FINANCIAL PROCEDURES AND ACCOUNTABILITY

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FINANCIAL PROCEDURES AND ACCOUNTABILITY
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FINANCIAL PROCEDURES AND ACCOUNTABILITY

• ORGANIZATIONAL STRUCTURE
• GETTING STARTED
• REQUIRED REPORTING
• THE BUDGET PROCESS
• SUGGESTED FINANCIAL STATEMENTS AND REPORTS
• CLOSING OF THE BOOKS

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FINANCIAL PROCEDURES AND ACCOUNTABILITY

• Organizational Structure
• 501(c)(3) Organization
• Chapters and Regions Relationship to BIG

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FINANCIAL PROCEDURES AND ACCOUNTABILITY

• Getting Started
• Preparation and Submittal of Form SS-4
  (Application for Employer Identification Number,
  EIN)
• National submits Form SS-4 to IRS after chapter
  is approved
• Use EIN for bank accounts
• EINs distinguish chapters from each other

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FINANCIAL PROCEDURES AND ACCOUNTABILITY

• Required Reporting
• Submit annual financial reports by March 15
• IRS and Board require timely for inclusion in the
  overall BIG 990 Return
• Penalties for not reporting include
• Suspension of Chapter
• Revocation of Charter
• Exclusion from IRS group exemption
• Review of reporting forms

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FINANICIAL PROCEDURES AND ACCOUNTABILITY

• The Budget Process
• Budget submitted by sub-committee chairs, etc.,
  to Executive Finance Chair
• Finance Chair submits proposed budget as is to
  Executive Committee (EC)
• EC makes the necessary changes and submit to
  Board .
• Board Financial Oversight Committee makes the
  necessary adjustments and submit to Board
• Board of Directors approves or disapproves

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FINANCIAL PROCEDURES AND ACCOUNTABILITY

• Suggested Financial Statements/Reports
• Balance Sheet
• Statement of Revenues and Expenses
• Cash Disbursement Journal
• Any other report desired by chapter

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FINANCIAL PROCEDURES AND ACCOUNTABILITY

• Closing of the Books
• Annual Audit
• Presentation to Delegates Assembly