Accounting Training Accounting Best Practices v Internal Controls

Accounting Training

Accounting Best Practices v Internal Controls v Good Accounting Software v Proper Documentation v Spend within Budget Plan v Regular Review of Transactions v Annual Independent Audits

Difference between 990 And Audited Financials • IRS Form 990 is the reporting form that many federally tax-exempt organizations must file with the IRS each year. • allows the IRS and the general public to evaluate a nonprofit's operations; it includes information on the nonprofit's mission, programs, and finances. • provides the public with financial information about a nonprofit organization, and is often the only source of such information. • used by government agencies to prevent organizations from abusing their taxexempt status. • an independent, objective evaluation of an organization's financial reports and financial reporting processes. • primary purpose for financial audits is to give regulators, investors, directors, and managers reasonable assurance that financial statements are accurate and complete • Unqualified Opinion – Auditor agrees with how a company/organization prepared statements • Why Need? crucial in preventing debilitating misstatements in a company's records and reports.

Accounting Procedures Invoices need to be submitted to Finance in a timely manner! An invoice can be submitted w/o check request as long as it has approval and coding on it Check requests need backup that support requested amount – contract, email, quote, etc W-9 for new vendors : we need this to track items for tax purposes (1099) Payment Terms Net 30 is optimal & standard If invoice has terms Finance will process payment indicated on bill

TMF expenses Only! Due around the 10 th but could change depending on when it falls Keep Receipts Follow Coding Guidelines Concur

CODING When submitting items to accounting for payments & expenses code the following way: Location(Budget) Central GL code 8115 Class CDM Important Points to remember • There will be no coding to other budgets unless you have direct permission from Budget Holder via email to accounting or attached to AMEX • Special Events & Heroes Run classes did not change • Remember where you bucketed money in your budget for expenses !!

Coding Clarifications Split, Split all, Split Programs • Split Region = CDM & VS • Split Programs = CDM, VS, EXP, OP L , HR • Split All = Programs plus Admin & Dev • 7055 – Programmatic Travel CDM, VS, HR, OP L 7055 & 8310 • 8310 – Non Programmatic ( Non Program Travel) Dev, Admin, Conferences, Seminars

Revenue 6. 16 M Expenses 6. 581 M

BUDGETS Make sure when coding you are putting in right bucket(GL Code) that you budgeted for Be aware of spending. Need to stick with the spending plan in your budget Need permission from Budget Holder to code to their budget quarterly reviews with budget holders to make sure budgets stay on track There will be spending accountability

DEADLINES !! Are important – if Finance issues a deadline its because Finance has a deadline Monday for Check Runs on Wednesday Amex Statements typically by the 10 th of the month but could change depending on when it falls Payroll – the Monday of pay week Reimbursements Timesheets

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