Chapter Management Awards

Transcription

1 Chapter Management Awards Entry Form Chapter Name 2. Region 3. Chapter board term From: To: 4. Division Category (check one): Division 1: Large Chapter (201 or more members) Division 2: Mid-size Chapter (76 to 200 members) Division 3: Small Chapter (15 to 75 members) 5. This entry is for (check one): Communication Community Involvement Financial Management Leadership Development Membership Marketing Professional Development Sponsorship Student Involvement 7. Total number of categories entered: 8. Chapter contact Name Company/Organization Telephone Address Deadline: Midnight Pacific 28 November 2012 Entries must ed to Questions? Contact Good Luck!

2

3 2013 Chapter Management Awards Entry Financial Management Background Every IABC chapter celebrates when they have someone in the ranks with acumen in financial management, especially when they are willing to help with the finance position on the chapter board. IABC-Lincoln is fortunate to have a financial professional overseeing the books this year. Just a few short years ago our finances were not healthy. However, the chapter has rejuvenated in many respects and that is true for our financial management practices as well. Not only has our financial management continued to improve, but our position is the best it s been in many years. Our current income over expenses is causing us to figure out a way to give back to the chapter in the form of reduced professional development lunch prices and other member benefits. In addition, the chapter has employed technology that allows members to pay and register for monthly membership meetings. Our chapter finance chair is not a communicator by trade but employed by a certified public accounting firm. Lucas Arndt feels compelled to give back to the community as his community has given much to him and his family. He gladly selected IABC-Lincoln. We are fortunate to have such a person in our chapter. We are so pleased with how this is working that we want to have a strategy that would enable us to achieve this sort of collaboration long-term. Our past finance chairperson provided Lucas with an orientation to IABC, and working together they have helped us create the most sold financial position we ve held in some time. And while our financial position is something to celebrate, Lucas has continued to help us take our financial management practices to the next level. Goals and Objectives/General 1) To work within the approved budget, keeping expenses under control and seeking to create revenues that, at a minimum, cover the cost of the chapter s operation 2) To employ best-practices for chapter financial management 3) Provide members easy access to monthly member meetings by utilizing PayPal 4) Make the monthly financial statements easy for board members to understand Implementation BUDGETING AND ACCOUNTING PROCEDURES Budget The budget is created by a team based approach. Directors of each area of IABC Lincoln provide information to the VP of Finance, who then compiles, adjusts, and finalizes the budget. Financial policies are created for the protection of IABC Lincoln and its members. The financial policies were created with the assistance of the VP of Finance and approved by the board members. (See Exhibit A.) IABC Lincoln measures, controls and reports monthly expenditures by various means. First, IABC Lincoln prepares monthly financial statements through the use of Quickbooks. These monthly financial statements are approved by the board of directors on a monthly basis. Second, IABC Lincoln controls monthly expenditures by comparing actual expenses to 1

4 budgeted expenses. Any material differences in actual versus budgeted expenses are discussed and analyzed. In addition to the monthly balance sheet, income statement and bank reconciliation, IABC Lincoln also utilizes other reports to keep accurate financial data. First, IABC Lincoln tracks all receivables through the use of Quickbooks. This allows IABC Lincoln to track delinquent payments and take action to collect on those receivables. Secondly, IABC Lincoln tracks monthly professional membership meeting revenue separate from Quickbooks. This report is titled Monthly Member Listing. This is done to provide strong internal controls as cash is being handled. IABC Lincoln does not receive an annual audit. The VP of Finance, however, keeps track of all financial data. This financial data was reviewed at the end of year to ensure the data was complete and in order. Board members are informed of IABC Lincoln s financial position on a monthly basis at the monthly board member meetings. The VP of Financial presents the financial statements and discusses any items requiring special attention. (See Exhibit B.) BANK PROCEDURES The bank account is reconciled on a monthly basis. The bank account is reconciled by using Quickbooks. Any reconciliation discrepancies are investigated and corrected. Measurement and Results IABC Lincoln has enjoyed excellent cash flow due to strong attendance in professional development meetings. Also, cash flow has improved due to the tracking and collecting of receivables through Quickbooks, strong membership numbers, and sponsorship revenue. Board members now have a better understanding of the finances due to the monthly Profit & Loss statement, and have found it easier to compare against the year s budget. The Control Procedures places our treasurer in a better legal position and protects the chapter. The online payment option has met the request from our members, helped expedite registration at events, improved the cash flow as attendees pay in advance, and reduced the amount of invoices. 2

