LeadersElect Training Seminar L'E'T'S'

1
Leaders-Elect Training Seminar (L.E.T.S.)

• Club Treasurer
• Roles Responsibilities

2
Todays Presenters

• Noel Evans (Plimmerton), President 1994-95, D9940
  Training Committee Webmaster, 9 years in total
  as club treasurer, has also served as secretary,
  experienced user of RI-CAS
• John Moriarty (Port Nicholson), current club
  treasurer Board member (3 years), also
  experienced user of RI-CAS
• Joy Walker (SPPO Sydney) Supervisor, Club
  District Support Team, on support available from
  SPPO
• Colin Jones (Karori) Chartered Accountant,
  Treasurer RC of Karori 2004-06, President
  2006-07,  currently District Chair Rotary
  Foundation Promotion and Giving.

3
Housekeeping

• Three sessions this one, Joy on SPPO
  (11.30-12.30pm), Colin on Tax, Charities Act 2005
  (1.30-2.30pm)
• Evaluation at end of Colins session for entire
  Treasurers segment
• Notes on this session Colins, can be found on
  D9940 website
• www.rotary9940.org.nz/pageview.php?id335

4
Todays Objectives

• To gain an understanding of
• Your legal constitutional responsibilities
• Weekly, monthly and annual requirements
• Your role as member of, and advisor to Club Board
• Reporting and record-keeping requirements
• The need for adequate computer systems
• The role played by South Pacific Office (next
  segment)
• Taxation (GST and Income Tax) (afternoon segment)
• Charities Act 2005 (afternoon segment)

5
Constitutional Issues

• Compliance with club By-laws RI Constitution
• Investment policy
• Authorised signatories
• Payment timetable for RI magazine dues
• Annual district dues
• Audit policy (audit vs. review)

6
Legal Issues

• Taxation (GST and/or Income Tax)
• Charitable Trust compliance with Charities Act
  2005 (if applicable)
• Compliance with Incorporated Societies Act 1908
  (if applicable)
• Compliance with club Trust Deed (if applicable)

7
Your First Days as Treasurer

• Re-arrange cheque signatories, address for bank
  statements, etc.
• Review collection procedures for handling cash at
  club meetings
• Ensure supply of cheques/deposits
• Ensure bank account(s) reconciled
• Attend to payment of RI district levies and
  magazine subscriptions

8
Finalisation of prior year Books Budget
Preparation

• Ensure effective handover of books
• Bank accounts reconciled
• Final accounts for year approved by Board
• Audit/review arrangements in place
• Minimum disruption to ongoing routines
• In conjunction with outgoing treasurer
• Prepare budget for year
• Determine annual subscription fees and meal costs

9
Weekly Duties

• Ensure all club cash is properly collected
  reconciled and banked after
• Weekly meetings
• Special functions
• Projects
• Maintain cash floats where necessary
• Ensure cash is handled in a secure manner
• Post transactions currently ( backup!)

10
Monthly Duties/Board Meeting

• Confirm all bank accounts reconciled
• Have payments since last meeting authorised
• Provide financial information to standards agreed
  with Board (e.g.)
• Financial position and/or cash flow forecast
• Income Expenditure vs. Budget
• Balance Sheet
• Cash movement details for month in review
• Draft resolutions for Board approval
• Explanations of highlights, variations
• Project performance

11
Semi-Annually

• Ensure accuracy of membership returns in respect
  of RI magazine dues (liaise with Secretary)
• Follow up and collect unpaid member accounts
• Review progress vs. budget with Board
• GST returns (if applicable)

12
Annually

• Prepare Annual Financial statements and have
  Board approve
• Arrange annual audit/review
• Present audited accounts to AGM (prior to 31
  December) for adoption by club
• If incorporated, arrange filing of Financial
  Statements (available online)
• Prepare required tax returns lodge before due
  date

13
Record-Keeping Suggestions

• Maintain a pre-numbered receipt book for all cash
  receipts
• Have all club cheque books printed crossed Not
  Transferable
• Keep club and fundraising activities separate
• Register for GST on 6-monthly, cash basis if
  turnover gt40,000 p.a.
• Do not have cheques pre-signed

14
Records Systems

• Club Treasurer

15
Treasurers Financial System
16
System Demonstration using RI-CAS

• Chart of Accounts
• Levels of detail
• Budgeting
• Projects Accounting
• Member Invoicing
• Pro formas, etc
• Vendor Invoicing
• Transactions
• Receipts
• Payments
• Bank reconciliation
• Journal Entries

• Inter-year transfers
• Adjustments/Corrections
• Period End
• Reporting
• Balance sheet
• Budget performance
• Project performance
• Vendor payments (Board Resolutions)
• GST Reporting
• Auditing Requirements.
• Creating Backups.

17
Roles Responsibilities

• Questions ?
• Issues ?