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 Not a financial adviser

Is This Really Necessary? Fiduciary

responsibility

Is This Really Necessary? Fiduciary

responsibility Managing income

and expenses is a critical business function

Is This Really Necessary? Fiduciary

responsibility Managing income

and expenses is a critical business function

Helps secure the future of the organization

Is This Really Necessary?

Personal liability

Is This Really Necessary?

Personal liability Tax consequences

Is This Really Necessary?

Personal liability Tax consequences Loss of not-for-

profit status

Requires A Commitment By The Board

Appoint a Treasurer

Requires A Commitment By The Board

Appoint a Treasurer

Secure insurance/bond

Requires A Commitment By The Board

Appoint a Treasurer

Secure insurance/bond

Establish written policies

Requires A Commitment By The Board

Appoint a Treasurer

Secure insurance/bond

Establish written policies

Select bookkeeping software

Requires A Commitment By The Board

Appoint a Treasurer

Secure insurance/bond

Establish written policies

Select bookkeeping software

Use common sense

It All Begins With Budgets Hold committees

accountable

It All Begins With Budgets Hold committees

accountable Each event must

be budgeted and approved by the Board

It All Begins With Budgets Hold committees

accountable Each event must

be budgeted and approved by the Board

Establish who develops the annual budget

It All Begins With Budgets

The Treasurer is the watchdog

It All Begins With Budgets

The Treasurer is the watchdog

Checks and balances

Policies No co-mingling of

funds

Policies No co-mingling of

funds Two signatures on

checks

Policies No co-mingling of

funds Two signatures on

checks Use of credit

cards for purchases

Policies

Accepting credit cards for payment

Policies

Accepting credit cards for payment

Check-in procedures at events

Policies

Accepting credit cards for payment

Check-in procedures at events

Cash handling

Policies Purchase orders

Policies Purchase orders Invoicing

Policies Purchase orders Invoicing Reconciling event

income with attendance

Policies Purchase orders Invoicing Reconciling event

income with attendance & expenses

Spending limits and approvals above limit

Policies Handling expense

reimbursements

Policies Handling expense

reimbursements Reporting &

transparency

Policies Handling expense

reimbursements Reporting &

transparency Tax filings

Got Questions?