5 IABC Lincoln Control Procedures Memo 1/1/2012 IABC LINCOLN CMA ENTRY - FINANCE EXHIBIT A: P&L STATEMENT EFFECTIVE 1/1/2012 CASH/CERTIFICATES OF DEPOSIT Authorized Signers Lucas W. Arndt VP Finance Joyce Halvorsen VP Professional Development RECIEPTS/REVENUE IABC Lincoln mail will be sent to the P.O. Box. The VP of Finance will be responsible for checking the P.O. Box on a regular basis. The VP of Finance enters the deposits into the accounting software, creates the deposit slip, and makes the deposit, and reconciles the bank statement. The VP of Finance will create a Monthly Member Listing attending the monthly Professional Development Meeting. This listing will be included in the monthly financial statements. This listing will correspond to the actual Professional Development revenue for that month. A board member, besides the VP of Finance, will directly receive the monthly bank statement. The original bank statement will be provided to the remaining board members either via or the next board meeting. After the bank statement has been provided to the board members, the bank statement will be given to the VP of Finance who will then compare it to the on-line generated bank statement. Variances will be reconciled and investigated as deemed necessary. For participants paying through online means (i.e. PayPal), the VP of Finance will generate reports through PayPal and compare to the Monthly Member Listing and the bank statement. Variances will be reconciled and investigated as deemed necessary. DISBURSEMENTS/EXPENSES All invoices are paid by checks. Invoices will be sent to the P.O Box. Invoices will be paid by the VP of Finance and will be entered into the system to be recorded as an expense. Approval of expenses are done on a monthly basis when the financial statements and bank statement are provided to board members. All invoices will be provided to board members upon request. Checks given to authorized bank signers for expense reimbursements will be signed by the other authorized bank signer. PETTY CASH Maintained and reconciled by the VP Finance. $50 is maintained in petty cash. All petty cash disbursements shall be supported by invoices or other supporting documentation.

6 INVESTMENTS Investments include certificates of deposit held at local banks. Certificates of deposit will be two party CD s requiring two signatures to cash out the CD. At the end of the maturity period, the Board will discuss to either renew the CD or to cash out the CD. If no action is taken, the CD will be allowed to be automatically be renewed. IABC shall not invest in any other investments except certificates of deposits. Certificates of deposit will have maturities of 12 months or less. FINANCIAL STATEMENTS Financial statements will be prepared by the VP of Finance on a monthly basis. The financial statements will include the Balance Sheet, Income Statement, Accounts Receivable Report, Monthly Member Listing, bank statement, and bank reconciliation.

7 IABC LINCOLN CMA ENTRY - FINANCE EXHIBIT B: P&L STATEMENT 7:57 PM IABC Lincoln 11/28/12 Profit & Loss Budget vs. Actual Accrual Basis January through December 2012 Jan - Dec 12 Ordinary Income/Expense Income 4100 Membership Dues 2, Professional Develop. Meets 4, Leader In Communication 2, Workshop/Seminars 6, Advertising/Sponsorship Total Income 15, Expense 5200 Member Dues Professional Develop Meetings 3, Leader In Communication - Exp. 1, Workshop & Seminars 5, Speaker Fees/Gifts Registration 3, Travel/Meals/Lodging 3, Communications/Web Member Recruiting 1, Member Recognition Bank Charges Miscellaneous Expenses Total Expense 17, Net Ordinary Income -2, Other Income/Expense Other Income 4190 Other Income Total Other Income Net Other Income Net Income -2,360.00

