MN ENA STATE COUNCIL TREASURER

Role and Responsibilities

Expectations

Quarterly reports to State Council

Maintain accuracy in accounting

Budget planning

Collect and maintain records for tax purposes

Pay bills on time and meet deadlines

Serve as resource to State Council and Chapter Treasurers

ENA Fiscal Year

The ENA Fiscal year starts February 1st and ends January 31st

Budget planning evolves around this date.

This is different than the tax year that starts January 1st and ends December 31st.

*******Taxes will not be completed in April……Extension paperwork will be forwarded. National needs a copy of each extension for the year.

Important Deadline

January, mid month- W9 information due to Accountant

April: Tax information due to Accountant

September/October: Collect Reimbursement and Disclosure forms from delegates

Prepare budget for approval at November state council meeting .

BANKING

Wells Fargo-

On Line Banking/ direct deposit – set up user name and password.

Signature Cards should be up dated yearly

Reconcile the checkbook to the monthly statement as soon as possible

MN State Council Treasurer has access to all the chapter banking accounts.

Download monthly statements into tax folder on regular schedule.

Banking continued

Quarterly, National will deposit reimbursement for TNCC, ENPC and membership fees in the State Council Account. ** A hard copy summary is sent by mail to the treasurer along with a list of new members.

Half the amount of TNCC assessment will be transferred into Trauma checking account

Half the amount of ENPC assessment will be transferred into the ENPC checking account **Must have summary to make transfers.

NCE- No Chapter Designation – use zip code to determine what chapters receive NCE payments. Transfer the funds into corresponding accounts.

BUDGET PLANNING

Estimate expenses and income for the year.

A reflection of your organizations priorities for the near future.

A budget grants the treasurer authority to disburse money up to the budgeted amount.

Discuss with STAT, Pads, and Trauma committee their requirements for the next year.

Amendments to the budget Motion required to disburse any funds that exceed the budgeted amount.

STATE COUNCIL MEETINGS

Be prepared-

Quarterly report

Checking and Savings balances

Summarize income and expenses

Forward report to secretary and STAT editor

Budget alignment

Arrive 15 minutes early

Try to get quarterly report and budget alignment onto the website before the meeting if possible so others can access it.

W9/1099 submissions

Due mid January

W9 is an IRS form used to collect social security numbers and addresses for the purpose of distribution of 1099 forms.

W9 form should be completed by anyone that is compensated for services provided to chapter i.e. a paid speaker for a conference or TNCC instructor.

Speaker or instructor should not be paid unless W9 collected.

W9 forms can be downloaded from the IRS website. The form is also available on the MN State Council website.

W9/1099 continued

Any person with total payments of $600 or more, must be issued a 1099 by the IRS.

State Treasurer will not know who needs a 1099. Each chapter must submit these names and subsequent W9 to the State Treasurer by January 1st.

Accountant will send a form to complete for anyone that made over $600 in the previous tax year. This form can be sent electronically back to the accountant.

TAXES- What’s required

The following should be collected from each chapter, TNCC and ENPC Committees, and the State Council. Send to the Accountant by 4/15. The accountant will forward a zip file large enough to hold the documentation.

1. Each chapter including the State Council should provide a financial summary for the year. This can be in narrative form and include the following:

Beginning checkbook/CD balances

+ total income

- Total expenses

= ending checkbook/CD balances

Tax Prep continued

2. Reconcile any checking and investment accounts to the respective bank statements and provide a copy of the reconciliation for tax year.(Excel format- form).

3. The State Council Treasurer will download the monthly bank statements for the accountant so this does not need to be done by each chapter.

Tax Prep Continued

4. Provide a detailed summary of the expenses and description of the expenses. Use Excel format.

5. Each chapter should provide a detailed summary of the receipts and description of the revenues. Use Excel format.

A sample Excel template is available that can be revised to meet your needs.

CALENDER - JANUARY

Reconcile December Checking and Savings. Complete end of year – 4th quarter financial report though may not be able to complete until February.

Check IRS forms for any revisions to W9. Download and electronically sign a form that the chapters can use for vendors. Chapters also need blank form for speaker/instructors. Place forms on the website.

Collect 1099 for anyone making over $600 collectively in previous year.

Accountant will send form to be completed for 1099s. Complete, scan and email to accountant

FEBRUARY

Finish year end report for State Council Meeting

Reconcile January Checking and Savings

Collect checkbooks and reconcile reports from chapters, tncc committee and peds committee.

Get list of chapter and council membership - updated for any new officers especially new treasurers. State Secretary should provide this information.

Set up contact list for each new treasurer and officer.

March/April

March

Reconcile February Checking and Savings

Did all the tax information get turned in from the chapters? Follow up as needed.

April

Reconcile March Checking and Savings

Submit taxes to accountant

Prepare 1st quarter financial report for May meeting

May/June/July

May

Reconcile April Checking and Savings

Homestead subscription deadline is in May

Intuit website auto payment

Get TAX extension documentation to National

June

Reconcile May Checking and Savings

July

Reconcile June Checking and Savings

August/September

August

Reconcile July Checking and Savings

If taxes not filed yet, send extension documentation to National.

Prepare 2nd quarter financial report for September meeting

September

Reconcile August Checking and Savings

Bring disclosure and delegate reimbursement forms to state council meeting

October

Reconcile September Checking and Savings

Make payments to delegates

Prepare budget for November meeting- consult with Trauma / PEDS /and STAT regarding expected income of revenue and projected expenses

Prepare 3rd quarter Financial Report for November meeting

Need list of current year MSC board/officers plus addresses for taxes.

November/December

November

Reconcile October Checking and Savings

Get list of chapter treasurers for next year. Any changes? Add to contact list for email.

Pay the State of MN. You will get a bill.

December

GET ELECTRONIC TAX RETURN FROM ACCOUNTANT TO SUBMIT TO NATIONAL

Reconcile November Checking and Savings

Collect 1099 forms and amounts paid from treasurers - Needs to be submitted by mid January

Pay accountant- You will get a bill.

RECORD MAINTENANCE/STORAGE

Save Bank Statements for 3 years

Save Tax Information for 7 years

Shred using a criss cross shredder when possible.

Backup information to external storage on a regular basis.

Use a fire proof safe to store sensitive documents.

Use scanner to download receipts, W9, etc.