Financial Responsibility

Catherine Oakes, CPA

SCTE Headquarters

SVP, Operations

Tim Funk

Comcast Communications

Great Lakes Chapter

Treasurer’s Fiduciary Responsibilities

• Funds used to accomplish SCTE Mission• Keep accurate financial records• Enforce financial internal controls• Follow policies, procedures & bylaws• Safeguard funds• Keep chapter board informed

Why so many policies?

• Internal Revenue Service• Tax-exempt purpose • Members best interest • Safeguard assets

Managing Chapter Funds

• Accurate and complete financial records• Supporting documentation• Reasonable and approved expenditures• Transactions that adhere to exempt

purpose• No personal benefit to anyone

Income

• Cash handling• Deposits• Credit card transactions • No advertising income• Disclosure Statement required• Supporting documentation

Expenses

• Pay by check• Original invoice or check request• No SCTE credit cards• $100 petty cash limit• Board member expense reimbursements• Approved and reasonable expenses only

Record Keeping

• Receipts and Disbursements journal• Chapter programs and events• Operating expenses• Bank reconciliations• Quarterly Reports• Submit to SCTE headquarters

Cash

• Petty Cash - $100 maximum• Checks –signature requirements• Use of ATM/debit cards• Bank account balances/reserves

Internal Controls and SCTE Policies• Supporting documentation• Check signing policy• Bank Signature cards• Investments• Credit Card transactions• Expense reimbursements• Cash handling• Prize policy• Raffle tickets and other games of chance• No Advances or loans• No debt financing• Charitable Contributions

Credit Card Processing

• Chapter Leadership Access Site (CLAS)• PayPal not approved• Processing through SCTE A/P• Two week turn around from SCTE• 3% Fee• Procedures and processing form

Forms 1099

• Anyone receiving over $600• Services rendered (volunteers are not

paid)• Prizes• Submit info to SCTE staff (A/P or

Chapters)

Nonprofit Crack Down!

• Sarbanes Oxley Rules• Revised IRS Form 990

Raffle Tickets and Gaming

• New Schedule G of Form 990• Cumbersome and detailed IRS reporting

needed for any games of chance and Bingo

Financial Responsibility

Questions??

Financial Responsibility

Catherine Oakes, CPA

SCTE Headquarters

VP, Finance and Administration

coakes@scte.org

610.594.7328