Treasurers Association

2012 Annual MeetingNew Treasurer Orientation

Welcome!

Thanks for your service to your class and college!

Not a difficult job Not particularly time consuming Stay on task, and it will not be hard A great opportunity to stay connected with

your class You DON’T have to be a finance wizard Lots of technology to help you

Topics Covered

Mandatory ResponsibilitiesSecondary ResponsibilitiesCalendarKey Tools and Resources

Prepare dues request letter(s) Commitment: one hour per letter, three times per year

Balance the books: maintain an accurate ledger of all class financial transactions

Commitment: on average, one hour per month in non-reunion years to record your transactions

Prepare and distribute an Annual Class Financial Statement

Commitment: two-three hours per year in July

File an Annual Tax Return Obtain a Class Tax ID (if not yet done) Commitment: three hours in October

Mandatory Responsibilities

Pay class obligations on a timely basis Commitment: on average, write one check per month in non-reunion

years

Report on finances to your class

Mandatory Responsibilities

Secondary Responsibilities Budget for class reunions and significant class

events Commitment: on average, four hours for one such event

every other year

Record reunion/significant event transactions and pay event obligations (there may be a separate treasurer for such events) Commitment: on average, forty hours for one such event

every other year

 Complete a timely handoff from the previous and to the succeeding treasurer Commitment: three hours every five years 

Mandatory Responsibilities

Dues Request Letters Prepare dues request letter(s) Three times/year (typically) Complete questionnaire prior to first letter

of the year (July) Go to Quickbase and complete info:

What plan the class will be using Dues rate, class treasurer name and address

information Class project line(s) and amount Any message you would like incorporated on

the dues notice.

Dues Request Letters (cont’d)

Draft your letter (in Word) Samples on the website Have your president (or other officer)

review it Go to Quickbase and upload the letter

Consider email requests Lybunts

Commitment: one hour per letter, three times per year

Balance the Books Maintain an accurate ledger of all class

financial transactions Reconcile against bank accounts

Options: paper, Excel, accounting packages (box, online), Quickbase

Report at Executive Committee Meetings Commitment: on average, one hour per

month in non-reunion years to record you transactions

Accounts and Systems Typical account

Bank account (checking)

Other possible accounts Savings account Money Market Mutual Fund (rare)

Best practices Second signer (not dual signer) Copies of statements to President Share reconciliations

Annual Financial Report

Prepare and distribute an Annual Class Financial Statement

What it is: two page report in Excel Summary headcounts Summary financials Other (check the box) Forms the basis for tax filing

Fiscal Year End: June 30 File by August 31 Commitment: two-three hours per year in July

File the Tax Return

File 990-N E-postcard (new) Alternative: 990-EZ tax return

College sends instructions (on website) Deadline: 11/15 You can complete yourself, or. . .

Use software/online service Use a provider

Russell K. North ($250) 802 295 9093 rknorth@hotmail.com

Commitment: three hours in October

New Classes: Obtain a Tax ID

Obtain a Class Tax ID (if not yet done) Aka Employer Identification Number (EIN)

How do I get the EIN??? Use the IRS EIN Assistant https://sa2.www4.irs.gov/modiein/

individual/index.jsp NOTE that you are tax exempt!

Paying Obligations

Pay class obligations on a timely basis Newsletters (if snail mailed) Gifts Other costs

Commitment: on average, write one check per month in non-reunion years

To President and Executive CommitteeAt least annually

75% report more often To Entire class directly

50% report annually

Report on Finances to Class

Secondary Responsibilities

Secondary Responsibilities

Budget for class reunions and significant class events Commitment: on average, four hours for one such

event every other year

Record reunion/significant event transactions and pay event obligations (there may be a separate treasurer for such events) Commitment: on average, forty hours for one such

event every other year

Secondary Responsibilities

Work with Executive Committee/Reunion Committee to arrange for budgets and financing Sample budgets are available from the College On the website College provides systems and training for reunions

Registration, etc.

Complete a timely handoff from the previous and to the succeeding treasurer Commitment: three hours every five years 

Calendar

2012-13 Key Events

July 23rd:  1st Dues Mailing due to Blunt for receipt by class September 6th

August 31st:  annual financial report due September 28th-29th: Class Officers

Weekend  October 10th:  2nd Dues Mailing due to

Blunt for receipt by December 10th November 15th:  tax filing due January 30th:  3rd Dues Mailing due to

Blunt for receipt by March 13th

Challenges

There is a Learning Curve

Duplicate payments Return $? Credit future years?

Mastering Quickbase Credit cards

Lag in payments Paypal

Integrating into Quickbase Filing tax returns (now simplified!) Ask your predecessor!

Key Tools and Resources

Ledyard vs. Wheelock Two plan types for collecting dues

College sends out all dues requests Ledyard

Payments returned to College/Ledyard College inputs payments into Quickbase Funds deposited to class Ledyard account

Wheelock Payments returned to treasurer

Treasurer deposits funds Treasurer inputs payments into Quickbase

Key Tools Quickbase

Online database Records all personal information and gift history Use to generate monthly reports Can generate email requests Can also track expenses

Harris Email tool

Paypal Online dues payment

Other Resources Procedures and Forms

Ann Harvey, 603-646-3933, ann.harvey@dartmouth.edu Strategic Questions/E-mail solicitations

Jennifer Casey, 603-646-2292, jennifer.casey@dartmouth.edu

Tax Questions Gail Goodness, 603-646-3001, tax@dartmouth.edu

General: Dartmouth Treasurers Association Website http://dartmouth.org/treasurers

“Yikes! What do I do?” Ask your predecessor! Fellow Treasurers (see website)

And in conclusion. . .

Try to keep the job simple Keep up with your tasks Leverage technology Have fun!