TREASURER
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TREASURER
Revised by the P & P committee
General Statement
The Treasurer is the custodian of the AWCP funds. The Assistant Treasurer shares the responsibilities of the Treasurer.
Policy
1. The fiscal year for the AWCP is March 1 to the last day of February, inclusive.
2. All transactions, both receipts and disbursements, must be vouchered.
3. All receipts must be deposited unless otherwise approved by the Treasurer.
4. The balance in the checking account will contain a minimum of P500,000 in unobligated funds at the end of the year to carry over into the following year.
5. A minimum of P5,000,000 will be maintained in CD’s or other investment accounts. This shall represent two years of operating expenses.
6. Unbudgeted expenditures over P5,000 must have prior Board approval.
7. Changes in the budget must be approved by the Board.
8. All budgeted monies not expended by the end of a fiscal year will revert to the general fund.
9. A calendar will be maintained listing all corporate requirements that must be fulfilled during the year in order to comply with Philippine law.
Duties:
The Treasurer and Assistant Treasurer share the responsibilities of this Office. These duties include:
1. Establishing procedures for the office of Treasurer
2. Preparing the AWCP overall budget with the assistance of the Assistant Treasurer, the President and other members of the Board
3. Making or causing timely deposits to be made
4. Making payments or causing payments to be made
5. Keeping accurate accounts
6. Overseeing the investment accounts
7. Maintaining custody of the office safe and the inventory of documents of all papers not specifically under the charge of another office
8. Appointing one or more replacements to assume the duties of the Treasurer in the absence of the Treasurer and Assistant Treasurer
9. Ensuring that the employee records and payroll reports are kept in good order and that any required payments are made on time
10. Attending monthly general meetings and collect monies as required
11. Supervising and establishing accounting duties of the Bookkeeper
12. Maintaining contact with attorneys/accountants/auditors to ensure the AWCP is always in compliance with Philippine Law.
13. Ensuring that all fundraising activities comply with Philippine Law
14. Maintaining a Calendar of Business which details, monthly, all corporate responsibilities which are to be carried out during the year
15. Assuming other duties as delegated by the President
16. Presenting monthly reports to the Board and the membership and submitting a Year-end report on the activities of the Office.
17. Coordinating with the Bazaar and Special Events committees. The Treasurers should participate in the Bazaar and Hoedown finances given that they are such large contributions to the AWCP overall budget.
Procedures
Establishing procedures
The Treasurer shall advise the Board of the procedures she has established for the receipt of monies and the disbursement of funds.
1. The AWCP functions on a cash basis for accounting purposes. Books close for the year on the last day of February. All monies collected from fund raising, membership, etc. must be turned in by that date to be posted in the current year. Receipts received after the last day of February will be processed in the following year.
2. Original vouchers with supporting documentation will be retained in the accounting files at the AWCP office.
3. The Treasurer will ensure that the minimum balances, as stipulated in the policy guide, are maintained in the AWCP bank accounts at all times.
4. The Treasurer will advise the Board of all prepaid monies received and any obligations owed at the end of the year to ensure that the minimum balances have been met.
5. The Treasurer will ensure that the official receipt books are kept in a safe place and will maintain appropriate control over their issuance.
6. All tickets for AWCP events shall be sequentially numbered and a reconciliation of all sales will be performed. No prices of any kind are permitted on tickets or on any printed publicity for any event.
7. Change funds for the various offices and committees are to be audited and or collected at the end of the fiscal year and turned over to the new officer or committee chair a the beginning of the new fiscal year.
8. The Treasurer must retain the financial books in Quickbooks Pro or in any other computer software that may replace it. Changes in financial software must be pre-approved by the board.
9. Assist the 3rd VP in reviewing employee’s salaries and other compensation and ensure that taxability of such complies with Philippine Law.
Preparing a budget
Officers and Committee Chairs must prepare and present a budget of anticipated income and/or expenses to the Treasurer no later than Mid-February. The Treasurer, with the assistance of the Assistant Treasurer, the President and other Board and Committee members, will prepare the AWCP’s annual budget. It will be presented at the February or March Board of Directors meeting, at which time there shall be a call for approval.
The budget is comprised of three categories: 1. Operating Expenses, which include the following committees: President, 1st VP, 3rd VP—Payroll, 3rd VP—Office Admin., Corresponding Secretary, Recording Secretary, Treasurer, Ex-Officio and Historian; 2. Program Expenses, which include the following committees: 2nd VP General Meetings, Blood Donors, Hospitality, Publications, Bazaar, Membership, Special Events and Tours; and 3. Donations, which includes the Community Service committee. These designations are important in order to maintain an Overhead Ration (defined as Operating Expenses divided by Total Expenses) that is less than 30%.
The Treasurer is responsible for identifying obligated funds and informing board/committee members of these funds when they are preparing their budgets.
The AWCP will subsidize up to 40 % of the cost of producing Inklings in any year.
