GSGWM Troop Finance 101

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GSGWM Troop Finance 101

  1. 1. Troop Finance 101
  2. 2. Welcome Thank you for taking the time to learn about Troop Finance 101
  3. 3. Role as Troop Treasurer • Keeping accurate financial records for the troop • Ensuring that the troop is following the financial guidelines • Records submitted annually to Council Photo Goes Here
  4. 4. Bank Account Basics Opening a Troop Bank Account • All bank accounts must be opened using the following account name: GSGWM Troop #_______ • All bank accounts must use the GSGWM Tax ID #, provided by your Community Accounting Coordinator or GSGWM Finance Department All Troops required to open a bank account with three authorized signers • • Two or more registered adults from the Troop/Group or Community who are not related or sharing a home with each other must be authorized signers on the account. The Community Accounting Coordinator must be the third authorized signer. If the Community Accounting Coordinator position is vacant, contact GSGWM Finance Department. Photo Goes Here
  5. 5. Bank Account • GSGWM recommends the use of TD Bank, Citizen’s Bank or People’s United Bank as we have relationships with them and they do not charge monthly service fee • Troops Treasurer’s are encouraged to have online account access • Troop leaders are encouraged to obtain a troop debit card for use in paying for troop activities • Checks for $250.00 or more requires two signatures • Checks must be made out to a specific payee, and never to “Cash” • Council requires a Troop Bank Account Information Form on file every membership year Photo Goes Here
  6. 6. TROOP & COMMUNITY BANK ACCOUNT INFORMATION Membership Year To be completed and submitted annually to GSGWM by October 31. Troop #:______________________ District #: ___________ Date: _________________ Community Name & # Bank Name: Branch Location: Branch Telephone Number: Account Number: Account opened or closed? _________________ If closed, when: _______Funds transferred to_______ or funds returned to Council? __________ SIGNERS There must be a minimum of three signers on the account, all of whom must be registered Girl Scout adults who are not related or in the same household. One signer must be the Community Accounting Coordinator. PLEASE WRITE LEGIBLY. 1. Leader SIGNATURE Print Name Phone Numbers Street Address Town/State/Zip 2. Co-Leader SIGNATURE Print Name Phone Numbers Street Address Town/State/Zip 3. Community Accounting Coordinator SIGNATURE Street Address  Print Name Phone Numbers Town/State/Zip The bank account must be opened in the name of: GSGWM Troop # __________________ GSGWM Community & Name  Tax ID to be used on bank accounts is: 02-0243160.  Complete this form and mail immediately after opening, changing or closing an account. NOTE: When you are reporting a closed account with a remaining balance, the balance must be forwarded to GSGWM with this form.  As signers on this account, we authorize GSGWM to access any information about this account, and to initiate debit and /or credit entries to this same account.  Please attach a voided check with this form.  Make a copy for your records. Only this official Council form will be accepted. Send to: Girl Scouts of the Green and White Mountains Attn: Finance Dept. PO Box 10832 Bedford, NH 03110-0832
  7. 7. Record Keeping • Keep accurate and up to date records for the troop • Keep receipts and troop check book register, as well as copies of the bank statements • Records are turned in annually, but keep up to date throughout the year • Utilize the Detailed Cash Report Photo Goes Here
  8. 8. Financial Reporting • Financial report is turned in annually and contains three parts • Q & A, Detailed Account Record and Financial Report • Excel forms will auto fill and transfer the shared information between forms Photo Goes Here
  9. 9. Please answer the following questions: Fiscal Year: Beginning Balance for Finacial Statement: Ending Balance for Financial Statement: Troop Information Troop Number: Town(s) Troop Encompasses: Program Level(s): (DA/BR/JR/CA/SR): # of Girls in Troop: # of Adults: Troop Leader/Adviser: Troop leader/Co-Adviser: Bank Information Bank Name: Branch Location: Account Number: Authorize Signer 1: Authorize Signer 2: Authorize Signer 3: (Community Accounting Coordinator) Authorize Signer 4: (If applicable) Debit/Credit Card: (Yes/No) Our long range plans for our troop treasury balance include: Person completing this report: Date Completed: 2013/2014
  10. 10. Detailed Cash Record • Accounting of all income and expenses • Input dates, details and Cost Center Codes • Similar to a check register Photo Goes Here
  11. 11. Troop No. __________ Program Level _________ # of Girls in Troop/Group ________ # of Adults __________ Community Name ________________________________ Community # ______________ Town _________________________________ Troop Leader/Advisor ___________________________________ Beginning Balance Income (Money Received) 10 Troop/ Group Registration/ Family Partnership 20 Troop/ Group Sponsorship 30 New Troop/ Group Funds 40 Dues 41 Cookie Proceeds 42 Fall Product Proceeds 43 Other Money Earning Projects 44 Other Income (Badges, parent donations, interest, etc) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Total Income Received + Beginning Balance 10 30 50 60 70 71 72 80 85 90 Expenses (Money Spent) Troop/ Group Registration/ Family Partnership Return of New Troop/ Group Funds Juliette Low World Friendship Fund Bank Charges Troop/ Group Equipment Program Supplies Badges, Pins, Patches Service Unit/ Council Events Troop/ Group Activities Other Expenses: TOTAL EXPENSES (money spent) ENDING BALANCE: $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Our long range plans for our troop treasury balance include ___________________________________________ ____________________________________________________________________________________________ Troop/Group Funds are deposited in the_______________________ Bank, in the town of __________________ The Account Number is ________________________ . We have a Debit Card with this account Y ___ N ___ The autorized signers on this Account are: __________________________, ___________________________ Troop Leader/Advisor Troop Assistant/Co-Advisor Community Accounting Coordinator Person completing this report:___________________________________________ Date __________________
  12. 12. Troop Audit • • • Random audits of troop accounts are conducted each year by the Finance Department A formal examination of financial accountsto inspect and verify the accuracy of financial records and statements Selected Troops will be required to provide all bank account statements with corresponding expense receipts, check register and/or Detailed Cash Record Photo Goes Here
