Your SlideShare is downloading. ×
Jack & ted ppoint
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Jack & ted ppoint

68

Published on

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
68
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
1
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. Maintaining Financial IntegrityJack SmartTed Papit
  • 2. Develop An Annual Budget• Begin 3 months prior to start of the fiscal year• Produce a chart of accounts• Decide on an Operation (P&L) Statement format  Consolidated  Departments• Build the budget from zero  Justify departments and expenditures  Based on the goals and objectives of the organization
  • 3. Financial Statement Production• Balance Sheet  For each month end  Show assets, liabilities and equity• Operating Statement (P&L)  Monthly consolidated – actual versus budget and actual versus prior year  Monthly by department – actual versus budget and actual versus prior year  Year-to-date (YTD) Consolidated – actual versus budget and actual versus prior year  Year-to-date by department – actual versus budget and actual versus prior year
  • 4. Financial Review Process Each Month• Account by account review  Actual versus budget  Actual versus prior year  Reasons for variances  Corrective action – by whom and when
  • 5. Reporting To Your Board of Directors• Latest Balance Sheet• Year-to-date Consolidated Operating Statement• Year-to-date Operating Statement by Department
  • 6. Annual Independent Certified Audit• Required for Teen Challenge International, USA accreditation• Required to meet ECFA standards
  • 7. Reporting to the Internal RevenueService• Form 941 ▫ Employer’s Quarterly Federal Tax Return• Form 990 ▫ Return of Organization Exempt from Income Tax  This is public information  Watchdog groups  Guidestar  Wall Watchers  Ratio of expenses to total revenue
  • 8. State Solicitation Registration• Required by the following states for religious Non-Profit Associations  Alaska  Arizona  Florida  Georgia  Illinois  Maryland  Minnesota  North Carolina  Tennessee  Utah  Wisconsin• Non-religious associations need to file in all states
  • 9. ECFA’s Seven Standards of ResponsibleStewardship• Standard 1 – Doctrinal Statement• Standard 2 – Board of Directors and Financial Oversight• Standard 3 – Financial Statements• Standard 4 – Use of Resources• Standard 5 – Financial Disclosure• Standard 6 – Conflicts of Interest• Standard 7 – Fund-Raising

×