SWE Annual Financial Report Society Finance Committee Presentation

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SWE Annual Financial Report Society Finance Committee

SWE Annual Financial Report Society Finance Committee

Presentation Objectives The Participant will be able to: • Understand the timeline to complete

Presentation Objectives The Participant will be able to: • Understand the timeline to complete required financial paperwork, including the Annual Financial Report. • Be prepared to submit annual reports to SWE at the end of the Fiscal year. 2

Table of Contents • Reporting Timeline • Completing the SWE Annual Financial Report 3

Table of Contents • Reporting Timeline • Completing the SWE Annual Financial Report 3

Reporting Timeline

Reporting Timeline

Required Financial Paperwork (EVERY YEAR) Professional Sections • Prepare and submit the annual financial

Required Financial Paperwork (EVERY YEAR) Professional Sections • Prepare and submit the annual financial report to the Society. – Due July 30 th • File your section’s epostcard or 990 tax forms. – Due November 15 th er: d n i m arts Re t s r a cal ye s i f s ’ SWE on June n o s d end n a 1 July 30. Collegiate Sections • Prepare and submit the annual financial report to the Society. – Due July 30 th • Are you covered under your university’s EIN? – Yes: Do not file tax forms or apply for an EIN. – No: File your section’s epostcard or 990 tax form. Due November 15 th Your Annual Financial Report must be submitted to receive your rebates!! 5

Annual Financial Report Each section and the MALs must submit their Financial Report online

Annual Financial Report Each section and the MALs must submit their Financial Report online by the July 30 th annually. • Your section’s dues rebates will not be sent unless submitted! Items needed to complete the Annual Financial Report: • • Section/MAL EIN Your financial bank information & start/end balance sheets Copy of budget and ledger Contact information for current Treasurer and next year’s Treasurer The Annual Financial Report should be filed by the Treasurer at the END of their term, and is a great transition activity! • • • Recommend the outgoing treasurer prepare the report. Then review it with the second approving officer (see slide 8) and the incoming treasurer. Once approved, both treasurer can submit the report together. 6

The Annual Financial Report

The Annual Financial Report

Annual Report. Second Approving Officers Before submitting the report, you will need a second

Annual Report. Second Approving Officers Before submitting the report, you will need a second authorized officer to review and confirm the accuracy of the finances that will be reported in the online form. Authorized Approvers for: • Collegiate sections: President, Treasurer, Counselor, or Faculty Advisor • Professional Sections: President, Treasurer • MALs: President, Treasurer 8

Annual Report- Online Access • Login to login. swe. org using your SWE membership

Annual Report- Online Access • Login to login. swe. org using your SWE membership credentials. • Click on “Leadership”, then “Submit Section Financial Report”, and finally “Create New Section Financial Report”. Note: These buttons will only be available to the President and Treasurer of a section. 9

Annual Financial Report Inputs Income Information • • Dues rebates income Scholarship donations Specific

Annual Financial Report Inputs Income Information • • Dues rebates income Scholarship donations Specific project donations (banquet, outreach event, etc. ) General donations Interest income Other income Accounts receivable Best Practice: Review Expense Information • • Scholarships Administrative expenses Other Expenses Accounts payable the previous year’s report at the beginning of the fiscal year to understand requirements for reporting by activity type. Appropriate tracking of income/expenses throughout the year makes this form easier to complete! 10

Annual Report- Overview The report has four main sections: Section Info (Section Name, Section

Annual Report- Overview The report has four main sections: Section Info (Section Name, Section Number, and EIN Number) Income Expense s Assets and Liabilities 11

Annual Report- Income Information • • (1) Dues Rebate: Total amount of dues rebates

Annual Report- Income Information • • (1) Dues Rebate: Total amount of dues rebates you received from HQ, issued on a quarterly basis, either by direct deposit or check. (2) Scholarship Donations: Total of donations from companies or individual donors for scholarships. (3) Donations for Specific Projects: Total of donations received for specific events or projects such as banquets, outreach events, professional development events, etc. (4) General Donations: Total of donations received that were not given for a specific designated purpose. For example, a general donation to the section. (5) Interest Income: Total of interest earned from accounts (checking, savings, and/or investments). (6) Other Income: Total of any other income received that doesn’t fall into one of these categories. For example, if you sell items such as t-shirts or other merchandise to support the section. (7) Accounts Receivable: Total of donations or income promised for any of the above categories that has not yet been received. For example, Company ABC commits to donate $200 for an outreach event held in early June, but their check as not been received at the time this report is being submitted. 12

Annual Report- Expenses Expense Information • • (9) Scholarships Awarded: Total of all monies

Annual Report- Expenses Expense Information • • (9) Scholarships Awarded: Total of all monies distributed for scholarships (for an individual’s school expenses). (10) Administrative Expenses: Total of all expenses for administrative items or section management not tied to a specific project (for example officer supplies, section newsletter, non event Thank You Gifts, ballot mailings, etc. ) (11) Other Expenses: Total of all expenses related to programs (member meetings and social events, professional development events, outreach events, etc. ) and officer travel expenses. (12) Payables: Total of expenses (from any of the above categories) that you have agreed to pay but have not been invoiced for yet, or checks written for any of the above category that haven’t been cashed at the time the report is being submitted. For example, an award check has been mailed to the recipient of a section award but it has not been cashed and has not cleared on your bank statement. 13

Annual Report- Assets and Liabilities • • (15) Cash, Checking Accounts, etc. : Total

Annual Report- Assets and Liabilities • • (15) Cash, Checking Accounts, etc. : Total of all funds remaining in section/MAL accounts at the end of the year. (Reminder: Do not add or subtract items that have not cleared as these are accounted for in the receivables or payables section). (16) Receivables: Will be filled in automatically from the Income Section. (17) Payables: Will be filled in automatically from the Expense Section. (18) Estimated Net Assets: Will automatically add amounts from the Cash/Checking Account (16) and Receivables (16), and subtracts the amount from Payables (17) to give the final net assets of the section/MALs. 14

Annual Report- Submitting • Prepare data for the report and review with your second

Annual Report- Submitting • Prepare data for the report and review with your second authorized officer. • Enter all the Section’s or MAL’s financial information into the appropriate boxes and then click “Next”. Best Practice Recommendation: Preparing the data for the report first in Excel makes it easy to complete the form. 15

Annual Report- Save • Click the box next to It!! Approved if the Section

Annual Report- Save • Click the box next to It!! Approved if the Section President has approved this Financial Submission. • Upload any supporting materials saved on your computer by selecting “Browse…” under the Supporting Materials section. • • • Uploading documents is not required, but remember, all financial documents must be retained for 7 years (IRS rules). This can be copies of budget, invoices, ledgers, or receipt documentation. It is highly recommended sections upload a copy of their EIN Filing Confirmation or Copy of the University Letter confirming they are covered for tax exempt status Once everything has been entered, click the “SAVE” button! 16

Submitting your Report • If all the information has been entered correctly, you will

Submitting your Report • If all the information has been entered correctly, you will have a check mark under the Status column next to Financial Information and Section President Approval. • Select the “SUBMIT” button on the left-hand side to complete the Financial Report submission • If you have not completed the information correctly or have missing information, you will have an X next to the Financial Information and/or Section President Approval. Use the side panel on the left to go back to the section where you are missing information to complete it. 17