CMC OM - Finance & Grants
Finance - CMC Treasurer (Revised December, 2018, GB)
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 monthly 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
In an effort to go “paperless,” an email account has been established that will be used by all Treasurers – email@example.com. This is the primary filing system for correspondence and documentation maintained by the Treasurer
These responsibilities are accomplished as described below:
Pay bills - Requests for reimbursement can be received via mail or email. They may come directly to you or forwarded by the Membership data base manager, who picks up mail from the CMC post office box. Scanned copies of receipts are preferred. The math should be checked on all requests for reimbursement.
We have accounts with several vendors that bill us on a regular (intermittent) basis. These include Big Ridge Outdoor Equipment, Bob Lawrence Power Equipment, 4X4 Country and Cub Cadet, and Zink Outdoor Power. The vendors will send an invoice to the Treasurer@Carolinamountainclub.org e-mail address. Bills from these “maintenance” vendors should contain a signature and printed name on all receipts. The only exception is equipment that we rent such as weed-eaters that people check out. Refer to the authorized list of signees to verify the purchase. If you are not sure, contact the Counselor for Trail Maintenance. Call the vendor and provide them with the Club credit card number. Ask them to then e-mail you a receipt.
Use your judgment to confirm that all purchases, travel reimbursement, and maintenance mileage appear appropriate. Enter the data from the documentation into Aplos. Aplos is the CMC Accounting System. It is a web based accounting system and you will need to log on. Aplos has training material available and a help number (888-274-1316). File the supporting documentation using the folders in the firstname.lastname@example.org account. If you need a member address, log on to the CMC web site and do a member search. For member reimbursements an effort should be made to process the reimbursement within three days of the submission.
Pay Pal Deposits - You will receive emails from Pay Pal informing you that a payment has been received. You will need to transfer the money received through Pay Pal to the checking account. It is recommended to do this at least once a week. You should log on to Pay Pal (https://www.paypal.com) and retrieve the detailed information for the period that you are transferring. An example of the information retrieved can be found in the Pay Pal folder. Print the information that you retrieved. Total the gross amount, net amount, fees. The gross amount less fees should agree with the amount being transferred. You need to log into the CMC membership data base and go to back office. You then need to go to products and reports. Run a transaction report for the appropriate dates. The transaction report will tell you by name what the payment was for. Write what the payment was for on the sheet that you printed from Pay Pal. Use the transfer function in Pay Pal to transfer the funds to the checking account. Print a copy of this transfer to include with the transaction. Write the general ledger entry that you will be making in Aplos on the sheet that you printed. You can find examples of the general ledger entries in the Pay Pal deposits folder. Write the current date on the top of the sheet that you printed. Log in to Aplos and enter the general ledger entry. Record the deposit in the check book register. You will receive an email from Pay Pal informing you that funds have been transferred. Print the email and staple it to the back of the sheet that you printed. You should be periodically logging in to the Asheville Savings Bank checking account to confirm that the money was transferred. Once the money is transferred, write the amount in the check book under deposits.
You may occasionally find that the membership data base was not appropriately updated for a payment or payments. If you find this, forward the email or emails that you received from Pay Pal to the Membership Data Base Data Entry person and the Information Systems Manager, so that they can take action to appropriately update the data base. Each email identifies the person making the payment and the amount.
Once a month, PayPal will automatically charge the bank account for the $30.00 monthly. This charge needs to be recorded in Aplos.
Bank Deposits - You will primarily receive checks from the membership data base manager. You may occasionally receive checks from other sources. The data base manager picks up mail weekly from the post office and forwards the mail to you. You should list all checks on the deposit slip and note what the check is for. Record the deposit in APLOS.
Sales Tax - CMC pays sales tax for books and patches sold other than for resale. Other items may be sold in the future. The CMC Council voted that the sales tax is included in the price of the item sold. Apply an algebraic formula to back into the sales tax amount. Books also are sold to businesses for resale. We do not collect or pay sales tax on these sales.
Bank reconciliation - Follow standard bank reconciliation procedures monthly when the bank statement is available.
Credit Card Payment Processing – Payment of charges made to the credit cards should be made before month end to ensure the expenses are recorded in Aplos in the month incurred. The First Bank Mastercard credit limit currently is $5,000. The credit card may be paid more frequently depending on the amount being charged at any given time. There is also a 1% cash back feature to this account. After 2,500 points are accumulated, $25.00 can be transferred to the checking account. This transfer should be recorded in APLOS.
CMC Home Depot Credit Card – The Councilor for Trail Maintenance and Facilities Manager are the card holders for this account. Processing of payments will be the same as the First Bank Mastercard.
Monthly Financial Statements-- After all receipts and disbursements have been recorded in Aplos for the month, go to the Reports area of Aplos. You will use the budget to actual report. You must check the block that says show fund balances. Change the period to reflect from the beginning of the year to the end of the reporting month. You should then export the report to Excel. Use a copy of previous month’s report to manipulate the data into the proper format. The financial statements should be emailed to all CMC Council members in PDF format.
Pay sales tax - CMC pays sales tax for books and patches sold. Other items may be sold in the future. The CMC Council voted that the sales tax is included in the price on the item. The Buncombe County Sales Tax Rate is used. There is a liability account in Aplos that you should have been using to record sales tax for books and patches. Occasionally, books are sold to businesses for resale. We do not collect or pay sales tax on these sales. There should be a note in the memorandum filed of the Aplos transaction letter that states these sales were for resale. Sales for resale are reported on a separate line on the return. All of the information that you need to complete the quarterly NC Sales Tax Return can be found in the accounting system. Apply an algebraic formula to back into the sales tax amount. You should have the quarterly state forms to complete and mail with a check. You must complete the forms even if there were no sales for the quarter. Make two copies of the completed forms and mail the original. One copy is stamped with the red payment stamp, information written on the copy and filed with other payments. The other copy is filed in your sales tax file where you keep the state forms.
