Transition

A transition date will be set.



Revenue
Expenses
Funds in account
Regional Bank Account
Prior to transition date
Paid into regions bank account
Paid by region out of bank account
Managed by region
Active
On transition date and 90 days beyond (or when all checks written have cleared)
Paid into NYSVMS bank account    
Paid by NYSVMS on behalf of region    
Managed by region
Active to honor any checks written
90 days post - or when all checks have cleared if sooner
Paid into NYSVMS bank account    
Paid into NYSVMS bank account    
Transferred to NYSVMS and managed as a designated fund for chapter
Closed


Transition day onwards


Bank Account
All funds held by NYSVMS
Revenue    
All revenue collected will be paid into NYSVMS bank account.

Credit cards    
Credit card payments for dues, events and sponsorships will be processed through the YourMembership platform
Checks    
Checks should be made out to NYSVMS. NYSVMS will arrange with the bank so that we can pay checks payable to CDVMS into our account
Checks collected at an event should be copied and then mailed to NYSVMS. The copies should be emailed.
Cash
NYSVMS will provide deposit slips for cash collected by the region to be deposited. It should not be mailed
The deposit receipt and an explanation should be emailed/mailed to NYSVMS
Payments

Checks
Please email all check requests to checkrequest.okqsne@zapiermail.com
You should include explanatory information, and all the information required for us to send payment.

Regions should consider carefully their cash control and who they authorize to send check requests. It is recommended that they should come through the Chapter finance chair.

PEX card payments    
NYSVMS may provide a PEX prepaid visa card to the finance chair for small payments such as food or drinks for board meetings.
This will usually be in the name of the finance chair or President - whichever is requested, but it can be the CE Chair.

There will be an online account where you can see how much is funded, and request more funds on the balance in anticipation of events. Typically we would anticipate several months expenditure and make sure it is well funded.

A condition of using this card is that receipts are obtained and uploaded to the PEX online system - together with explanatory notes, or sent to NYSVMS promptly

Cash    
Where absolutely unavoidable, Chapter leaders may use their own cash (or cards).
They must obtain receipts for the purchases

Requests for reimbursement to NYSVMS will be made through the chapter finance chair (only) by providing an expense claim form and receipts. The finance chair will approve the form and forward the documents to NYSVMS for reimbursement.
Please make every effort to provide all receipts under $20

Receipts are required above $20. Note that the IRS mandates receipts over $75, so we must have these for our audit, although a large number of non-receipted items under $20 would also raise a red flag.



Quickbooks
NYSVMS will manage chapter finances as an integral part of the existing Quickbooks for NYSVMS. As an integrated chapter the finances will be incorporated within the main P/L and Balance Sheet.
The Chapter finances will be identified clearly so that a separate report can be generated of the chapter alone.

a) All expenses and revenue will have a unique code that relates to the chapter
b) Reports will be provided that show all transactions for the chapter, broken down by major category

There will be annual adjustments to the amount of the designated fund for the chapter, based on the annual profit or loss. This adjustment will be agreed with the chapter by 28 Feb of the following year.
The chapter will also be provided with NYSVMS balance sheets that clearly identify the designated fund.

Tax filing
The chapter finances will be automatically included in NYSVMS tax filings, but will not appear as an identifiable item

Financial Reports
NYSVMS will provide reports to the Chapter Finance Chair which identify the revenue and expenses by category.
These may not be in the form that the Chapter Board requires for their internal reporting, and the Finance Chair should expect to maintain their own detailed monthly P/L