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Record Keeping at Asha

Learn why record keeping is crucial for Asha and its donors. Discover what information needs to be accurately documented, including project details, funds provided, progress reports, budgets, and donations. Find out best practices for record keeping and acknowledging donations. Get valuable insights into sending funds to projects, handling operational expenses, and dealing with other record keeping issues.

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Record Keeping at Asha

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  1. Record Keeping at Asha

  2. Why is it Important? • Regulatory Requirement (IRS) • Need Transparency for Donors/Contributors

  3. What does it Entail? • Have Accurate and Up to Date Records of • Projects • Project Proposal • Funds Provided • Progress Reports • Site Visit Reports including Photographs • Budgets • Donations, Contributions and Fundraisers • All details of the Donations (Date, Payment Method, Cheque Number, Name and Amount)

  4. What does it Entail (Contd.)? • Fundraisers • Receipts of all Expenses and Copies of Cheques Issued • All Income from the Fundraiser • Merchandise • Proper classification of COGS and Revenue from Merchandise by category such as T-Shirts, Mugs.. • Bank Statements and Deposit Slips • Minutes of Meetings • Retain Records for 4 Years Minimum

  5. Good Practices • Use an Accounting Package like Quicken • Enter Cheque Details at the Earliest • Categorise the Cheques into Donations, Fundraiser A, Fundraiser B, T-Shirts etc. • Maintain Project Documentation • In Case of a Change, have a Clean Handoff to the Incoming Treasurer

  6. Acknowledgement of Donations • Prompt Acknowledgement of Donations lends credibility to the Organisation • Acknowledge all Donations irrespective of the Amount • Send Receipt + Thank-you Letter within 1 month of receiving the Cheque • Deposit the Cheque or send it to Asha Treasurer within 2 weeks of receiving it

  7. Sending funds to Project? • Check Payable to: • Mailing address of the project: • FCRA Status: • Name of the Bank: • Name of the Branch/Location • Phone Number: • Email address if any: Have following info handy..

  8. Operational Expenses • What is an Operational Expense? • Categorisation of Expenses • Banking Expenses • PO Box Expenses • Newsletter Mailings • Postage • Pure Administrative Expenses • Tracking of Donations Earmarked to Cover Operational Expenses

  9. Other Issues • Duplicate Transactions • Protecting the Franchise

  10. Key Findings • Recordkeeping is Critical • Recordkeeping includes projects and meeting minutes

  11. Questions/Comments/Suggestions • Ajith Krishnamurthy • treasurer@ashanet.org • ajith.rao@gmail.com • 248 703 8958 (Cell) • 248 608 2892 (Home)

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