Financial Management For Council Events

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Financial Management For Council Events
Activities
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Learning Objectives

• Explain the importance of financial management
  for council events and activities.
• Explain the steps required for financial planning
  and management of a council event or activity.
• Demonstrate the use of the Council Event Budget
  form for both planning and reporting purposes.
• Explain council policies and procedures dealing
  with purchase requisitions, reimbursement checks,
  and event closeout reports.

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Introduction
Whats the Big Deal?

1. Protect our councils volunteers
2. Enact proper controls over council resources
3. Have and maintain auditable records, certain
   fundamental accounting procedures are required to
   be followed

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Event Financial PlanningBefore the Event

• Event Budgets
• Purchase Requisitions/ Council Charges
• Petty Cash/ Specific Checks for Items
• Emblems/ Patches or Other Customized Items

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Event Budgets

• Must be submitted and approved prior to the event
• Includes a 15 contingency plan for unforeseen
  expenses
• Budget must show a positive () gain

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Event Budgets

• Only the shaded areas need to be completed
• Ensure that all expense items are accounted for
  in the budget

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Event Budgets

• Lets Practice!!!
• Use the Event Budget form to plan a mock
  activity.

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Purchase Requisitions/ Council Charges

• Submit requests at least 2 weeks prior to the
  desired receiving date (some items require more
  lead time)
• Purchase requisitions shall designate how many
  items to purchase, what the item(s) are, how much
  each will cost, where they will be purchased and
  the name of the budgeted area to which the
  expense is to be recorded

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Petty Cash/Specific Checks for Items

• Checks before the event can only be issued based
  on the amount received for the event through the
  date of the request and based upon a review of
  prior obligation for expenses. Requests should be
  made 2 weeks prior to the event or date of need.

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Emblems/Patches or Other Customized Items

• Allow 8-10 weeks for orders to be processed once
  the quote has been received and accepted. All
  items must be reviewed by the Scout executive or
  authorized council designee. Be sure the vendor
  has been approved by National Supply, BSA before
  placing an order.

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Event Financial ManagementDuring the Event

• Field Receipts
• Managing Petty Cash Expenses
• Managing Collected Money

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Field Receipts

• Field Receipts must be issued to the person
  submitting the money for all money received
  during the event.
• Registration Fees
• Trading Post Sales
• Yearly Dues

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Field Receipts

• A copy of the field receipt is required to be
  included with the money when the money is sent to
  Scout Service Center by the duly appointed
  representative of the council.

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Managing Petty Cash Expenses

1. A copy of the field receipt is required to be
   included with the money when the money is sent to
   Scout Service Center by the duly appointed
   representative of the council. Petty Cash check
   is requested from the Scout Service Center at
   least 4 weeks in advance of the event or
   activity.
2. Once petty cash check is received, cash check for
   use during the event.
3. All petty cash expenses should be recorded on the
   Petty Cash form and the associated sales receipt
   enclosed in an attached envelope

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Managing Petty Cash Expenses

1. At the close of the event, list the balance petty
   cash amount and include in the attached envelope.
   Reconcile all expenses and the remaining balance
   against the initial petty cash check amount.
2. Turn in petty cash form, receipts, and
   outstanding balance to the Scout Service Center
   or to a bonded employee.

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Managing Collected Money

• Money should be stored in a locked location at
  all times during the event.
• Store all field receipts with the money at all
  times in order to avoid losing the required
  receipts for the collected money.
• When youth are working with registrations or
  trading post sales, always ensure that a
  responsible adult is assisting with the money
  collection.

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Managing Collected Money

• Always keep money collected for different
  purposes separate. For example, use one
  envelope to collect registration fees, another
  envelope to collect trading post sales, and a
  third envelope for money collected for the World
  Brotherhood of Scouting fund. The Scout Service
  Center is required to process these collections
  differently (i.e. trading post sales require
  taxes to be paid).
• Whenever possible, always entrust collected money
  to a bonded council employee for holding during
  the event.

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Event Financial CloseoutAfter the Event

• Reimbursement Requests
• Budget Closeout
• Report any accidents

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Reimbursement Requests

• Reimbursements must be submitted with a copy of
  the sales receipt to be approved for payment.
• No reimbursements will be made without a detailed
  receipt accounting for the expense and prior
  authorization from the Scout executive.

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Budget Closeout

• Must be submitted within 7 days after the event
  or activity.
• Use the same approved budget form to record
  actual revenue and expenses for the event.
• Needed to help prepare future budgets for similar
  events.

Lets Practice Again!
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Accident Reports

• Within 3 days after the date of the completion of
  the event, complete a report to Scout Service
  Center indicating any injuries incurred. If
  insurance claims are filed against these
  injuries, the council needs to know about them as
  soon as possible.

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Summary

• All events will require budgets which do not
  reflect a loss on the project. No expenses may
  be incurred for a council event or activity until
  a budget has been submitted and approved.
• Each event budget requires a provision for
  unexpected expenses equal to 15 of total
  expenses budgeted

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Summary

• All monies/fees collected for district and
  council events, supply sales, product sales, etc.
  should be mailed to, received by and
  processed/receipted by the Scout Service Center
  prior to deposit into the corporate account.
• Money received at the time of the event requires
  (1) a field receipt be issued to the one
  submitting the money and (2) a copy of the field
  receipt to be included with the money when the
  money is sent to Scout Service Center by the duly
  appointed representative of the council.

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Summary

• It is always appropriate to turn over field
  receipt copies and monies collected to a bonded
  employee for immediate transfer to Scout Service
  Center and deposit into the corporate account.
• Disbursements to pay expenses should be paid
  directly by Scout Service Center. No revenue
  collected should be used for expenses during the
  event.
• Payment of expenses by volunteers for which
  reimbursement is requested must be (1) based on
  the approved budget, (2) supported by receipts,
  invoices, etc., and (3) have prior authorization
  by the Scout executive.

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AnyQuestions?