8 7:51 PM IABC Lincoln 11/28/12 Balance Sheet Accrual Basis As of October 31, 2012 Oct 31, 12 ASSETS Current Assets Checking/Savings 1010 US Bank Checking #1316 8, Petty Cash US Bank CD #9776 7, Total Checking/Savings 15, Accounts Receivable 1100 Accounts Receivable Total Accounts Receivable Other Current Assets Undeposited Funds 1, Total Other Current Assets 1, Total Current Assets 18, TOTAL ASSETS 18, LIABILITIES & EQUITY Liabilities Current Liabilities Accounts Payable 2005 Accounts Payable 3, Total Accounts Payable 3, Total Current Liabilities 3, Total Liabilities 3, Equity 3005 Unrestricted Net Assets 17, Net Income -2, Total Equity 14, TOTAL LIABILITIES & EQUITY 18,150.80

9 4:40 PM IABC Lincoln 11/06/12 Reconciliation Detail 1010 US Bank Checking #1316, Period Ending 10/31/2012 Type Date Num Name Clr Amount Balance Beginning Balance 7, Cleared Transactions Checks and Payments - 1 item Bill Pmt -Check 10/7/ University of Nebras... X Total Checks and Payments Deposits and Credits - 2 items General Journal 10/10/ X Deposit 10/31/2012 X , Total Deposits and Credits 1, , Total Cleared Transactions 1, , Cleared Balance 1, , Register Balance as of 10/31/2012 1, , New Transactions Checks and Payments - 6 items Bill Pmt -Check 11/5/ Wilderness Ridge -1, , Bill Pmt -Check 11/5/ P.R Ventures LLC, d , Bill Pmt -Check 11/5/ P.R Ventures LLC, d , Bill Pmt -Check 11/5/ Marcia White , Bill Pmt -Check 11/5/ University of Nebras , Bill Pmt -Check 11/5/ United Methodist An , Total Checks and Payments -3, , Total New Transactions -3, , Ending Balance -2, ,314.42

10 7:51 PM IABC Lincoln 11/28/12 A/R Aging Summary As of October 31, 2012 Current > 90 TOTAL Kathryn Witte Kelly Peterson Tabitha Health Care Thatcher McBride TOTAL

11 7:37 PM IABC Lincoln 11/28/12 Profit & Loss Accrual Basis January through October 2012 Jan 12 Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 TOTAL Ordinary Income/Expense Income 4100 Membership Dues , Professional Develop. Meets , Leader In Communication , , Workshop/Seminars , , Advertising/Sponsorship Region Reimbursement Total Income , , , , , Expense 5200 Member Dues Professional Develop Meetings , Leader In Communication - Exp , , Workshop & Seminars , , Speaker Fees/Gifts Postage Travel/Meals/Lodging , , , , Communications/Web Member Recognition Bank Charges Miscellaneous Expenses Bad Debt Expense Total Expense , , , , , , , Net Ordinary Income , , , , Other Income/Expense Other Income 4180 Interest Income Total Other Income Net Other Income Net Income , , , ,491.24

12 8:03 PM IABC Lincoln 11/28/12 Profit & Loss Budget vs. Actual Accrual Basis January through October 2012 Jan - Oct 12 Budget $ Over Budget % of Budget Ordinary Income/Expense Income 4100 Membership Dues 2, , % 4110 Professional Develop. Meets 4, , % 4120 Leader In Communication 2, , % 4121 Workshop/Seminars 6, , % 4125 Advertising/Sponsorship % 4140 Region Reimbursement Total Income 14, , % Expense 5200 Member Dues % 5210 Professional Develop Meetings 3, , % 5220 Leader In Communication - Exp. 1, , % 5221 Workshop & Seminars 6, , , % 5225 Speaker Fees/Gifts % 5231 Postage Registration , , % 5241 Travel/Meals/Lodging 5, , , % 5250 Communications/Web % 5260 Member Recruiting , , % 5261 Member Recognition % 5280 Bank Charges % 5290 Miscellaneous Expenses % 5300 Bad Debt Expense Total Expense 17, , % Net Ordinary Income -2, , % Other Income/Expense Other Income 4180 Interest Income Other Income % Total Other Income % Net Other Income % Net Income -2, , %