HOWTO Be Treasurer

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Revision as of 16:06, 20 March 2014 by Darvon (Talk | contribs) (added the definitions and practices of the current regime, so that it is easier to understand the logs for future administrations.)

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Tasks/Responsibilities of Treasurer

  • Pay and archive Bills
  • Receive, deposit and document monies and income.
  • Record/manage all Dues deposits into CRM.
  • Manage the Budget and all associated processes.
  • Present reports to Board and Membership
  • Handle Taxes and other government filings.
  • Set all i3 policies regarding financial documentation and accounting, subject to override by Board Action.
  • Manage all Treasurer assistants.


Transaction Recognition Policies

For reporting purposes transaction which may have several dates associated with them must have a unique date for a particular reporting/logging system. For the period starting 1/1/14, and until otherwise noted, the following accounting standards are followed.

  • A manual paper check issued by i3 to pay an i3 debt is recognized on the date printed on the front of the check.
  • An online Bill payment, whether via paper check or ACH/EFT will be recognized on the date logged in the Bill Payment History of the online banking account.
  • A debit card transaction will be recognized on the date it clears the bank, as recorded in the Transaction History of the account.
  • A dollar transfer from Amazon will be recognized for accounting purposes as the date logged for the deposit in the Transaction History of the bank.
  • Payments through Amazon will be logged in the CRM automatically under the date as decided by the software.
  • All dollar transfers from Amazon to our checking account will be logged as Dues for reporting purposes, including donations made through Amazon, for simplicity.
  • All cash and check payments to i3 will be recognized for accounting purposes on the date of deposit into our checking account.
  • All cash and check payments to i3 for dues will recorded in the CRM using the date on which they were entered into the CRM.
  • All monies sent to the Treasurer from Zone Cash Boxes will be deposited into the checking account but be accounted separately from the General Fund and will not be counted as Income. Each will be accounted as a {ZoneName)Fund.
  • All monies released from our checking account as taking money from a "ZoneName Fund" will not count as an expense, although a receipt image file will be required to be archived.
  • The Budget Process handles only transactions to/from the General Fund.
  • All receipts, contracts, invoices and documents will be stored electronically in the i3DataVault.



Beginning of month checklist [Obsolete, to be cleaned]

Do this ASAP after the first member meeting of the month.

  • Collect all cash and check dues from the dues dropbox, place them in the "to process" envelope.
  • For each dues check:
    • Enter the check into QuickBooks. Credit the member's income account (e.g. "Income: Dues: Wordsworth, Wanda"). Debit the "Undeposited Checks" account.
    • Enter the check into the CRM.
    • Place the check in the "to deposit" envolope as soon as you are done.
  • For each cash payment:
    • Enter the payment into QuickBooks. Credit the member's income account (e.g. "Income: Dues: Wordsworth, Wanda"). Debit the "Cash" account.
    • Enter the payment into the CRM.
    • Write a paper receipt for the payment and place the member copy in the "dues receipts" envelope.
    • Place the cash in the "to deposit" envelope.
  • For each Amazon payment.
    • Enter the payment into QuickBooks. Credit the member's income account (e.g. "Income: Dues: Wordsworth, Wanda"). Debit the "Amazon Payments" account.
  • Add up all cash and checks in the "to deposit" folder, make sure the amounts match "Undeposited Checks," "Cash," and "Amazon Payments" in QuickBooks.
  • Check the "Accounts" tab in the CRM for members who owe two or more month's dues. (Is two month's a good cut-off?)
    • Visit that member's "plan" tab, and set the end date of their membership to the last day of the previous month (e.g. if you are doing this on Sept 3, set the end date to Aug 31).
  • Visit the "Payments" > "Billing" tab in the CRM.
    • Click "Run Billings" to debit each member's account for the current month's dues.
      • JAN2014, FEB2014
    • Click "Send Emails" to email any members with an outstanding balance.
  • Transfer the amazon account into the Checking Account, and record the transaction in QuickBooks.
  • Deposit the "to deposit" envelope into the checking account and place the deposit slip in the "Deposit Slips" envelope for the current year.

Pre-board meeting checklist

Do these tasks once every month after the "beginning of the month" checklist and before the second-Tuesday board meeting.

  • Reconcile the previous month's bank statement.
  • Prepare a balance sheet.
  • Prepare an income/expense report.
  • Save a PDF of these reports in the i3 Dropbox.
  • Mail the reports to board@i3detroit.com.

