Virginia National Bank\’s Treasury Management department delivered this presentation to members of the Center For Nonprofit Excellence at today\’s workshop.
Focus on non-profit benefits: eliminate photocopyin; eliminate detailed deposit tickets; improve donor mail data base via check images w/adddresses; separate staff/volunteer duties such as tax confirmations, donor record posting, bank deposits, email confirmations
FOCUS ON DIRECT DEPOSITS - - IS A LOW COST WAY TO PAY EMPLOYEES AND HAVE BENEFIT OF PAYING PAYROLL TAXES!
Who do you give paper checks to – vendors, beneficiaries, employees, temps, etc? How well do you trust all of them? You’re giving them your account data – bank routing number, your account number, serial number range, deposit balance indicator…… Check alteration risk. ACH debit process – preauthorized or not? MUST BE LACK OF AUTH – changing your mind doesn’t count.
Monthly Op – discuss monthly distributions – Payroll, recurring expenses. Forecast funds – buckets for when money will be spent This year vs. Next – MMAs & Investment sweeps were once a good business tool – what is right now?