Treasurer`s Call (January 2015)

Report
Roundtable
Treasurers and
Presidents
Monthly Call
January 2015
CSCMP Accounting Staff
Paul Blair
Shital Patel
Jill Carrillo
Associate Director,
Finance &
Administration
Staff
Accountant
Staff
Accountant
[email protected]
[email protected]
[email protected]
+1 630.645.3471
+1 630.645.3481
+1 630.645.3491
2014-15 Finance Process Team
Jonathan
Smith
Michelle
Quach
Cliff
Lynch
Anne
Madara
Upstate South
Carolina
Roundtable
St. Louis
Roundtable
Mid South
Regional
(Memphis)
Roundtable
New England
Roundtable
jonathan.h.smith
@bigfoot.com
michelle.quach
@bjc.org
[email protected]
madaraa
@rcn.com
+1 864.214.6544
+1 314.709.6116
+1 901.619.2182
+1 508.877.4398
Successes YTD
1. Southern California – Using Quick Books
2. New Jersey – Set up on-line account access
3. Upstate South Carolina – On-line banking under
Wells Fargo CSCMP umbrella has simplified
Treasurer’s role
Challenges YTD
1. Southern California – Group registrations in Drupal
are cumbersome at best
– This issue will be addressed with new technology that should be
rolled out in mid-2015 to replace/augment Drupal
2. New England – Like herding cats to build a budget
– Budget using averages and hold people accountable for explaining
variances for actual expenses (forces analysis of expenses)
3. Utah-Idaho – Difficulties transferring responsibilities
and bank account access from the former treasurer
to the new
– Banking with Wells Fargo under the CSCMP umbrella can greatly
ease this
Requesting Event Funds
Request funds shortly after event is completed!
• Best practice to match revenue with expenses
• Keeps RTSC from having unaccounted-for funds
Use two online forms under Roundtable Officer Resources
1. Roundtable Electronic Transfer Setup Request
• One-time form to provide banking information for setting up an
Electronic Funds Transfer (EFT) process
• RT’s on Wells Fargo do not need to complete this form
2. Event Funds Transfer Request
• Complete after each event
• Funds sent by check if no EFT process established
Banking Policy:
40 of 45 USA Active RT's In Alignment
Converting to WF (3)
Provided Acct Login (19)
• Central VA
• Middle TN (Nashville)
Arizona
• Charlotte (RTSC to confirm)
• New York City
Atlanta
• Chicago
• Raleigh
Baltimore
• Cincinnati
Central Florida
Plan To Provide Acct Login (1)
• Cleveland (RTSC to confirm)
CSCMP
• Western New York
• Columbus
Dallas/Fort Worth
• Eastern Michigan
To Be Resolved (4)
Indianapolis
• Houston
• Lehigh Valley (solo WF)
Jacksonville
Kansas City Heartland • Mid-South Regional (Memphis) • Ozark
• New England
• San Francisco
Milwaukee
• Utah-Idaho Region
National Capital Area • New Jersey
• New York Capital District
Northern Nevada
• Northeast Wisconsin (RTSC to confirm)
Peoria
• San Diego/Baja
For questions or to get started, contact
Philadelphia
• Southern California
Shital Patel at +1 630.645.3481 or
Pittsburgh
• South Central Pennsylvania
[email protected] and copy Denise
Puget Sound
Rivers at [email protected]
• St. Louis
South Florida
• Twin Cities
Upstate South Carolina • Western Michigan
See also Quick Banking Guide on the
With Wells Fargo (18)
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Roundtable Officer Resources page.
