a financially responsible aaf club/federation
DESCRIPTION
A Financially Responsible AAF Club/Federation. Tips To Help Keep You In The Black & Out Of Trouble. Presenter: Norm Vallone. Past President, Greater Dayton Advertising Association (GDAA) Former Chair, GDAA Finance Committee Treasurer, Fifth District AAF. Disclaimer. Not a CPA Not a Lawyer - PowerPoint PPT PresentationTRANSCRIPT
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A Financially Responsible AAF Club/Federation
Tips To Help Keep You In The Black & Out Of Trouble
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Presenter: Norm Vallone Past President, Greater Dayton
Advertising Association (GDAA) Former Chair, GDAA Finance Committee Treasurer, Fifth District AAF
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Disclaimer Not a CPA Not a Lawyer Not a financial adviser
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Is This Really Necessary? Fiduciary
responsibility
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Is This Really Necessary? Fiduciary
responsibility Managing income
and expenses is a critical business function
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Is This Really Necessary? Fiduciary
responsibility Managing income
and expenses is a critical business function
Helps secure the future of the organization
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Is This Really Necessary?
Personal liability
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Is This Really Necessary?
Personal liability Tax consequences
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Is This Really Necessary?
Personal liability Tax consequences Loss of not-for-
profit status
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Requires A Commitment By The Board
Appoint a Treasurer
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Requires A Commitment By The Board
Appoint a Treasurer
Secure insurance/bond
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Requires A Commitment By The Board
Appoint a Treasurer
Secure insurance/bond
Establish written policies
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Requires A Commitment By The Board
Appoint a Treasurer
Secure insurance/bond
Establish written policies
Select bookkeeping software
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Requires A Commitment By The Board
Appoint a Treasurer
Secure insurance/bond
Establish written policies
Select bookkeeping software
Use common sense
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It All Begins With Budgets Hold committees
accountable
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It All Begins With Budgets Hold committees
accountable Each event must
be budgeted and approved by the Board
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It All Begins With Budgets Hold committees
accountable Each event must
be budgeted and approved by the Board
Establish who develops the annual budget
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It All Begins With Budgets
The Treasurer is the watchdog
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It All Begins With Budgets
The Treasurer is the watchdog
Checks and balances
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Policies No co-mingling of
funds
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Policies No co-mingling of
funds Two signatures on
checks
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Policies No co-mingling of
funds Two signatures on
checks Use of credit
cards for purchases
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Policies
Accepting credit cards for payment
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Policies
Accepting credit cards for payment
Check-in procedures at events
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Policies
Accepting credit cards for payment
Check-in procedures at events
Cash handling
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Policies Purchase orders
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Policies Purchase orders Invoicing
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Policies Purchase orders Invoicing Reconciling event
income with attendance
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Policies Purchase orders Invoicing Reconciling event
income with attendance & expenses
Spending limits and approvals above limit
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Policies Handling expense
reimbursements
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Policies Handling expense
reimbursements Reporting &
transparency
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Policies Handling expense
reimbursements Reporting &
transparency Tax filings
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