Advice [Obsolete to be cleaned]

  • Check the mail on a regular basis.
  • Collect cash/check dues payments from the dues dropbox.
  • When people try to randomly hand you fistfuls of dollar bills, remind them to fill out a payment form and put in in the dues dropbox. Expect this to happen at least on a weekly basis.
  • Transfer Amazon payments from our Amazon account to our bank account.
  • Perform investigative work to determine who has actually paid dues when members ignore your requests to use their full name when they make payments.
  • File the taxes.
  • Write reimbursement checks for approved expenses incurred by members.
  • If you don’t want to be writing checks every single time you walk through the door, practice telling members they have to wait until the next meeting to get reimbursed for their expenses.
  • Make sure the bills get paid on time. See the chart below for info on what payment methods are used for each bill.
  • Send a monthly invoice to B. Nektar for their share of the electric bill.
  • Enter dues payments into the CRM.
  • Enter all income and expenses into Quickbooks.
  • Deposit cash and checks at the bank.
  • Present monthly financial reports to the Board of Directors.
  • Provide sensible fiscal guidance whenever large purchases are being considered.
  • Write up receipts for donations, and maintain the donation logbook.
  • Follow up with members whose checks bounce; follow up with the same members the following month when their checks bounce again.
  • Deal with people constantly coming up to you with questions about finances every single time you come up to the space to work on your own projects.
  • Answer the same questions, over and over again, usually regarding information that is already posted on the wiki.
  • Get told how to do your job by people who don't understand how our organization actually operates.
  • Regularly remind yourself that you're only stuck with this job for a year.


Budgeting Processing

Processing a Reimbursement Request

  • Get payee name, mailing address, scan of receipt, amount, and Line Item # from the submittal, either from a form reimbursement request (see the Instruction Manual for Budget) or by informally gathering the information to budget@i3detroit.com.
  • Confirm receipt of the initial email to payee.
  • Make sure purchase is authorized and all data is in.
  • Make a WORD document following the form. Set filename to (payeename.amount.doc)
  • Email a check request to the Treasurer with payeename and amount in Subject.
  • Email to payee that request has been approved.
  • Insert approved request into budget. Color Yellow.
  • When check has been cut Treasurer emails Budget assistant.
  • Budget assistant to Include in weekly outstanding summaries in email to Treasurer until email from Treasurer stating check is cut.
  • Upon receipt of email from Treasurer, inform payee by email that check should be there in 10 days, if not please contact Budget assistant.
  • Mark Purple in budget. Move expense to month of check cut.
  • Followup with payee until email confirmation of receipt of check
  • Mark Green in budget.
  • Move word doc to Admin/Budget/Reimbursements
  • END


Deposit Processing

Amazon Payment

  • All CRM entry is entirely automated.
  • Move money from Amazon account into Checking by Amazon "withdraw funds". Do so about once every 3-5 days and on the final day of the month.
  • Credit is recognized on day it clears checking account, not time of withdraw from Amazon.
  • There is no easy way to discriminate Amazon Dues from Amazon Donations, so count all Amazon deposits as "Dues" in Budget Reporting.


Regular, recurring expenses and how they are paid

There are several expenses that are incurred on a regular and recurring basis. The following table describes each one, including a description of how the expense is paid. "Check" means that a physical check is written and delivered to the creditor. Note that some bills are actual paper bills that get delivered to the space--check the mailbox regularly for these and other important things.

Payee (reason) Frequency Amount Mode of Payment
John Hutt (rent) Monthly $2130.00 Check, payable to John Hutt, hand-delivered to mailbox of John's landscaping business (next door to i3).
WOW (internet) Monthly $74.50 Automatic debit from checking.
Runco Waste (dumpster) Monthly $65.00 Check; paper bill is mailed to 1481 Wordsworth.
Consumers Energy (gas) Monthly Varies Automatic debit from checking.
DTE Energy (electricity) Monthly Varies Automatic debit from checking; we send an invoice to B. Nektar for their portion of the bill.
Westfield Group (insurance) Monthly $89.00 Automatic debit from checking.
John Hutt (water) Quarterly $200 Check, payable to John Hutt, hand-delivered to mailbox of John's landscaping business (next door to i3); John Hutt delivers copy of bill to 1481 Wordsworth mailbox after subtracting B. Nektar's portion.