Benefits of Wells Fargo
CSCMP umbrella
1. Banking fees waived
2. Electronic funds transfer of event registration
revenue
3. Easier transition between old and new treasurer
Annual Audit Completion:
Audit letters needed from 3 USA RT's
Jacksonville
Utah-Idaho Region
Western New York
CSCMP Financial History –
Annual Profit(Loss) ($100K)
CSCMP Financial History –
Annual Profit(Loss) with Budget ($100K)
Acting as ONE Organization
• Roundtables strengthen the financial position of
CSCMP, at both the roundtable level and
corporate level
– Differential event pricing for members vs. non-members
supports having staff at RTSC
– Year-end membership drive had a great response and
provided revenue for the organization
– Roundtables sponsor the RT Leadership Forum in June
Acting as ONE Organization
• Challenge your RT board to explore ideas to
generate more revenue for the organization and
provide value to members
– You are leaders on your board
• Conduct scenario analysis on event pricing
• Drive sponsorship
Treasurer Calls
Planned for second Monday of the month
2014
 28-Jul
 18-Aug
 8-Sep
 13-Oct
 10-Nov
 8-Dec
2015
 12-Jan
9-Feb
9-Mar
13-Apr
11-May
15-Jun
Q&A on Budgeting
• Bob Shaunnessey of the Chicago RT suggested a
calendar-year approach to budgeting & planning
– Choosing an academic-year or calendar-year approach is up
to the roundtable
• Calendar-year planning offers the following benefits:
– Planning events 6-18 months in advance
– Does not conflict/coincide with officer transition process
– Easier to meet and plan during the fall than during the
summer
– When recruiting sponsors, asking for funds in the fall for the
following year aligns with sponsors’ budgeting process
From Your Finance Process Team:
Roundtable
Treasurers and
Presidents
Appendix: Best Practices
Activity Report
Assist Secretary with submitting complete event
registration list (with walk-ins) to RTSC within 3
business days of event.
Send to Denise Rivers, [email protected]
It is the Secretary's responsibility to complete an Activity Report for each
event (which is on the Roundtable Officer Resources page) and the VP of
Membership's responsibility to submit each event's full list of attendees
(including walk-ins). However, the Treasurer often plays a supporting role
to the Secretary and VP of Membership in completing these tasks.
Annual Audit
• Formal annual
audit due July 31 of
every year
o Submitted by incoming RT
president
o Email to Denise Rivers:
[email protected]
• Informal audits
encouraged
o Prepared by a
disinterested person.
https://cscmp.org/roundtable/roundtable-officer-resources
Sample Audit Letter
Quarterly Financial Report
•
No longer required for US
RT’s since bank acct.
visibility provided to RTSC.
•
Still needed from non-US
roundtables.
•
RT president submits the
report online by the 15th of
the month following the end
of each quarter.
•
Report should reflect the
cash balance, not
necessarily the bank
account balance.
https://cscmp.org/roundtable/roundtable-quarterly-report
Responsibilities
1. Prepare a budget by event and for the
roundtable program year.
2. Receipt all cash transactions and maintain a
copy for roundtable records.
3. Pay bills and deposit roundtable funds promptly.
4. Keep accurate records.
Prepare a Budget
1. Use templates under RT Officer Resources.
2. Acts as a guide for planning the RT’s activities.
3. It shows the roundtable’s planned income and
disbursements.
4. Developed once RT’s goals have been set so
programming needed to accomplish the goals is
incorporated into the budget.
5. Helps make sure the RT’s activities stay within its
means.
6. Puts periodic RT financial reports into perspective.
Achieving Good Financial Governance
1. Accurate reporting capabilities
–
–
Weekly/monthly reconciliation of the bank account
Tracking and visibility to the book/cash balance
2. Internal controls
–
–
–
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Informal audit of transactions
Ensure there are two board members on the bank
account at all times, with Paul Blair having read-access
Maximum withdrawal amounts (can set via the online
banking website)
Notifications of transaction amounts greater than $500
CC Readers for Onsite Payment
• Device operated by an APP that is downloaded to
a smart phone
• No cost to RT other than regular 3% credit card
transaction fee
• Instructions included & training to be provided
• Device not aligned with DRUPAL at this time but
we have a process to manage alongside DRUPAL
If interested contact Denise Rivers, [email protected]

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