Post financial statements on web site - This task should be completed on a quarterly basis.
Sales Tax Refund - This task is completed twice per year. You will use the sales tax spread sheet that you updated while paying bills. It is suggested that you print the spread sheet and then tape the sections together. PDF forms are available on the NC Department of Revenue web site. (http://www.dor.state.nc.us/). You will need forms E-536 and E-585. They can be completed on line and printed. It is suggested that you go to your files and review previous submissions. The summary information will be the same. While you are on the web site, print the current sales tax rates and make sure that you used the correct rates. If not, you will need to change the formulas in the Excel spread sheet. Once you have completed the forms, make copies and mail the originals. The address is on the forms. File a copy of the forms along with the spread sheet. The state always has the right to audit your records.
Form 990N – This IRS form must be filed annually. It is due by May 15, but it is recommended that it be filed it as soon after year-end as possible. It is a simple on line filing.
Post Office Box Renewal - A payment is due annually for renewal of our Post Office box.
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.
Annual Budget - The Annual Budget must be approved by the Council and sent to membership two weeks prior to the Annual Meeting. You should prepare a proposed annual budget with input from Council Committee chairs and then send it to Council Members prior to the Council meeting before the annual meeting. Historical information and YTD data should be provided along with the proposed budget. Once Council approves the proposed budget, you should prepare a compressed financial statement that includes the proposed budget, last year’s budget and YTD statement of activities. This document should be provided to the President for distribution to members along with other data being provided.
The budget approved at the annual meeting must be entered into Aplos.
Annual Dinner - The Treasurer is responsible for depositing and recording in Aplos payments received for registrations, and for paying the final bill and any deposits required in advance.
Spring Social - The Treasurer is responsible for depositing and recording in Aplos payments received for registrations, and for paying the final bill and any deposits required in advance.
Treasurer Operations Manual - The Treasurer should review this manual once per year and make any needed updates.
Change in Officers – When there is a change in President, Vice President or Treasurer you will need to update First Bank and First Bank Investments on this. New signature cards will be required. New credit cards will need to be issued (President, Treasurer).
Review of Treasurer Records - The President of CMC will appoint two members to assist the President in an annual review of Treasurer Records. The review should be completed prior to the annual meeting. The results of the review should be reported at the annual meeting. Attached as Appendix A are the procedures used for the 2017 review.
Annual Review Procedures - Overview
Objective: To ensure the Club’s financial statements properly reflect all of its operations for the year under review.
Overview of testing:
Cash receipts – a sample month is randomly selected; all receipts are traced to supporting documentation.
Cash disbursements – a sample month is randomly selected; all disbursements are traced to supporting documentation.
Balance sheet – the total fund balance at December 31st as reported in the Club’s financial statement is tied to the total of the Club’s bank and investment statements.
Procedures for Review of Cash Receipts
A member of the review team randomly selects one month for the cash receipts review
The Treasurer prepares a worksheet of all deposits for this purpose reflecting date, payor, to what accounts charged, explanation, and amount of deposit.
Compare the Treasurer’s worksheet to the original books of entry online (Aplos accounting system)
Trace payor to appropriate source:
- Deposit slip and Back Office report on Club’s web site for checks deposited
- PayPal report on PayPal web site, and/or Back Office report
- Book publisher’s report for book sales directly deposited
- Bank statement for interest income directly deposited
Review account credited for correctness
Confirm amount of deposit for correctness
Procedures for Review of Cash Disbursements
A member of the review team randomly selects one month for the cash disbursements review
The Treasurer prepares a worksheet of all disbursements for the month reflecting check number, date, payee, account and fund charged, purpose, amount and date check cleared
Compare the Treasurer’s worksheet to the original books of entry online (Aplos accounting system)
Note and explain any gaps in check sequence
Review account charged for correctness
Review supporting documentation and note any exceptions
Examine canceled check from bank statement online, noting date cleared
Attachment 1: Carolina Mountain Club Grant Guidelines (KM 1/19)
It is important to remember that the grant lifecycle is a lengthy process including: determining a need, finding a funding source, applying for funding, award process, receiving grant funding, and closeout. Based on this, those looking for grant funding need to be cognizant of the process and the time involved to receive funding. Grants cannot pay for work or products already received by the requesting grantee.
- Grants coordinator will update the grant opportunity listing at least annually or when new opportunities are found. This listing will be provided to the CMC committees for review for potential opportunities.
- CMC committees will develop ideas for funding needs.
- Funding need ideas will be shared with the CMC Board for approval.
- CMC committees, in conjunction with Grants Coordinator, will locate funding opportunities.
- CMC committees will meet with Grants Coordinator to discuss any grant opportunities and also to develop timelines for those grant requests.
- CMC committees, in conjunction with Grants Coordinator, will develop proposal. Committee will need to provide all required technical information and specifications, as well as pricing estimations. It is imperative that all information be compiled with sufficient time to draft and submit proposal prior to grant submission deadline date. This information should be shared with Grants Coordinator at least 30 days prior to the grant submission deadline date.
- Grant request must be submitted prior to submission deadline date.
- Award notifications are to be sent to CMC general address with attention to the CMC Treasurer.
- Management of Grant Funding:
- Funds must be used for the purpose they were awarded
- All requirements and restrictions of the Grantor must be followed - always
- Committees must provide an accounting of how funds received were used
- Committee must work with CMC Treasurer to ensure all funds have been dispersed, as per Grantor requirements.
- Committee must comply with all Grantor monitoring and closeout requirements listed in the grant award