Financial Oversight

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Financial Oversight

  1. 1. Budgets: What a board member needs to know Leadership Development Program 5-21-09 Stacey Doyon, OTR/L, CHT presented by Bill Walsh, MBA,MHA,OTR/L,CHT
  2. 2. Non Profit <ul><li>We are a 501 c3 organization </li></ul><ul><li>Non profit doesn’t mean no profit </li></ul><ul><li>Ability to lobby is limited </li></ul>
  3. 3. Financial Statements <ul><li>Statement of Financial Position (Balance Sheet) </li></ul><ul><li>Statement of Activities (Income Statement) </li></ul><ul><li>General Leger </li></ul><ul><li>ASHT’s are prepared by the financial service staff of SB and reviewed by the Senior accountant before going to ASHT. </li></ul>
  4. 4. Balance Sheet <ul><li>This is a statement of financial position </li></ul><ul><li>Assets=Liability + Owners equity </li></ul><ul><li>ASHT-Owners equity=Net Assets </li></ul>
  5. 5. Assets <ul><li>Resources that are owned or controlled by the business as a result of past transactions or events. </li></ul><ul><li>Money on hand </li></ul><ul><li>Investments </li></ul><ul><li>Inventory </li></ul><ul><li>Prepaid expenses </li></ul><ul><li>Accounts receivable </li></ul>
  6. 6. Liability <ul><li>The obligations of the entity </li></ul><ul><li>Accounts payable </li></ul><ul><li>Deferred dues </li></ul><ul><li>Deferred revenue </li></ul>
  7. 7. Net Assets= Owners Equity <ul><li>Restricted funds </li></ul><ul><li>YTD net income </li></ul>
  8. 8. Income Statement <ul><li>Reflects current month, year to date (YTD),and budget information </li></ul><ul><li>Summary of revenue and expenses </li></ul><ul><li>Detailed for each program </li></ul>
  9. 9. 06/02/10 Income statement
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  12. 12. 06/02/10
  13. 13. 06/02/10
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  17. 17. How is the budget made <ul><li>Strategic plan </li></ul><ul><li>Each division comes up with goals </li></ul><ul><li>Staff then looks at the expense of each item and presents it to the board </li></ul><ul><li>Finance committee (PE, VP, S/T, S/TE, CPA) reviews </li></ul><ul><li>Board then makes final decision. </li></ul>
  18. 18. 06/02/10
  19. 19. Management of Budget <ul><li>All decisions made by the board need to keep the budget in mind </li></ul><ul><li>Over budget items </li></ul><ul><li>SP money is set aside </li></ul><ul><li>Everyone on board should understand the budget </li></ul>
  20. 20. Questions?

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