Making timely deposits
All monies received will be deposited to the AWCP bank accounts. The Treasurer shall ensure that all monies collected are handled in a discrete manner and deposited as soon as possible.
Cash monies may not be used to pay expenses directly, without prior approval of the Treasurer.
Official receipts will be issued for all monies received for deposit to AWCP accounts.
Officers and/or Committee Chairmen who are responsible for generating income must submit monthly reports and final summaries of income and expenses related to individual events such as tours and special events to the Treasurer who will reconcile these accounts.
All income presented to the Treasurer will be accompanied by an Income Voucher and the supporting documents. Income from events that require tickets must have detailed listings of ticket purchases. The Treasurer shall issue an official receipt to the appropriate office/committee.
Making payments
Disbursements will be made by check, unless other arrangements have been made in advance with the Treasurer. The Treasurer will establish a regular schedule for issuing checks.
Requests for payments must be in the form of an Expense Voucher submitted with the original supporting documentation. All expenditures must be vouchered with original receipts and/or other supporting documentation.
Keeping accurate accounts
The Treasurer will keep the financial books current. It is recommended that she not wait until the end of the month to post transactions. All bank accounts must be reconciled against the bank statements each month.
The Treasurer will audit all monies collected and received at the offices on a regular basis. Official receipts must be issued whenever monies are received at the offices.
The office bookkeeper will be the custodian of all financial records (ie. Treasurer reports, ledger, income and expense vouchers, etc.). All records must be kept up to date and in good order.
The Treasurer must conduct random audits of petty cash and inventory of all stock offered for sale in the office.
The Treasurer is responsible for ensuring that the AWCP is in full compliance with the government of the Republic of the Philippines’ requirements for conducting business. The Treasurer along with the bookkeeper will ensure that all the appropriate reports, filings and/or payments to all agencies are made, in particular, the SSS, BIR, SEC and Pag-IBIG, as well as other agencies for which, under the law, reports or filings must be submitted or for which taxes must be paid.
Overseeing the investment account
The Treasurer will oversee the investment account, ensuring that the interest is posted on time and the proper procedures are followed for rolling over and/or changing the terms of the individual investments.
Maintaining custody of documents
The Treasurer is responsible for ensuring that all financial files and all the official documents and other records pertaining to the establishment of the AWCP and its status with the Philippine government are maintained. Other documents such as investment certificates, insurance policies, municipal licenses, copies of audits, etc. are also to be maintained. These documents are kept in the safe at the office of the AWCP and are inventoried annually. A current list of the documents is kept with them. The Treasurer will maintain correct and continuous files of all correspondence with the attorney and the auditors. The Treasurer will maintain correct and current files for all yearly, monthly and quarterly documents of the various agencies of the Philippine government.
Appointing one or more replacements to assume the duties of the Treasurer
It is the responsibility of the Treasurer to ensure that the duties of her Office are covered in her absence. She will appoint one or more replacements to oversee her duties especially during the summer months when a large portion of the Board is out of the country. The Board and the office staff should be advised as to who will be in charge.
Keeping the employee records
The Treasurer is responsible together with the First Vice President for maintaining employee records concerning salary, SSS, BIR, Pag-IBIG, annual leave, sick leave and loans should they occur. These files should be continuous and not filed in a particular year.
Maintaining a Calendar of Business
The Treasurer is responsible for maintaining the Calendar of Business that details the corporate, legal and financial requirements for the Club. This calendar might also indicate explanations for why such items need to be performed. The Treasurer should in particular ensure that it is current at the end of her term in order to pass it the incoming Treasurer. A copy of the calendar is to be kept in the office safe.
Presenting regular reports to the Board and the membership and submitting a Year-end Report on the activities of the Office:
A Treasurer’s Report shall be presented at each Board of Director meeting. The report shall be an accurate reflection of the activities of the Club for the month, including a detailed accounting of all income received and disbursements that were made. The Treasurer, or her representative, will conduct a line-by-line review of the Report at the Board meeting, if necessary.
A simplified Treasurer’s Report will be appended to the monthly General Meeting Minutes. The Treasurer, or her representative, will provide the office secretary with the report that she will attach to the General Meeting Minutes before photocopying.
The final Treasurer’s Report for the year shall be usual in all respects except that as of the last day of February any prepaid monies (e.g., membership dues, tour payments, bazaar fees and ticket sales for events) pertaining to the following year shall be identified in order to reflect the current year’s actual earnings.
A copy of the audited report for the previous year must be published to the general membership in the AWCP monthly magazine.
The Treasurer will ensure that Membership dues figures reconcile with the total members according to the Membership Committee. It is the Treasurer’s responsibility to ensure that at no time the number of Affiliate memberships exceed the percentage of the Regular Memberships established in the By-Laws.
The Treasurer will prepare a Year-end Report of the activities of the Office during the year and supply copies to the President, Historian and her successor.
Planning a Budget:
Planning the budget is to be coordinated with the Treasurers, and the President.
Normal expenses incurred by this position include, but are not limited to, the following:
a. Admin
