Lions Club Treasurer Class

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1 Lions Club Treasurer Class Virginia Lions State Convention May27, 2017

2 Treasurer s Class MAY 27, 2017 Welcome to Club Officer Treasurer s Training May 27, 2017 Presenter Phil Schrack, PCC Club Treasurer Training 2

3 AGENDA 1. LEADERSHIP 2. RESPONSIBILITY 3. DUTIES 4. PLANNING 5. RESOURCES 6. EXAMPLES 7. BUDGETS 8. BOOKKEEPING 9. TAXES 10. FOUNDATIONS 11. CORPORATIONS 3

4 Overview Generation of Budgets Methods to track money Who has to file taxes Sales Tax Tax Forms Foundations My intent is to tie all this information together

5 Welcome You have been elected to the position of Club Treasurer Club Treasurer Training 5

6 Vocabulary Banking Institution Banking Accounts (Activity & Administrative) Payment Authorization Petty Cash Bond Audit Taxes (Federal & State) Records (Disbursements & Receipts) Reconciliation Finance Committee Club Board of Directors

7 Tools your use

8 Club Incorporation Recommendation Each club be Incorporated Why? If the club is incorporated the members are not liable law suites Use LCI Club Standard Constitution & By-laws Cost $75 Annual Fee $25 Unincorporated Members could be liable

9 Structure of Lions Clubs International Constitutional Area Multiple District District Region* Zone Club A club consists of a minimum of 20 members A zone consists of 4 8 clubs A region consists of clubs * A district is comprised of at least 35 clubs with 1250 active members Several districts in a given geographical area comprise a multiple district Each Lions club is located in one of the seven Constitutional Areas, which is represented by at least one international director *optional Club Treasurer Training 9

10 MISSION STATEMENT As a club within the greater International Association of Lions Clubs, your mission is: TO EMPOWER volunteers to serve their communities, meet humanitarian needs, encourage peace and promote international understanding through Lions clubs. Club Treasurer Training 10

11 Your Club Leadership Team As treasurer, you are the financial officer of the club. You are responsible for all financial matters pertaining to the club. You are under the supervision of the president and the board of directors. Club Members Board of Directors President Secretary 1 st VP 2 nd VP Immediate Past President Treasurer Club Treasurer Training 11

12 Your Club Leadership Team The board of directors includes: the president the immediate past president vice presidents secretary treasurer Lion tamer (optional) tail twister (optional) membership chairperson any other elected directors Club Treasurer Training 12

13 Responsibilities Responsibilities of the Club Treasurer Club Treasurer Training 13

14 Responsibilities of the Club Treasurer As the club financial officer and member of the board of directors, the number of meetings to attend and your primary responsibilities include Attending all club and board meetings Preparing club budgets Setting annual members dues Making payments on behalf of the club Maintaining club financial records Filing club taxes Club Treasurer Training 14

15 Types of Meetings Responsibilities of the Club Treasurer The following schedule is common: Monthly Board of Directors regular meeting Club regular meeting As Needed Board of Directors special meetings (when requested by 3 or more board members) Club special meetings (requested at least 10 days prior) Annually Officer transition meeting Charter Anniversary / Installation of Officers Club Treasurer Training 15

16 Responsibilities of the Club Treasurer Now let s look at your responsibilities in regards to preparing budgets. Attending all club and board meetings Preparing club budgets Setting annual members dues Making payments on behalf of the club Maintaining club financial records Filing club taxes Club Treasurer Training 16

17 Responsibilities of the Club Treasurer Preparation of the club s budgets is one of the treasurer s major responsibilities. Done in conjunction with the Finance Committee and president, the budget should be presented for approval at the first board meeting. Each club should least two budgets: - Administrative and Activities - Club Treasurer Training 17

18 Planning Meet with President (Plan the Year) Generator Budget Administrative Activity

19 Club Finances Committee appointed by President of Club Made up of Chairperson & Finance Committee Members Produce a preliminary Activity & Administrative Budgets Present to Board of Directors for Approval Presented to the Club Members for Approval

20 Duties Collect, record and expense money for the Club Report to the Board of Directors and Members Pay Per Capita Tax State ($16.00/Year) Billed based on October 31 membership Pay by December 31 International $21.50 semi-annually Billed June and December Pay by July 31 & January 31 Report delinquent Lions to Board of Directors

21 Duties Meet with immediate past Treasurer Transition meeting with Past Treasurer Obtain Password from Lions Club International Audits Bond Arrange for Banking Institution Approval of Banking first Board Meeting

22 Budget Keep a good filing system Be familiar with Constitution & By-Laws International Standard form for Lions Club Provide Treasurer s Report for Board Meetings & Attach to Secretary s minutes.

