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
|Checks||Please email all check requests to firstname.lastname@example.org|
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