Jack & ted ppoint

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Jack & ted ppoint

  1. 1. Maintaining Financial IntegrityJack SmartTed Papit
  2. 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. 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. 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. 5. Reporting To Your Board of Directors• Latest Balance Sheet• Year-to-date Consolidated Operating Statement• Year-to-date Operating Statement by Department
  6. 6. Annual Independent Certified Audit• Required for Teen Challenge International, USA accreditation• Required to meet ECFA standards
  7. 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. 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. 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

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