CMC OM - Finance & Grants
Finance - CMC Treasurer (Revised April, 2022)
Overview of Treasurer’s responsibilities:
- Pay bills, deposit receipts and record these in the books
- Oversee use and payment of Club credit cards (First Bank Mastercard and Home Depot card)
- Prepare quarterly financial statements
- Manage checking and investment accounts
- Sales tax reporting – quarterly for sales tax due and semiannually for sales tax refund
- Annual financial review conducted pursuant to the bylaws
- Annual budget – preparation and presentation at Annual Meeting
- Annual IRS filing
- Provide reports in support of grants
- Maintain the Club’s financial records. Our books are maintained using the online accounting system aplos. The filing system for correspondence and documentation maintained by the Treasurer are the folders in the email account firstname.lastname@example.org.
- These responsibilities are accomplished as described below:
Pay bills - Requests for reimbursement are received primarily by email. Proper approval is required and math is checked on all bills and requests for reimbursement.
Accounts are maintained with several vendors who bill the Club directly. A list of these vendors and the Club members authorized to charge expenses is maintained, and updated periodically by the Councilor for Trail Maintenance
'aplos' is the Club’s accounting system. All bill payments and reimbursements should be recorded when payment is made.
PayPal Deposits – The Treasurer receives emails from PayPal when a dues payment or a contribution is made utilizing the Club’s website. Funds accumulating in PayPal should be transferred to the checking account weekly. These transfers should be recorded in aplos.
Once a month, PayPal automatically charges the bank account a $30.00 monthly fee.
Bank Deposits – Checks – Checks are received from the membership data base manager who picks up the mail from our P.O. Box weekly. A copy of the deposit slip identifying the individual deposits should be made and kept in the appropriate email folder. Deposits should be recorded in aplos.
Sales Tax - CMC pays sales tax for books and patches sold other than for resale. The sales tax is included in the price of the item sold. An algebraic formula is utilized (e.g., $15.00 divided by 1.07) to determine the sales tax amount. Books also are sold to businesses for resale, with sales tax not being paid on these sales.
Bank reconciliation - The bank account should be reconciled monthly.
First Bank Credit Card – The credit card must be paid monthly, and the charges recorded appropriately in aplos. The credit limit currently is $7,500. The card also has a 1% cash back feature. This balance should be checked periodically and the funds transferred to the checking account.
Home Depot Credit Card – The Councilor for Trail Maintenance and the Facilities Manager are the card holders for this account. Processing of payments is the same as for the First Bank credit card.
Remit sales tax – See Sales Tax above. Form E-500 must be filed quarterly, with any payment due being made electronically.
Quarterly Financial Statement-- The Reports section of aplos is used to prepare the quarterly financial statement. This is prepared on an Excel schedule, and when finalized it is converted to a pdf and distributed to Council members.
Post financial statements on web site – Request that the Councilor for Technology do this.
Sales Tax Refund – An Excel spreadsheet “CMC Sales Tax Refund Worksheet” should be updated every time a bill is paid that includes a sales tax charge. Twice a year Forms E-585 and E-536R need to be filed to claim the refund
Form 990N – This IRS form must be filed annually, on the IRS website. It is not due until May 15, but it should be filed promptly after year-end. No financial information is needed; it is a “postcard” return.
Post Office Box Renewal - A payment is due annually for renewal of our Post Office box. An email reminder is received in June each year.
Insurance – The CMC President is responsible for providing information to the insurance broker on club activities. The Treasurer’s responsibility is to pay the bill. Our insurance agent sends email reminders to eh President and Treasurer.
Annual Budget - The Annual Budget must be approved by Council and made available to membership two weeks prior to the Annual Meeting. The Treasurer prepares a draft of the budget after consulting Council Committee chairs and the Officers. It is reviewed and approved by Council at our October meeting. After approval by Council it is distributed to membership along with notice of the annual meeting.
The budget approved at the Annual Meeting of Members should be entered into aplos in January.
Annual Dinner - The Treasurer is responsible for depositing and recording payments received for registrations, and for paying the final bill and any advance deposits that are required.
Treasurer Operations Manual - The Treasurer should review the manual each year and make any needed updates.
Change in Officers – When there is a change in President or Treasurer, First Bank, First Bank Investments and the Endowment Fund at Community Foundation of Western North Carolina will need to be notified. New credit cards will need to be issued (President, Treasurer).
Review of Treasurer Records - The President and Vice President will perform an annual review of the Club’s books and records that are maintained by the Treasurer. The review needs to be completed prior to the annual meeting, with the results of the review being reported at the meeting. Below are the recommended procedures for the review.
Annual Review Procedures
Objective: To ensure the Club’s financial statements properly reflect all of its operations for the preceding calendar year, and that all of the Club’s assets as of December 31 are properly invested and accounted for.
Balance sheet – documentation is provided by the Treasurer for all bank and investment accounts supporting the total fund balance at December 31st as reported in the Club’s financial statement. Any accounts receivable are explained as is the inventory of books.
Cash receipts and disbursements – two sample months of the Club’s bank statements are randomly selected by the reviewers. The Treasurer provides all supporting documentation for each receipt and disbursement. Further detail for any items may be requested by the reviewers.