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FINANCIAL PLANNING & MANAGEMENT FOR SWCD’ s

FINANCIAL PLANNING & MANAGEMENT FOR SWCD’ s. Presented by. Sarah A. Adams, CPA Adams & Co, PC Lebanon, VA 24266 Owner/Manager of CPA firm specializing in Accounting, Tax and Technology Consulting QuickBooks Certified ProAdvisor

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FINANCIAL PLANNING & MANAGEMENT FOR SWCD’ s

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  1. FINANCIAL PLANNING & MANAGEMENTFOR SWCD’s

  2. Presented by Sarah A. Adams, CPA Adams & Co, PC Lebanon, VA 24266 Owner/Manager of CPA firm specializing in Accounting, Tax and Technology Consulting QuickBooks Certified ProAdvisor Consultant for SWCD’s for almost10 years including re-write of Desktop Guide, state-wide QuickBooks training, and various speaking engagements Former Acting Controller of Sprint United Telephone

  3. SETTING THE STAGE

  4. Fiduciary responsibility A relationship which implies a position of trust or confidence wherein one is usually entrusted to hold or manage property or money for another. Among the obligations a fiduciary owes to the principal are duties of loyalty; obedience; full disclosure; the duty to use skill, care and diligence; and the duty to account for all monies.

  5. Evaluate where you are now • Higher level of responsibility • Asset Protection • Efficient and Productive Management of Resources • Staff time • Funds – coming in and going out • Assets • Provide excellent services & programs

  6. Managing within your budget • Accurate accounting and reporting • Maintain sound internal controls • Operate at a “profit” • Cross-train with your employees

  7. PLANNING FOR THE FUTURE

  8. Revenue streams–flood or drought • Lobby hard with the state • Know other competing projects being planned • Elect excellent members to your state board • Use grassroots lobbying • Increase civic involvement

  9. Equipment rentals should be profitable • Look at possible grants • Be active with your local governments • Ask local businesses for support of special projects • Keep in touch regularly with those controlling purse strings

  10. Questions …. • Are there any unconventional revenue streams that you have had some success with?

  11. Rainy day funds • Desktop Guide – 3-6 months of reserve funds • May take several months or years to build this up but be diligent • Plan to use only in the event of an emergency

  12. Budgeting for expenses • Review budget continuously • Set up your budget in your accounting program • How tight is your budget? • Review past expenses • Little dollar amounts can add up • Underutilized assets

  13. Personnel expenses • Rent may be a large expense • Don’t sacrifice quality in critical areas • Be realistic about future costs • Prepare budget out 5 yrs

  14. Allocate costs accurately • Proper determination of profitability • Shows state and local governments how their funds are used

  15. Employee productivity • Productivity issues • Possibly use specific time tracking • Employees are not always honest • Survey your customer base • Expect more from your employees

  16. Questions …. • What are some things you’ve had to do to tighten your belt?

  17. Responsible management

  18. Prevention and Detection of Fraud • Employee abuse • Lack of separation of duties • Lack of other internal controls • Lack of oversight

  19. Desk Top Guide • Review the guide annually • Cash management and control • Employee financial issues • Problem prevention • Outside Procurement

  20. Discretionary funds • Reporting • Review past year’s audit reports for deficiencies

  21. Managing your best asset • Adhere to employment policies • Adhere to tax agency requirements • Open door policy • Fairness • Flexibility

  22. Firmness tendered with understanding • Training in policies and procedures • Delegate with awareness of fiscal responsibility

  23. Be passionate about your mission

  24. The Board was established by the General Assembly to help guide the delivery of soil and water conservation services to citizens of the commonwealth. Services include financial support, coordination, information exchange to local SWCD’s; oversight and enforcement of nonpoint source pollution control programs including storm water management, erosion and sediment control and municipal separate storm sewers; and oversight and enforcement of dam safety and floodplain management programs.

  25. "The Board may... act to ensure the general health, safety and welfare of the citizens of the Commonwealth as well as protect the quality and quantity of state waters from the potential harm of unmanaged stormwater." You couldn't live long without clean water. Nothing can.

  26. Questions or comments?

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