Simplifying Annual Reporting for Conferences

Focus on preparing annual reports for Conferences with revenues under $100,000. Learn how to organize records, record revenues and expenses, complete required forms, and follow treasurer responsibilities. Simplify bookkeeping with a straightforward chart of accounts, cash basis accounting, and estimation of non-cash donations. Use a comfortable bookkeeping method, keeping revenue and expense lines minimal for ease of reporting.

• Annual reporting
• Conferences
• Bookkeeping
• Cash basis accounting
• Treasurer responsibilities

chesl Follow

Uploaded on Oct 06, 2024 | 0 Views

Download Presentation

Please find below an Image/Link to download the presentation.

The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. Download presentation by click this link. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.

Presentation Transcript

1. Brantford Brantford September 21, 2019 September 21, 2019

2. Focus will be on preparation of annual reports for Conferences with revenues less than $100,000. 1. Planning how to keep you records to simplify annual reporting 2. Examples of how to record various revenues and expenses 3. Completing the SSVP 9.3E1 4. Completing the Revenue Canada T3010 Considerations for Particular Councils and additional requirements for annual 9.3E1 and T3010.

3. The treasurer is responsible for: Keeping records of all receipts and expenditures Deposits are made regularly and promptly A financial report is presented at each meeting and included in minutes A record is kept for all paid invoices before payment is made Cheques should be signed by two persons authorized by the conference

4. Books and records should be laid out to make the annual reporting as easy as possible Set a simple chart of accounts using the account numbers on annual report form Use the T3010 numbers as they are also used on 9.3E1 SSVP Conference sample chart of accounts Balance sheet accounts 2030 Bank balance 2045 Opening Surplus (deficit) 2046 Net income (loss) for year 2047 Closing Surplus (deficit) Income statement accounts 4500 Donations - receipted 4510 Funding from Councils/charities 4530 Donations - unreceipted 4650 Other income 4920 Bank charges " Office supplies & Admin " Gift certificates " Other special works 5050 Donations to charities " Passups to higher councils

5. Remember that you are only recording cash transactions both coming in and going out Normally you should not be concerned with accounts receivable, accounts payable or inventory at the conference level. Keep it simple and use cash basis accounting.

6. Value of non-cash donations, coming in and going out should be estimated and kept on separate records. Examples include food (organized into hampers), clothing, furniture etc. received as donations and then distributed. Keep a simple, consistent method of determining a value of these for the year. These are to be reported annually in the 9.3 A-B Statistics line 204, 205, 206 etc.

7. Use a method/form of bookkeeping you are comfortable with, experienced with or available to you; Simply accounting, Quick books, Excel spreadsheet, manual spreadsheet etc. Most conferences would only have 3 or 4 revenue lines Most conferences would only have 5 or 6 expense lines

8. Date Transaction details Chq # Bank entry Bank balance Donations receipted & charities no receipt Income Charges Admin Councils Donations Other Bank Office & Vouchers Other Donations Passups Surplus account Check Gift cert. spec wks charities (4890) (4890) 4920 4920 to higher balance (4820) 4920 (4840) 4920 DR(CR) 2030 1,000.00 1,200.00 1,250.00 2,250.00 2,400.00 400.00 370.00 355.00 605.00 1,105.00 1,005.00 475.00 275.00 285.00 185.00 5,185.00 1,185.00 1,179.00 1,179.00 1,179.00 1,179.00 1,179.00 1,179.00 4500 4510 4530 4650 5050 5050 2045 -1,000.00 1-Jan Opening balance-cash & surplus 4-Jan Dep-donation-J. Smith-receipt #1 6-Jan Dep-poor box collection 8-Jan Dep-passdown from Part. Council 10-Jan Deposit-bake sale proceeds 12-Jan Food Basics-gift certificates 14-Jan Bank charge for new cheques 16-Jan Staples-office supplies 18-Jan Dep-church cash collections 18-Jan Dep-church env. (receipted @y/e) 20-Jan Furniture Store(for family in need) 003 22-Jan PCouncil-annual passup(P250,N280) 004 22-Jan Particular Council-annual insurance 005 24-Jan Dep-meeting black bag (Rule 3.11) 26-Jan Sisters of Charity (Rule 3.13) 28-Jan Deposit-received from estate 30-Jan PC passup (Rule 3.13, 2.2.10) 31-Jan Bank charges for month 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 200.00 50.00 1,000.00 150.00 -2,000.00 -30.00 -15.00 250.00 500.00 -100.00 -530.00 -200.00 10.00 -100.00 5,000.00 -4,000.00 -6.00 -200.00 -50.00 -1,000.00 -150.00 001 2,000.00 30.00 15.00 002 -250.00 -500.00 100.00 530.00 200.00 -10.00 006 100.00 -5,000.00 007 4,000.00 6.00 Totals for period (month or year) 179.00 -5,700.00 -1,000.00 -310.00 -150.00 6.00 245.00 2,000.00 100.00 100.00 4,530.00 -1,000.00 2046 2030 4500 4510 4530 4650 4920 4920 4920 4920 5050 5050 Net inc(loss) Rule 2.2.11 - at each meeting, a financial report stating revenues and expenses should be presented to the members and reported in the minutes

9. Insert revenue from records and total automatically calculates Insert expenses from records and total expenses and net income(loss) automatically calculates

10. Distribution of expenses all automatically calculate and provides the numbers you need for breakdown at bottom of page 3 on T3010 Assets- insert your closing cash balance Equity- insert your opening cash balance and your net income(loss) from page 1

11. Reasonable reserve report all automatically calculated, unless you need to adjust for extra expenses in upcoming year. This will adjust pass-up requirement of surplus if applicable

12. 9.3E1 Conference annual reports to councils or next higher councils are due first by January 30th Particular Councils must report to Provincial Councils by February 20th

13. A copy of 9.4 E Annual Financial Report guide for 2019 is included with all forms that can be downloaded from the National website The guide explains in more detail a description of items to record on appropriate lines

16. All the figures come directly from the 9.3E1 Only need to report the ending cash balance from the Balance sheet Only need to insert revenue and expenses. No need to calculate net income

18. Must include: TF725, basic information sheet (sent to you annually) Copy of financial statements an absolute must so conferences should use the 9.3E1unless you prepare your own financial statements. T1235 directors worksheet T1236 Donations made to other charities (if applicable) includes pass ups to higher councils

19. Consolidated filings of all conferences for 9.3E1 T3010 must include Schedule 6 detailed financial information if revenues exceed $100,000 and schedule 3 if any compensation is paid to staff. T3010 must also include RC232 if incorporated. In Ontario, a registered charities can apply for a rebate of approximately 80% of all HST paid during the year. You do not register for HST purposes to apply for this rebate.

20. Financial Handbook for Conference Treasurers on National website https://www.ssvp.ca/sites/default/files/eng- financial_handbook_for_conference_treasurers-v2.1.pdf 1. The Rule and Statutes of SSVP Canada specifically 2.2.7.3, 2.2.10, 2.2.11, 3.13 2. SSVP National website https://www.ssvp.ca/annual-reports 3. CRA https://www.canada.ca/en/revenue-agency/services/forms- publications/forms/t3010.html 4.