Division Leaders Conference Treasurers Track

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Division Leaders ConferenceTreasurers Track

• Clearwater, Florida
• February 1- 3, 2002

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Introduction
Division Leaders ConferenceTreasurers Track
Al Hutchins -- Business Administrator Maureen
Rogers -- Manager, Budgets Analysis Leila Hoen
-- Manager, Tax Compliance Reporting Office
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Table of Contents
Division Leaders ConferenceTreasurers Track

• Liability of a Division Treasurer
• ACS Budgeting
• Your Division
• ACS Finances
• Taxes
• Miscellaneous
• Electronic Banking
• National Meeting Invoices
• Investment Pool
• Employee vs. Independent Contractor
• Credit Cards

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Treasurers Role
Division Leaders ConferenceTreasurers Track
The primary functions of the treasurer are to
receive and disburse the divisions operating
funds maintain accurate and itemized records of
division monies, including annual ACS allotments,
dues, if any, and program revenues and expenses
and prepare and submit periodic and annual
financial reports.
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Treasurers Liability
Division Leaders ConferenceTreasurers Track
Treasurers and division fiduciaries need to be
protected against financial mismanagement of
division assets and against accusation that
financial fraud has occurred.
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Treasurers Liability
Division Leaders ConferenceTreasurers Track
How do you protect yourself and your Division?
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Treasurers Liability
Division Leaders ConferenceTreasurers Track

• Protection
• Incorporate Division as a stand alone 501 (c )
  (3) Tax - Exempt Entity
• Obtain Directors and Officers Liability Insurance
• Obtain Bonding
• Be Diligent

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Treasurers Liability
Division Leaders ConferenceTreasurers Track
Incorporation Does NOT allow an individual of
entity seeking damages to pierce the Corporate
Veil unless fraud or intentional malpractice is
involved. Volunteers are protected under the
D.C. Code (29-599.15) if they are acting within
the scope of their authority.
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Treasurers Liability
Division Leaders ConferenceTreasurers Track
Director and Officers Liability-insurance in the
event an error or omission of the treasurer or
authorized fiduciary causes financial
damages. Cost is dependent on amount of assets
and previous issues. Range is estimated at
1,500 - 2,500 annually.
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Treasurers Liability
Division Leaders ConferenceTreasurers Track
Bonding protects the Treasurer and other
fiduciaries from intentional malfeasance Cost --
Crime policy is free of charge and carries limits
of 500,000 with a 2,500 deductible.
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Division Leaders ConferenceTreasurers TrackACS
Budgeting

• Clearwater, Florida
• February 1- 3, 2002