Rita Ordóñez, Executive Administrator Sheri Muntean CPA PhD, National Manager Food From Farms

Transcription

1 Rita Ordóñez, Executive Administrator Sheri Muntean CPA PhD, National Manager Food From Farms

2 Rita Ordonez

3 Jeronimo Squires; President, Director past Anacortes Farmers Market President and current AFM Manager Kay Reinhardt; Secretary/Treasurer, Director Executive Administrator, Padilla Bay Foundation; Treasurer, Anacortes Farmers Market Suzanne Briggs; Director Hollywood Farmers Market, Portland, OR; re-established and past President, Oregon FMA; advisor to King County Farmers Market Food Access Project and OSU Center for Small Farms and Community Food Systems Kate Delavan; Director WSFMA Food Access Program Manager Chris Quinlan; Director BC Farmers Markets; Whistler Centre for Sustainability; MarketWurks founder

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6 An umbrella organization for farmers market coalitions helping run alternative currency programs for regions, allowing them to plan and fundraise together as an area e.g. Skagit Valley, Snohomish Region Funding by accepting donations and grants funds on behalf of other organizations Fairwood & Emerson Garfield in Spokane Technical assistance and support FMC, WSFMA, U of Virginia FM Legal toolkit; markets in OR, WA, BC, & AK Grant writing support FoodFromFarms.org discussion, tools, knowledgebase

7 FINI - Other EBT/SNAP match programs Food Bank incentive programs Veggie Rx Nutrition programs (schools, hospitals & clinics, Senior Centers, Boys and Girls club)

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9 EBT/SNAP processing station Paper forms or tablet for recording distributions Paper forms on envelopes for vendors on Market Day Prepare Vendor Cheat Sheets/Foreign Language Cheat sheets Accounting system for keeping accurate records For suggestions, visit Workbook for compiling data (or MarketWurks) setup for the year

10 Input Incentive names, any debit/credit fees, market dates, and market name

11 Input Vendor Names and adjustment items you expect to see (other uses of credit cards, EBT, etc) You can find the Other Adjustments at the bottom of the Vendor Input worksheet in the workbook

12 Vendor Cheat Sheets helps the vendor determine what they can take from the public Vendor education marketing and WSU Farmers Market Flash

13 TWO checking accounts a main account separate from your account used for Farm-Direct Alternative Currency checking account (referred to as EBT Checking) Liability accounts for every currency E.g. Token Liabilities:Debit/Credit tokens, Incentive Liabilities Contra-liability account - Allowance for doubtful tokens Income accounts for grants and donations funding programs Expense accounts for incentives distributed (NOT tokens) Accounts receivable for every currency you will get reimbursed from a coalition or other group

14 Market Day Post Market Worksheet & Accounting..

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16 Important to educate recipients about limited use and best practices Foreign Language Cheat Sheets Spanish, Russian, English (for editing)

17 Distribution to the public MUST be tracked (Device Magic, distribution worksheet)

18 Vendor Cheat Sheets

19 Paper Forms - BEST PRACTICES Count with the vendor present to assure your count and their count matches Do NOT allow for payment of booth fees with redemptions (unnecessary complication to accounting later)

20 Paper Forms - BEST PRACTICES Cont d Be sure to get initials of the vendor and market reps who counted Provides you with the paperwork required by IRS to substantiate transactions

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22 Information is all in one place - Ease of reference vs. paper forms Automatically calculates vendor check amounts Allows you to identify errors if there is ever a question Automatically calculates WSFMA, vendor, and market sales totals for the day and year more quickly than manual calculations Also allows you to determine why these totals vary from market-tomarket due to weather, volume, events on and off site Provides you with a liability balance to compare to financial records Helps identify errors and irregularities on a timely basis

23 Input Batch/Settlement Report on Workbook SUMMARY page Can be used by a manager to share information with the bookkeeper Required for accurate liability calculations

24 Input Distributions on bottom of Numbered worksheet for the week Can be used by a manager to share information with the bookkeeper Required for accurate liability calculations

25 Open Device Magic Google doc Download and add columns for corrections, subtotal by date, correct until they match the settlement totals

26 If you are a DOH FINI grantee, send corrections to your DOH representative in the requested format, e.g.

27 Input numbers from Vendor paper forms into Numbered worksheets Calculates the amount of vendor checks Compiles sales data for WSFMA and market Can be used by a manager to share information with the bookkeeper Required to calculate liability correctly

28 If credit/debit cards were used to purchase items other than tokens, enter those totals at the bottom of Numbered worksheet for the week Can be used by a manager to share information with the bookkeeper Necessary to assure liabilities are calculated properly

29 Workbook COUNT worksheet Critical for finding errors and irregularities Important to assure need for retraining is identified and adjustments to the liabilities for any errors or irregularities are made May choose to deduct losses at the end of the year

30 If you would like to track things that might have affected your market s sales, you can record these on the General Input worksheet

31 Workbook SUMMARY worksheet Calculates liability for reconciling with the books at the bottom of the Unredeemed columns and the Incentive columns

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33 Record the Batch/Summary report as a Deposit

34 Record the Journal Entry for your Incentive Distributions*

35 Record each vendor check

36 Record total redemptions A/R and Income

37 Compare Unredeemed EBT and Outstanding Tokens balances to your financial records If they are different, assure all checks are recorded in both places, batch report amounts match, and all adjustments (non-token, dr/cr transactions) are accounted for on both Assures timely identification of errors and irregularities

38 Shows all outstanding token and incentive balances Shows if your EBT reserve account has enough to cover your liabilities Shows how much money you expect to receive in the future from grants

39 Shows the cost of the incentive programs Shows the income from grants and fees covering those programs

40 For currencies that expire at year-end, be sure to write off the liability as of the expiration date

41 Adjust unexpired (token) liabilities to an amount reasonably expected to be redeemed using Allowance for Doubtful Tokens

42 Regularly check your EBT Checking balance vs. liabilities

43 Expired currencies have a zero liability balance Total token liabilities have been adjusted to match reasonable expectations EBT Checking covers total liabilities

44 Expired currencies expense = redemptions Other income increased by Allowance and uncashed vendor checks (add negative other income line to check to adjust it to zero)

45 Different for Different Agencies check all grants and agencies you are involved with FINI requires retention of records for 10 years after filing an A19 IRS statute of limitations is 7 years after a return is filed for fraud and 3 years after a return is filed otherwise Third party documents required for expenses Vendor paper (initialed by vendor) and all other records Scanned documents and electronic signatures are generally accepted

46 Eyeball it OR Get Fancy! Statistical software such as SPSS can analyze variables to determine if they have a statistically significant effect Food From Farms can help

47 Reconciling Device magic Keeping books Accepting contributions/donations Providing a home for a Coalition (to fundraise together for an area) and administer the program e.g. SVFMC, SRFMC, Spokane Grant writing support Technical assistance and support Website discussion, tools, knowledgebase

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49 Visit FoodFromFarms.org for all the materials mentioned here today and for additional information about managing farm direct alternative currency programs through farmers markets Contact Sheri Muntean or Ariel Gould Sheri cell/text, Ariel cell/text fax Contact Rita Ordóñez phone (no text)