  13. 13. Other Considerations • Troop accounts exist under the tax identification number of the Girl Scouts of the Green and White Mountains. While the funds deposited into the troop account is for the use of the troop in funding programs and activities for your Girl Scouts, those funds remain the property of GSGWM • It is the responsibility of the adult leader of each Girl Scout troop to see that any money earned or received “never becomes the property of individual members- girls or adults.” • At no time is the troop treasury to be used for activities that are not Girl Scout related • Financial information should be readily available to be shared at any time and by the request of any parent, Community Team member, or member of the Council staff Photo Goes Here
  14. 14. ACH Sweep What is ACH? • Automation Clearing House. • Finance will automatically withdraw monies from the Girl Scouts troop’s bank accounts for their Product Sales payment
  15. 15. Alerts How much money will the ACH withdrawal take out of our TROOP account? The amount will never exceed the amount due the Council per eBudde, and will not include the troop proceeds. Please refer to eBudde Sales Report tab for the amount due Council for each sweep. When will the ACH (Sweep) transaction occur? Specific dates will be scheduled and will be listed in your product sales packet (it can take up to 3 days for the transaction to appear in the account, after the ACH is submitted) What happens if there is not enough money in the TROOP account to cover the balance due to the council? An Alert form must be submitted for each sweep. Alert forms must be “in the hands” of the Accounting staff prior to the scheduled ACH (no exceptions will be made after the deadline) as follows: Note: Failure to comply with the submission of alerts on the above timetable will result in the ACH transaction taking an amount greater than the troop bank account balance; and, troop accounts will incur an insufficient funds fee from their banking institution. Council will not be responsible for bank fees incurred by alerts not being submitted by the above deadlines. Council will charge $5.50 to the troop for each default occurrence and has the authority to remove the signer from the account.
  16. 16. alert form “A” Delinquent Payment Today’s date__________ Community # __________Troop # _____________ Girl with outstanding balance ______________________________________ Parent’s name__________________________________________________ Address ______________________________________________________ City/State/Zip __________________________________________________ Home # ______________Work # _____________ Cell # ________________ Total amount outstanding $_____________________ Name and phone number of individual completing this form: Name___________________ Phone ________________________________ Action taken (include date)_________________________________________ Action taken (include date)_________________________________________ Additional information that will assist in collecting this debt _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ Include this form, and a copy of the girl’s signed Parent Permission Form, and all signed cookie receipts for this girl, to GSGWM, Attn. Wayne Cofrin, PO Box 10832, Bedford, NH 03110-0832 by: • First ACH – Alerts are due by Monday, March 4, 2013 • Second ACH – Alerts are due by Monday, March 18, 2013 • Third ACH – Alerts are due by Monday, April 8, 2013 • DO NOT USE TROOP MONEY TO PAY THIS DEBT.
  17. 17. Troop Money Earning • Any activities following a planned budget and carried out by the girls and adults to earn money for the troop Council Sponsored Product Sales • Council wide Sales of authorized products, such as Girl Scout Cookies and Nuts
  18. 18. • All troops must participate in the annual Cookie Program to be eligible to do additional money earning projects • Troop money earning projects may not be held while Council sponsored sales are occurring
  19. 19. Money Earning Procedure • Application and guidelines at girlscoutsgwm.org • Submit 4 weeks in advance • Fill out report form and attach copy to your annual report.
  20. 20. Closing a Troop Account • Regardless of the reason for closing a troop/group bank account, the troop leader must make sure that all outstanding checks have cleared the bank before the account is closed. • The leader also needs to submit a TROOP/GROUP & COMMUNITY BANK ACCOUNT INFORMATION and a final TROOP/GROUP FINANCIAL REPORT sheet to the Council Finance Department, along with all bank records, unused checks and the troop debit card. A copy of the Bank Account Information sheet should also be provided to the Community Accounting Coordinator.
  21. 21. Lapsed and Disbanding Troops If a troop fails to re-register for the new membership year it is considered to be a Lapsed Troop. The funds in the troop checking account will be forwarded to the Council Finance Department, and will be held for one membership year. If the troop re-registers, with a majority of the original girl members, before the end of that membership year, the funds will be restored to the troop. Otherwise the funds are transferred to the GSGWM Girl Assistance Fund. If a troop decides to disband and the girls are continuing in Girl Scouting, but going to other troops, the money in the troop checking account should be forwarded to the troops that the girls are joining, based on the number of girls each troop is receiving. The money does not go to the individual girls.
  22. 22. If a troop decides to disband and the girls are not continuing in Girl Scouting, the girl members may vote to donate the money in the troop checking account to a specific Girl Scouting purpose, such as Girl Assistance, Camperships, new troop start-up funds, or to a camp for camp improvements. The decision and the vote must be recorded in the minutes of the troop meeting and must be provided to the Council Finance Department when the bank account information form is filed. The leader should send a Cashier’s check with the account balance to Council Finance along with the Bank Account Information sheet and the Troop/Group Financial Report. A copy of the Bank Account Information sheet should be provided to the Community Accounting Coordinator. In no case may money in a disbanding troop bank account be divided among the girls for their personal use. In no case may money in a disbanding troop bank account be added to a community bank account or “given” to another troop unless the disbanding troop’s girl members have voted to do so.
  23. 23. Questions? Please contact the GSGWM Finance Department 888-474-9686 or 603-627-4158
  24. 24. Thank You

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