23 The Club Board is Responsible Ethically and Legally Clubs are chartered by Lions Club International Recognized by U.S. Government as Tax Exempt (IRS Pub 557) Remember, we are managing other people s money, given to us for a purpose Individuals may wish to carry personal liability insurance and/or be bonded

24 Treasurer Takes oath at the Club Installation of club officers Custodian of all Club funds. Will deposit monies received in banks as designated by the Board of Directors. Assist Finance Committee to develop a budget and provide financial statements. Disburse funds as directed by the Board of Directors. Will give bond for faithful performance of our duties, this is for your protection and in keeping with recognized and accepted business procedures

25 Bookkeeping Manual Software Quicken Microsoft Money Peachtree Microsoft Excel Quick Books

26 Membership Categories Active Family $10.75 Affiliate Associate Honorary Life Member Member-at-Large Privileged

27 Dreamsville Lions Club Administrative Budget Lion Year Adm Income Dues Amount Comments Active Members(20) Affiliate Members(2) Life Members(1) Privileged Members(1) Guest Meals(20) $ 10, $440/yr $100/yr $430.80/yr $100/yr Lions &/or $20.00/meal Fines $5.00/meeting 50/ $12.00/meeting Al Cans 125 Based on Actual TOTAL $11,790

28 Dreamsville Lions Club Administrative Budget Lion Year Adm Expenses Items Amount Comments Club Supplies $ 400 Awards, Stationary, Stamps, etc International Dues 1, $21.50 Semi-Annually Meals 5, Members for 21 $17.00/yr Membership Meals for 21 $17.00 Programs 3,500 Charter Night, Installation, etc Scrapbook 150 Supplies Sickness & Distress 200 Flowers, Cards State Dues $16 Misc 130 TOTAL 11,790

29 Dreamsville Lions Club Activity Budget Lion Year ACT Fundraisers Fund Raiser Income Expense Net Income Remarks Bingo $ 17,500 $ 4,150 $ 13,350 Best Estimate White Cane Estimate Pumpkin Sales 21,800 15,300 6,500 Estimate White House Christmas Ornaments 6,000 5, Estimate New Fundraiser TOTAL $ 46,000 24,728 $21,272

30 Dreamsville Lions Club Activity Budget Lion Year Act Expenses Category Amount Comments Environment $500 New Category Estimate Hearing $ 1,500 Based on Actuals Miscellaneous 1,772 Other Services 3,000 Based on Actuals Sight 7,000 Based on Actuals Social Services 3,500 Based on Actuals Youth Services 4,000 Based on Actuals TOTAL $21,272

31 Virginia Retail Sales and Use Tax Exempt Certification Renewed till Can be obtained from MD 24 Secretary/Treasurer Lion Tammy Brightwell 501 Elm Ave, SW Roanoke, VA (540) Download from

32 IRS Info 501(c) 4 Organizations Lions Club International Lions Clubs Promote Social welfare 501 (c) 3 Organizations Bland LCIF LOVF ODEF

33 IRS 990 Tax Return Based on Gross Receipts Less than $50,000 IRS 990 N Electronic Filing Less than $100,000 IRS 990 EZ Paper Form Greater than $100,000 IRS 990 Paper Form Forms

34 IRS 990 N Form When must you file Tax period July 1, June 30, 2017 Must be filed by November 15 th 2017 Every year by November 15. IRS Webpage

35 IRS Info Fail to file 3 Consecutive years Tax-exempt status is revoked On the filing due date of the 3 rd year Yes, a club can be reinstated

36 Why do we need to file? If a % of clubs fail to file Lions International could lose their 501(c) 4 status

37 SUMMARY Admin and Activity funds are never mixed Use checks and keep receipts Treasurer is an agent of the Board Conflict of Interest Accuracy Pay on time!

38 Resources Click on resources MD 24 website Past Club and Cabinet Treasurers Club Treasurer Training 38

39 Resources You can gain additional insight and information by familiarizing yourself with the documents and training material on the following webpages. Webpages: MyLCI Club Officer Orientation The Leadership Resource Center The Lions Learning Center Lions Clubs Member Resources Managing a Club Club Treasurer Training 39

40 Resources MyLCI video tutorials : MyLCI Introduction Using the MyLCI website Publications: Constitutions and By-Laws LA-1 International LA-2 Standard Club LA-4 District Club Officer Team Manual Art of Recognition Club Treasurer Training 40

41 Questions?

42 My time is up and I thank you for yours Club Treasurer Training 42

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