GSGWM FINANCES & RECORD KEEPING

ADDITIONAL INFORMATION

Our Citizens Bank Account Representatives are Beverly or Leeat their Washington Street-Dover branch @ 740-4700

  1. If you don’t like balancing a checkbook, a troop parent, relative or co-worker can volunteer to keep track of your receipts, deposits, and statements and to reconcile your checkbook on a monthly basis. If your “financial volunteer” is not handling money and only assists with paperwork, they do not have to be a GSGWM registered adult.
  1. Your troop will share one user id/password for “view only “online access to your troop checking account. This will enable you to monitor transactions, check your account balance and print bank statements at any time.
  1. Troop expenses should be paid via a troop check or debit card. Personal funds should only be used when these forms of payment are not accepted or during an emergency situation.
  1. If a leader needs to be paid by the troop, a Troop Leader Expense Reimbursement Request (in Volunteer Forms) must be submitted to the Community Accounting Coordinator within 30 days. Once approved, the remaining co-signer may then write a troop check as payment.
  1. If you decide to use a debit card:
  2. Request one by going in-person to our Citizens Bank branch.
  3. Each troop is authorized to have one debit card per checking account.
  4. Use your debit card as a credit card and sign for your purchases. Businesses charge a point of sale (POS) fee for each debit transaction.POS fees are unnecessary charges, and you will be asked to reimburse your troop for excessive POS usage.
  1. For every purchase or cost:
  2. Keep a receipt (cash register receipt, paid invoice, event confirmation)
  3. Circle Girl Scout purchases.
  4. Initial who made the purchase.
  5. Quickly note what an item was used for (craft, event, food)
  6. Keep receipts sorted a system that works for you (date, category)
  1. When making deposits:
  2. Make one deposit for each type of income. Don’t mix money from dues, events and product sales.
  3. Include an income description when entering a deposit on your Detail Account Record of Troop Funds. (Dues, Badge Blast, Corn Maze)
  1. You are personally responsible for reimbursing your troop account for all overdraft balances and fees incurred during the year.
  1. Keep up with your “financial situation” each month and consistently know yourtrue checkbook balance. Remember: Thebalance your bank account reflects is not alwaysthe money you have available to spend!
  2. Ensure that each debit card transaction or bank fee is logged into your checkbook.
  3. Reconcile your checking account every month.
  4. If one leader uses your checkbook and the other leader has a debit card, both leaders are responsible for knowing your troop’s available balance. Constantly communicate and update each other when deposits and purchases are made.
  5. Budget for future costs (insignia, events, supplies) and earmark money for their use.
  6. Your Community Accounting Coordinator will be helping to monitor your account each month.
  7. At the end of each statement cycle, enter your checkbook transactions into the Excel version of your Detail Account Record of Troop Funds (in Volunteer Forms).
  • Our District Accounting Coordinator will be accepting only this report at End of Year.

Written and other software-generated reports will no longer be accepted.

  1. By February 1st, pass in a half-year version of yourAnnual Troop Financial Report to the Community Accounting Coordinator. You’ll be able to review and makes tweaks to your budget and final report before the end of year arrives.
  1. At the End of our GS Membership Year:
  2. Ensure all expenses and receipts are accounted for.
  3. Balance your checking account.
  4. Pick a day at the end of May as your “End of Year” and mark it within your checkbook.
  5. Try to leave a “reasonable” amount of money ($20+) in your checking account, whether you are returning or not. This is a comfortable amount to keep for checkbook errors and starting-up the new year.
  6. By June 1st pass in to your Community Accounting Coordinator - a signed copy of your Annual Troop Financial Report, its corresponding Detail Account Record of Troop Funds, original receipts and a copy of your last bank statement.
  1. Save and file away your troop’s paperwork for the current membership year. Each troop must retain 3 years of financial information/documentation.
  1. End of Year paperwork to file way in a labeled manila envelopeinclude:
  2. Yellow copies of yourtroop’s Girl and Adult Registrations.
  3. Copies of Troop Summary Reports.
  4. Copy of this year’sAnnual Troop Financial Reportand its Detail Account Record.
  5. Copies of troop receipts are optional.
  6. Deposit receipts.
  7. Bank statements and correspondence.
  8. Additional troop reports/forms (dues, attendance, incidents, etc.)
  9. Product Sale/Money Earning Activity items: copies of deposit slips to council, money and product receipts, troop sales reports, permission slips, delinquent payment alert forms.
  1. If you are not returning to your troop for the next membership year:
  2. Make sure your checkbook is balanced, you’ve settled any fees due, and your account contains enough money for outstanding checks.
  3. Note the purpose for all checks and deposits made after your financial End of Year. This will help new leaders to categorize these items and include them in their following Annual Troop Financial Report. Common post-EOY items are pre-registration fees, EOY event expenses and insignia.
  4. Pass in your checkbook, past years’ paperwork and supplies to your Service Unit Team.

