SGMP TREASURY 101

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SGMP TREASURY101
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ROLE OF LEADERSHIP

• Anna Marie Stewart Staff Accountant
• Reporting
• Questions on Bookkeeping
• Keeps Chapter Treasuries
• Brett Sterenson National Treasurer
• Budgeting
• Questions on Treasurer Duties
• Chapter Conference Calls

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TREASURER TRANSITIONING

• Become intimately familiar with the Chapter
  Finances Policies
• Hold in person meeting with outgoing Treasurer
• Work with outgoing President and Treasurer on
  transitioning bank card
• Work with outgoing President and Treasurer on
  access to banking
• Become intimately familiar with current budget
• Prepare for guiding discussion on next year
  budget at board retreat

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FINANCE POLICY HIGHLIGHTS

• Chapter Finances in Policy Manual pages 54-78
• CF-1 All Chapters are required to produce an
  annual budget
• CF-2 / CF-4 All Chapters are required to use
  standardized budget and standardized Chart of
  Accounts
• CF-5 What Chapters may and may not use Chapter
  funds for
• CF-11 Chapter Treasurer Responsibilities
• CF-17 Chapter Audit Requirements
• CF-21 Chapter Savings Accounts
• CF-22 Chapter Revenue Sharing

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BANK CARDS

• Policy CF-7 in the Policy Manual
• All chapters are required to maintain a current
  and accurate signature card at the bank where
  chapter funds are held. The bank signature card
  must always be current and up to date with the
  proper authorized signatures. All bank signature
  card changes must be completed no later than 30
  days after any change has occurred with the
  Chapter Board, so that the most current banking
  information is on file.
• SGMP Headquarters must be notified in writing of
  all changes to the banking signature card and/or
  records, and the written notice must be
  accompanied by a copy of the new bank signature
  card.

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THE BUDGET

• Policy CF-1 in the Policy Manual
• All Chapters are required to produce an annual
  budget. The budget will be based upon a 12 month
  fiscal year, starting July 1 and ending June 30
  of the following year. Prior to each fiscal year
  beginning July 1, the Chapter Treasurer and
  Chapter President should lead the entire Chapter
  Board in the development of the fiscal year
  budget. The chapter is required to use and submit
  its budget on one the standard Excel accounting
  form provided by SGMP.
• All chapter budgets must be approved by the
  Chapter Board. The yearly due date for submission
  is July 31. Chapter Treasurers are required to
  have their approved chapter budgets to SGMP
  Headquarters by this date. SGMP Headquarters and
  the National Treasurer will review each chapters
  budget for final approval to ensure all IRS
  mandated non-profit organization guidelines are
  being properly followed.

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SPEND YOUR MONEY

• Programming
• Scholarships

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BEST PRACTICES NOTES

• Approved Chapter Budgets are due to HQ on July
  31st each year.
• By the 10th of each month, chapters must send to
  HQ copy of bank statement from previous month and
  current months budget template.
• When Budgeting, begin with Income, then Expenses,
  then balance.
• When Record Keeping, more Backup is better than
  less Backup.
• HQ is responsible for Auditing Chapter Records
  each year.
• Be wary of items labeled as Miscellaneous do
  not overuse.
• Refunds are not Income record as credit against
  Expense.
• Returned checks are not Expenses record as
  reduction against Income.
• Backup for prior year is due to HQ on August 15th
  each year.

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TAX EXEMPT STATUS

• SGMP is a 501(c)(6) organization which the IRS
  defines as a business league.
• A business league is an association of persons
  having some common business interest, the purpose
  of which is to promote such common interest and
  not to engage in a regular business of a kind
  ordinarily carried on for profit.
• The society and its subordinate organizations
  (chapters) are registered as trade associations
  and not as charities. The IRS is very specific
  about rules regarding donations according to
  section 170(c) of the code, donors may not deduct
  contributions made to them.

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SPECIAL RESOURCES

• Treasurers Conference Calls - will be held twice
  a year and the next scheduled call will be in
  early June to help prepare for next years
  budgeting.
• Ad Hoc Conference Calls - with chapter presidents
  and treasurers, one chapter at a time are
  scheduled on a case-by-case, as needed basis, in
  August and in January to ensure budgets are
  properly established and to ensure chapters are
  on pace to meet them

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IMPORTANT RESOURCES

• http//www.sgmp.org/chapterboard

Click here ?
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END OF YEARTREASURERAWARDS
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CONTACT INFORMATION

• Anna Marie Stewart Staff Accountant
• 703-566-3633
• anna.marie.stewart_at_sgmp.org
• Brett Sterenson National Treasurer
• 202-641-5580
• brett_at_hotel-lobbyists.com