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Soroptimist International of the Americas

Risk Management Financial Sr. director finance & administration Jean Mervine Sr. director information services lisa mangiafico. Soroptimist International of the Americas. What are internal controls?. Systems of checks and balances Assure integrity of financial assets

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Soroptimist International of the Americas

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  1. Risk Management FinancialSr. director finance & administration Jean MervineSr. director information services lisamangiafico Soroptimist International of the Americas

  2. What are internal controls? Systems of checks and balances Assure integrity of financial assets Prevent opportunity for fraud, theft or embezzlement Best practice Soroptimist International of the Americas

  3. Some examples... Procedures to keep cash and checks safe Regular financial reports Segregation of duties Two signers on a bank account Reconciliation of the bank statement Lock and key Soroptimist International of the Americas

  4. Why have internal controls? Helps to prevent fraud or theft Sets an environment for control Helps identify a loss quickly to minimize damage Provides members with assurance that the organizations money and assets are safe Soroptimist International of the Americas

  5. “But this can’t happen to us!” Club treasurers who kept no records or receipts Clubs not complying with IRS filings and requests Treasurers who have comingled club and personal funds Clubs whose only authorized bank signer left and took all of the money Soroptimist International of the Americas

  6. Five essential internal controls Financial policies Clear role definition Physical controls Handling cash Bank reconciliation Soroptimist International of the Americas

  7. Other best practices Soroptimist International of the Americas

  8. Budgeting Part of internal controls Sources and uses of income Approved expenditures to reflect strategic plan Compare budget to actual Soroptimist International of the Americas

  9. Tracking expenses Keep receipts Keep good records Report financial results regularly Soroptimist International of the Americas

  10. Banking More than one authorized signer Signatures on checks Bank reconciliation Soroptimist International of the Americas

  11. Bonding Protects your financial assets SIA has a plan available in US & Canada Soroptimist International of the Americas

  12. Responsibilities in Fundraising Register as a charitable organization Know your local, state and federal regulations Soroptimist International of the Americas

  13. Resources Available Members section of soroptimist.org Sample club budget Club treasurer guidelines Club audit procedures 501(c)(3) Organizations information (US only) Soroptimist International of the Americas

  14. U.S. Tax Related Issues Gaining 501(c)(3) Status Requirements Exempt purpose: charitable Not organized or operated for the benefit of private interests Does not attempt to influence legislation as a substantial part of its activities or participate in campaigning for political candidates Soroptimist International of the Americas

  15. U.S. Tax Related Issues Keeping 501(c)(3) Status Requirements All 501(c) organizations MUST file an annual information return: 990 ((the most in-depth version) annual gross receipts <$50,000 990-EZ (the short form version) annual gross receipts <$50,000 990-N (e-Postcard) annual gross receipts of $50,000 or less ; file online at : http://epostcard.form990.org A filing receipt can be printed as soon as the filing is made online. Soroptimist International of the Americas

  16. U.S. Tax Related Issues Losing 501(c)(3) Status Clubs or regions that fail to file for three consecutive years will have their status automatically revoked by the IRS 13 clubs and 1region have been revoked Treasurer should provide proof of filing, and President should request proof of filing Soroptimist International of the Americas

  17. New Clubs and Tax Status When SIA headquarters has word a club is chartering: Contact the club president with the paperwork to be part of SIA’s group exemption; copy the governor SIA requires: a letter requesting inclusion, an agreement to abide by exempt requirements, copy of club bylaws, and if incorporated, copies of the articles of incorporation Soroptimist International of the Americas

  18. Thank You! We will now take a 15 minute break. Soroptimist International of the Americas

  19. What are Your region’s Financial best practices? Small Group Discussion

  20. Financial Best Practices Group Report Out Small Group Discussion

  21. Support Services for your Region and Clubs Insurance packages through SIA’s insurance broker available in US and Canada: Club Liability Insurance Management Liability Insurance Bonding Contact Kaelin Hill, AH&T Insurance khill@ahtins.com or 703-554-6269 Soroptimist International of the Americas

  22. QUESTIONS? Soroptimist International of the Americas

  23. Thank You! We will now take a 10 minute break. Soroptimist International of the Americas

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