A Financially Responsible AAF Club/Federation

A Financially Responsible AAF Club/Federation

Tips To Help Keep You In The Black & Out Of Trouble

Tips To Help Keep You In The Black & Out Of Trouble

Presenter: Norm VallonePresenter: Norm Vallone

Past President, Greater Dayton Advertising Association (GDAA)

Former Chair, GDAA Finance Committee Treasurer, Fifth District AAF

Past President, Greater Dayton Advertising Association (GDAA)

Former Chair, GDAA Finance Committee Treasurer, Fifth District AAF

DisclaimerDisclaimer

Not a CPA Not a Lawyer Not a financial adviser

Not a CPA Not a Lawyer Not a financial adviser

Is This Really Necessary?Is This Really Necessary?

Fiduciary responsibility

Fiduciary responsibility

Is This Really Necessary?Is This Really Necessary?

Fiduciary responsibility

Managing income and expenses is a critical business function

Fiduciary responsibility

Managing income and expenses is a critical business function

Is This Really Necessary?Is This Really Necessary?

Fiduciary responsibility

Managing income and expenses is a critical business function

Helps secure the future of the organization

Fiduciary responsibility

Managing income and expenses is a critical business function

Helps secure the future of the organization

Is This Really Necessary?Is This Really Necessary?

Personal liability Personal liability

Is This Really Necessary?Is This Really Necessary?

Personal liability Tax consequences

Personal liability Tax consequences

Is This Really Necessary?Is This Really Necessary?

Personal liability Tax consequences Loss of not-for-

profit status

Personal liability Tax consequences Loss of not-for-

profit status

Requires A Commitment By The Board

Requires A Commitment By The Board

Appoint a Treasurer

Appoint a Treasurer

Requires A Commitment By The Board

Requires A Commitment By The Board

Appoint a Treasurer

Secure insurance/bond

Appoint a Treasurer

Secure insurance/bond

Requires A Commitment By The Board

Requires A Commitment By The Board

Appoint a Treasurer

Secure insurance/bond

Establish written policies

Appoint a Treasurer

Secure insurance/bond

Establish written policies

Requires A Commitment By The Board

Requires A Commitment By The Board

Appoint a Treasurer

Secure insurance/bond

Establish written policies

Select bookkeeping software

Appoint a Treasurer

Secure insurance/bond

Establish written policies

Select bookkeeping software

Requires A Commitment By The Board

Requires A Commitment By The Board

Appoint a Treasurer

Secure insurance/bond

Establish written policies

Select bookkeeping software

Use common sense

Appoint a Treasurer

Secure insurance/bond

Establish written policies

Select bookkeeping software

Use common sense

It All Begins With BudgetsIt All Begins With Budgets

Hold committees accountable

Hold committees accountable

It All Begins With BudgetsIt All Begins With Budgets

Hold committees accountable

Each event must be budgeted and approved by the Board

Hold committees accountable

Each event must be budgeted and approved by the Board

It All Begins With BudgetsIt All Begins With Budgets

Hold committees accountable

Each event must be budgeted and approved by the Board

Establish who develops the annual budget

Hold committees accountable

Each event must be budgeted and approved by the Board

Establish who develops the annual budget

It All Begins With BudgetsIt All Begins With Budgets

The Treasurer is the watchdog

The Treasurer is the watchdog

It All Begins With BudgetsIt All Begins With Budgets

The Treasurer is the watchdog

Checks and balances

The Treasurer is the watchdog

Checks and balances

PoliciesPolicies

No co-mingling of funds

No co-mingling of funds

PoliciesPolicies

No co-mingling of funds

Two signatures on checks

No co-mingling of funds

Two signatures on checks

PoliciesPolicies

No co-mingling of funds

Two signatures on checks

Use of credit cards for purchases

No co-mingling of funds

Two signatures on checks

Use of credit cards for purchases

PoliciesPolicies

Accepting credit cards for payment

Accepting credit cards for payment

PoliciesPolicies

Accepting credit cards for payment

Check-in procedures at events

Accepting credit cards for payment

Check-in procedures at events

PoliciesPolicies

Accepting credit cards for payment

Check-in procedures at events

Cash handling

Accepting credit cards for payment

Check-in procedures at events

Cash handling

PoliciesPolicies

Purchase orders Purchase orders

PoliciesPolicies

Purchase orders Invoicing

Purchase orders Invoicing

PoliciesPolicies

Purchase orders Invoicing Reconciling event

income with attendance

Purchase orders Invoicing Reconciling event

income with attendance

PoliciesPolicies

Purchase orders Invoicing Reconciling event

income with attendance & expenses

Spending limits and approvals above limit

Purchase orders Invoicing Reconciling event

income with attendance & expenses

Spending limits and approvals above limit

PoliciesPolicies

Handling expense reimbursements

Handling expense reimbursements

PoliciesPolicies

Handling expense reimbursements

Reporting & transparency

Handling expense reimbursements

Reporting & transparency

PoliciesPolicies

Handling expense reimbursements

Reporting & transparency

Tax filings

Handling expense reimbursements

Reporting & transparency

Tax filings

Got Questions?Got Questions?