A Financially Responsible AAF Club/Federation Tips To Help Keep You In The Black & Out Of Trouble.
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Transcript of A Financially Responsible AAF Club/Federation Tips To Help Keep You In The Black & Out Of Trouble.
![Page 1: A Financially Responsible AAF Club/Federation Tips To Help Keep You In The Black & Out Of Trouble.](https://reader031.fdocuments.net/reader031/viewer/2022020417/56649f565503460f94c7abfd/html5/thumbnails/1.jpg)
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
![Page 2: A Financially Responsible AAF Club/Federation Tips To Help Keep You In The Black & Out Of Trouble.](https://reader031.fdocuments.net/reader031/viewer/2022020417/56649f565503460f94c7abfd/html5/thumbnails/2.jpg)
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
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DisclaimerDisclaimer
Not a CPA Not a Lawyer Not a financial adviser
Not a CPA Not a Lawyer Not a financial adviser
![Page 4: A Financially Responsible AAF Club/Federation Tips To Help Keep You In The Black & Out Of Trouble.](https://reader031.fdocuments.net/reader031/viewer/2022020417/56649f565503460f94c7abfd/html5/thumbnails/4.jpg)
Is This Really Necessary?Is This Really Necessary?
Fiduciary responsibility
Fiduciary responsibility
![Page 5: A Financially Responsible AAF Club/Federation Tips To Help Keep You In The Black & Out Of Trouble.](https://reader031.fdocuments.net/reader031/viewer/2022020417/56649f565503460f94c7abfd/html5/thumbnails/5.jpg)
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
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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
![Page 7: A Financially Responsible AAF Club/Federation Tips To Help Keep You In The Black & Out Of Trouble.](https://reader031.fdocuments.net/reader031/viewer/2022020417/56649f565503460f94c7abfd/html5/thumbnails/7.jpg)
Is This Really Necessary?Is This Really Necessary?
Personal liability Personal liability
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Is This Really Necessary?Is This Really Necessary?
Personal liability Tax consequences
Personal liability Tax consequences
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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
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Requires A Commitment By The Board
Requires A Commitment By The Board
Appoint a Treasurer
Appoint a Treasurer
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Requires A Commitment By The Board
Requires A Commitment By The Board
Appoint a Treasurer
Secure insurance/bond
Appoint a Treasurer
Secure insurance/bond
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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
![Page 13: A Financially Responsible AAF Club/Federation Tips To Help Keep You In The Black & Out Of Trouble.](https://reader031.fdocuments.net/reader031/viewer/2022020417/56649f565503460f94c7abfd/html5/thumbnails/13.jpg)
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
![Page 14: A Financially Responsible AAF Club/Federation Tips To Help Keep You In The Black & Out Of Trouble.](https://reader031.fdocuments.net/reader031/viewer/2022020417/56649f565503460f94c7abfd/html5/thumbnails/14.jpg)
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
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It All Begins With BudgetsIt All Begins With Budgets
Hold committees accountable
Hold committees accountable
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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
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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
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It All Begins With BudgetsIt All Begins With Budgets
The Treasurer is the watchdog
The Treasurer is the watchdog
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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
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PoliciesPolicies
No co-mingling of funds
No co-mingling of funds
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PoliciesPolicies
No co-mingling of funds
Two signatures on checks
No co-mingling of funds
Two signatures on checks
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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
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PoliciesPolicies
Accepting credit cards for payment
Accepting credit cards for payment
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PoliciesPolicies
Accepting credit cards for payment
Check-in procedures at events
Accepting credit cards for payment
Check-in procedures at events
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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
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PoliciesPolicies
Purchase orders Purchase orders
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PoliciesPolicies
Purchase orders Invoicing
Purchase orders Invoicing
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PoliciesPolicies
Purchase orders Invoicing Reconciling event
income with attendance
Purchase orders Invoicing Reconciling event
income with attendance
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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
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PoliciesPolicies
Handling expense reimbursements
Handling expense reimbursements
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PoliciesPolicies
Handling expense reimbursements
Reporting & transparency
Handling expense reimbursements
Reporting & transparency
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PoliciesPolicies
Handling expense reimbursements
Reporting & transparency
Tax filings
Handling expense reimbursements
Reporting & transparency
Tax filings
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Got Questions?Got Questions?