Most importantly, if you need help or have a question, just ask another “seasoned” leaderor your

Community Accounting Coordinator. We’re all volunteers and are here to help each other!

BANKING & FINANCIAL RECORD-KEEPING

FOR TROOPS/GROUPS & COMMUNITY

Please keep this for your own reference and return the top page to GSGWM.

  1. Troop/Group and Community funds must be held in a designated Girl Scout bank account.
  2. All Troops/Groups and Communities are required to open a bank account with three authorized signers for the deposit and withdrawal of funds. Two or more registered adults from the Troop/Group or Community who are not related or sharing a home with each other, must be authorized signers on the account. The Community Accounting Coordinator must be the third authorized signer. If the Community Accounting Coordinator position is vacant, contact the GSGWM Finance Department.
  3. The Troop/Group and Community Account Information form is to be completed annually (regardless of whether or not there are any changes) and submitted to the GSGWM Service Center in Bedford, NH, Attn: Finance Dept., by October 31st (or immediately after opening a new account or making changes to any existing account).
  4. All bank accounts must be opened using the following account name:
  5. Girl Scouts of the Green and White Mountains Troop/Group #, or
  6. GSGWM Community Name & #
  7. All bank accounts must use Tax ID #02-0243160.
  8. GSGWM Troop/Group and Community bank accounts are permitted to have ATM/Debit cards. Credit cards and web-based access to accounts are not permitted.
  9. Any check written for $250 or more must have two signatures.
  10. Preprinted checks should include the Account Name as above (see 4). No volunteer’s name should be printed on Troop/Group or Community accounts.
  11. All checks written on Troop/Group and Community bank accounts must always be made out to the payee, never to “Cash” or to the person signing the check.
  12. Authorized check signers are responsible for verifying itemized receipts for all Troop/Group or Community expenses, including reimbursements, and ensuring that receipts are kept with the corresponding bank statements. All records must be available to GSGWM Regional or Finance staff upon request, and retained for a minimum of three years (per IRS).
  13. All Troops/Groups must submit the Troop/Group Financial Report, accounting for all funds received and spent by the Troop/Group, to the Community Accounting Coordinator on or before June 30th each year. The report must be verified and signed by all authorized signers on the bank account and accompanied by the most recent bank statement.
  14. The Community Finance Report, accounting for all funds received and spent by the community, must be submitted to the District Accounting Organizer on or before June 30th each year. The report must be reviewed and signed by all authorized signers on the bank account and accompanied by the most recent bank statement.
  15. Random audits of Troop/Group and Community bank accounts will be conducted each year by GSGWM Finance staff. Selected Troops/Groups and communities will be required to provide all bank account statements with corresponding expense receipts, check registers and/or Detailed Cash Record forms within 30 days’ notice.
  16. Failure to comply with these policies may result in appropriate Council action including, but not limited to, staff oversight, termination from the volunteer position, and/or restrictions on further Troop/Group fundraising activities.

Revised August 2011 Departments/Finance/bank account info for groups and communities