CLUB TREASURERS RESPONSIBILITIES

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CLUB TREASURERSRESPONSIBILITIES
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Duties and Responsibilities

• Basic duties are outlined in Standard Club
  By-laws. Article VI.
• You may be assigned additional duties by your
  club.

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DUES AND MEMBERSHIP FEE RECORDS

• In most clubs the secretary normally collects
  fees and keeps membership fees records, unless
  these responsibilities are delegated to the
  treasurer.

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TREASURERS NORMAL RESPONSIBILITIES

• Record all funds paid to the club.
• Promptly deposit them into official depositories.
• Disburse funds.
• Maintain clubs financial records.
• Make the records available.

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CONTINUED

• Prepare and present monthly reports (Board
  meetings, yearly meeting)
• Perform any other duty assigned.
• OPTIONAL The treasurer may give a fidelity bond,
  if required by BOD.

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FISCAL RESPONSIBILITY

• Be sure checks written are authorized by board.
• DO NOT SIGN BLANK CHECKS.
• Recommend all checks have two signatures.
• Obtain support for all disbursements.
• Be attentive to maturity dates to maximize
  interest.

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TYPICAL CALENDAR

• August before year starts present previous
  budget YTD actual expenses to President-Elect
  and team and/or Executive officers to get new
  years budget underway.
• September Approve next years budget.

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CONTINUED

• October - Present budget to Board and get budget
  approved by the new board.
• October Send Florida and International
  Foundation gifts.
• February 15 Assure the IRS 990 is filed.
• Kiwanis clubs are on fiscal year.

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CONTINUED

• March 31 Register as Charitable Organization
  with the Florida Department of Agricultures
  Consumer Affairs can file on line this date is
  for professional solicitors others file annually
  from date of initial filing.
• May 1 Be sure the Florida Annual Report has
  been mailed and payments made.

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ANNUAL DUES

• This is determined by clubs anniversary date.
• Cycles are 1 September December
• Roster sent to clubs on September 1,
  membership cut-off is the 30th and roster is due
  on October 10. Payment due date will be on bill.
  It is important to pay by the due date to be
  eligible to receive a refund.

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CONTINUED

• Cycle 2 Jan-April December 1 is when roster is
  sent with the cut-off date being December 31.
  Roster is due January 10 and payment is expected
  on due date.
• Cycle 3 May-August February is when the roster
  is sent with the cut-off date being February 28.
  Roster is due March 10 and payment is expected on
  due date.

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FEES AND CONVENTIONS

• Be sure to send both International (50.00) and
  Florida (25.00) new member add fees to
  International with application. Keep copies of
  support sent to International.
• Conventions Assure registration fees, hotel
  reservations, etc. are filed and paid timely to
  take advantage of all discounts for early
  registration.

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ACCOUNT BREAKDOWNS

• Clubs are required to keep track of 2 types of
  funds, these can be in the same account (use
  different colors and number sequence) or in
  separate bank accounts
• --Administrative
• -- Service
• More breakdown is possible, social, etc.

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• Clubs may also have an independent foundation
  corporation (maybe a 501 (c) (3), which has an
  entirely separate set of books and needs
  additional filings and reports and tax returns.

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FUND ACCOUNTING

• Earmark funds as authorized by the Board.
• Funds received from club members CAN go into
  either account, while funds from outside sources
  CANNOT be used for administrative purposes.
• Administrative funds can go for service projects,
  BUT service funds CANNOT be used for
  administrative purposes.

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EXAMPLES

• Administrative - Dues
• - Meals
• - Happy Bucks
• Service - Grants
• -Donations and
  Fundraising
• from non-members.

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ACOUNTING SYSTEM

• Accounting systems differ, depending on software
  and equipment available to the treasurer, but
  should meet the following requirements -
  Identify source of income
• - Identify all
  disbursements
• - Be accurate
• Permit accurate billing of members

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CONTINUED

• Allows an accurate financial standing of each
  member at any given time.
• Enables the secretary/treasurer to prepare a
  statement of delinquent members for the Board.
  This information MUST be confidential.

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FUND RAISING

• All fund-raising solicitations by and in
  behalf of Kiwanis clubs and the Florida District
  must include an express statement that,
  contributions to the club are not deductible as
  a charitable contributions for federal income tax
  purposes. The statement must be conspicuous and
  easily recognizable on all solicitations.

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ANNUAL AUDIT

• Club bylaws require an annual audit of all club
  accounts. The Board names the auditors.
• A certified audit is NOT required.
• Club members may conduct the audit.

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PERMANENT RECORDS

• Books of accounts should be maintained as
  permanent records until disposal is permitted by
  law and authorized by Board.

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IRS FORMS

• Kiwanis clubs are 501 (c) (4) tax exempt
  organizations
• Form 990 is required when an organization has
  25,000 or more in gross receipts.
• Form 990 is due 15 days after the fifth month
  after the end of the year (February 15). Late fee
  is 25 per day.

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FLORIDA NOT-FOR PROFITANNUAL REPORT

• The returns are due to the Florida Department of
  State, Division of Corporations every year.
• The returns are required to be filed by May 1.

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FLORIDA DEPARTMENT OF AGRICULTURE DIVISION OF
CONSUMER AFFAIRS

• Due annually in coordination with 1st date filed.
• Late fee of 25 per month for not filing
• Fee is per schedule

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TREASURERS PARTICIPATION

• The treasurer is an officer of the club and a
  member of the Board.
• The treasurer should be a key participant in
  preparing the annual budget.
• The treasurer should track the budget and help
  the club in following the budget.
• The treasurer is both a cop and an advisor.

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KEY POINTS

• Budgets should be based on needs and anticipated
  income.
• Goals and objectives should be WISE.

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WAIVER OF DUES

• The following interpretation of Article
  XXII-Revenue, Sections 1 and 4 was approved by
  the International Board of Trustees
• 1. Starting date is September 30, 2006 and the
  first measurement date is September 30, 2007.

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CONTINUED

• 2. Ending membership count in one year is the
  beginning membership in the following year.
• 3. All clubs worldwide are eligible.
• 4. Based on ACTIVE members in the club as of
  measurement dates (September 30) as determined by
  Kiwanis International and reported to the
  District offices.

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CONTINUED

• 5. Merged clubs are not eligible.
• 6. Only clubs on ACTIVE STATUS at the end of the
  measurement year are eligible.
• 7. Clubs on the following status at the end of
  the measurement year (September 30) are not
  eligible Charter Suspended Notice, Charter
  Suspended, Pending Revocation, Charter Revoked,
  and Charter Suspended by District.

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CONTINUED

• 8. All clubs dues and fees must be paid as of
  the end of the measurement year (September 30),
  including all new member fees are eligible.
• 9. New clubs are eligible in the year organized
  using the clubs organizational date as the start
  date.

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CONTINUED

• 10. All clubs must pay their current years dues
  by the due date of their respective annual dues
  billing period (for US/Canada district clubs) or
  within 90 days of the date of being invoiced (for
  clubs in Regions III, IV, and V) to be eligible.
• REFUNDS will be sent within 120 days of the end
  of year measurement date. KI will determine the
  method of refund.

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THANK YOU

• Have a great year!!!!
• Service your community by reaching out and
  allowing others to reach up.