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Financial Oversight

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Transcript

  • 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. Non Profit
    • We are a 501 c3 organization
    • Non profit doesn’t mean no profit
    • Ability to lobby is limited
  • 3. Financial Statements
    • Statement of Financial Position (Balance Sheet)
    • Statement of Activities (Income Statement)
    • General Leger
    • ASHT’s are prepared by the financial service staff of SB and reviewed by the Senior accountant before going to ASHT.
  • 4. Balance Sheet
    • This is a statement of financial position
    • Assets=Liability + Owners equity
    • ASHT-Owners equity=Net Assets
  • 5. Assets
    • Resources that are owned or controlled by the business as a result of past transactions or events.
    • Money on hand
    • Investments
    • Inventory
    • Prepaid expenses
    • Accounts receivable
  • 6. Liability
    • The obligations of the entity
    • Accounts payable
    • Deferred dues
    • Deferred revenue
  • 7. Net Assets= Owners Equity
    • Restricted funds
    • YTD net income
  • 8. Income Statement
    • Reflects current month, year to date (YTD),and budget information
    • Summary of revenue and expenses
    • Detailed for each program
  • 9. 06/02/10 Income statement
  • 10. 06/02/10
  • 11. 06/02/10
  • 12. 06/02/10
  • 13. 06/02/10
  • 14. 06/02/10
  • 15. 06/02/10
  • 16. 06/02/10
  • 17. How is the budget made
    • Strategic plan
    • Each division comes up with goals
    • Staff then looks at the expense of each item and presents it to the board
    • Finance committee (PE, VP, S/T, S/TE, CPA) reviews
    • Board then makes final decision.
  • 18. 06/02/10
  • 19. Management of Budget
    • All decisions made by the board need to keep the budget in mind
    • Over budget items
    • SP money is set aside
    • Everyone on board should understand the budget
  • 20. Questions?