice • File the 990 at end of year • Required by RI • Copy of 2018 form can be found under District Files • Develop a Budget • Prepare Your Successor

  3. Treasurer Training • Record Keeping • Need a system to track your club’s income and expenses • Quicken • QuickBooks • DACdb Finance Module – will demonstrate at end • Chart of Accounts • Set up a chart of accounts and make sure you and your leadership understand what each account means and what is recorded there

  4. Treasurer Training • Bank Accounts • Keep your club money and your fundraising money separate. • Two separate checking accounts • Each month reconcile the accounts • Decide who in your club will be allowed to sign a check. You should have more than one person. • Decide if you need two signatures over a certain amount on the check

  5. Treasurer Training • Issuing Checks • Use a reimbursement form to reimburse members for expenses they incur out of their own pocket. • Have receipts for any reimbursement to members • Verify any invoices from vendors and have it OK’d by leader or member who purchased the item on behalf of the club • Make sure you verify the RI invoice against your club roster • Be sure you go into member compare on a regular basis to make sure all members are assigned an RI number, terminated members have really been terminated

  6. Treasurer Training • Checks and Cash Received • Make sure you deposit money in a timely manner. • Make sure all money collected is recorded in your accounting system • Reporting & Records • Provide your board with a P&L statement at each board meeting • Copies of all reimbursement forms and invoices should be kept either electronically or in a folder. If something should happen, you would be able to recreate your books if you had to. The IRS requires these records be kept for 7 years. • Do let other leaders know where these records are kept

  7. Treasurer Training • Other • Know and follow your STATE laws for filing annual reports and for conducting any Fundraising Activities • Know and follow the IRS annual filing requirements for exempt organizations (https://www.irs.gov/charities-non-profits/exempt-organizations-annual-reporting-requirements • When in doubt, contact a CPA for assistance. If you have one in the club, ask if they would be willing to audit your books each year for free. • The Non-profit/charity corporations department within your state’s Secretary of State office is another great resource that you should not hesitate to ask for guidance. • Be transparent – keep the leaders involved in what is going on with the books

  8. Treasurer Training • Demonstration • Rotary Transmittal Form • RI Member Compare • RI Officer Compare • RI Invoice on-line • DACdb Finance Module

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