|Monthly Financial Reports|
The Director of Finance/Treasurer is not only responsible for handling the organization's money; it also falls to her to produce monthly reports for the Board of Directors. Below is a brief explanation of the various reports Sandy Thornton produces each month.
Monthly Treasurer's Report
The Treasurer prepares a monthly report presented at the monthly meeting for Board approval.
We are either in a positive or negative position at the end of each month. It doesn't mean we are out of money for that month, just that our expenses were greater than that left over from subtracting the Restricted Funds and Conferences.
We are in a negative position for several months throughout the year. This is due to the buildup of funds for the conference and restricted funds. As we spend those funds, our balance reverts to a positive status.
The Restricted Funds are:
The Conference Funds:
Budget versus Actuals Report
The other report I submit monthly to the board is a Budget Vs Actuals Report. This is for information only and does not require Board approval.
This report shows monthly and cumulative totals of income and expenses against the budget.
GCLS uses QuickBooks (QB) online. Only the Treasurer and Executive Director have access to the QB files. All income and expenses that go through our bank account are updated automatically to QB. All expenses and income from our credit card processor, PayPal, and credit cards are updated automatically to QB. The treasurer must categorize each income and expense with the appropriate code. Codes are assigned for all income and each expense.
At the end of each month, after all items are categorized, I reconcile QB and pull a monthly Profit and Loss report from QB to use for the Monthly Treasurer's report.
At the end of the year, I pull and check reports and give access to the files to our accountant for preparation of the required IRS report, the form 990. This form is available to anyone who requests it.
Credit Card Processor
Our credit card processor (CCP) is integrated with our membership database, Your Membership (YM). Several times each month, I pull a transaction list and settlement list from the CCP. I use this for coding income and refunds in QB.
PayPal is a secondary avenue for people to pay us if they don’t want to use their credit card directly. I pull a monthly statement from PayPal to use for the monthly treasurer's report.
I make a copy of each check we receive and staple it to the receipt from the bank deposit. I manually mark checks paid in YM and update the invoice data.