Final Report for 2012-2014
June 2014
Your Name:Bridget Masters
Office or Committee: Treasurer
Description of Your Role:
Scope of Work. The Treasurer serves as the chief financial officer of the District and is entrusted with the receipt, care and disbursement of funds and, as such, shall keep or oversee the keeping of such records in accordance with good accounting practices. The Treasurer reports to the Governor. The Treasurer is a voting member of the District Board and District Conferences.
Responsibilities. The Treasurer shall:
(1) Attend each District 12 Board Meeting and present the Treasurer’s Report and Budget Comparison, both dated as of the last day of the month preceding the Board Meeting. The Governor shall be provided a copy of these reports prior to each meeting.
(2) Send the reviewed or compiled financial report to International by August 31 of each year.
(3) Work closely with the Lt. Governor to keep accurate updated membership records at all times and to verify that all clubs voting on District matters have paid International and District dues.
(4) Pay approved vouchers and bills.
(5) Notify club treasurers of the proper procedure for submitting dues renewals to District and International. Process dues payments and compile membership numbers.
(6) At all times allow the Treasurer’s books to be open to inspection by the District Board and any auditors named by the District Board in accordance with Section 7 E. Accounts and Books.
(7) Take care of tax matters for the District and prepare or assist in preparing applicable tax returns.
(8) Turn all records over to the successor no later than forty-five (45) days after the term of office closes.
(9) At District Conference, present a Review or Compilation of prior fiscal year end. Present Treasurer’s Report, Budget Comparison and Comparison of Fund Balances, dated as of the end of the fiscal year.
Biennial Goals & Results for this Biennium:
Goal: D12 has sustainable financial resources that support current activities & provide for long term growth
Objectives & Indicators:
Revenue covers expenses
Receipts will be equal to or greater than disbursements for 2012-2013 & 2013-2014
Appropriate fiduciary practices that are in accordance with applicable financial reporting standards are in place and are followed
A complete and current Operations Budget Comparison Report, Treasurer's Report, & Comparison of Temporarily Restricted Fund Balances Report will be presented at each board meeting.
The 2014-2016 budget will be prepared with the Finance Committee and the Lt. Governor and presented for approval at the 2013 District Conference.
The dues process is facilitated with clubs to ensure dues are paid
Notify all club treasurers by Nov 1st of 2012 & 2013 that 1/2 year dues begin Dec 1st
Ensure 100% compliance of clubs to have ZI & district dues in by June 1st
Create & deliver a training video on how to submit dues by April 1, 2013
Auditors or reviewers consistently report that District 12 is acting in accordance with its ethical, fiduciary & legal responsibilities
One Review/Compilation of the financial statements will be presented at the 2012 Governor's Seminar and the 2013 District Conference
Information Sources for this Role: Zonta International and District 12 websites
Key Dates:
June 1:Dues renewal deadline
August 31:District 990 spreadsheet to Zonta International
Clubs filing 990 spreadsheet deadline to ZI
October 15:Form 990N Deadline
Form 990 Deadline for clubs filing on their own
What Worked During this Biennium:
Had a great leadership team and finance committee.
What You Would Change:
Possibly more conference calls or to do webinars on specifics on how to prepare forms. The most important thing is making clubs understand why sending in new member information is so important.
The last 4 years the board has been very conservative in its spending and as a result there is a large surplus of funds. I am concerned that members will want to remove the $1 annual dues increase. I believe this would be a mistake. Instead I recommend the following:
- Increase the allowance to the Governor and Lt. Governor to travel to International conventions and the Inter-District meetings.
- Increase the budget amount for the Governor
- Encourage board members to turn in expenses. Members should not be expected to spend their own money to do the work of the office or committee.
- For the District to provide a more active role in providing benefit to the clubs and its membership.
- Provide training and assistance to help clubs with their websites
- Provide training and assistance to help clubs with PR
- Provide training at conferences and seminars that improves the skills of our members for both their club and professional work