Dust Composition Analysis in Low-Mass Post-AGB Star
The dust composition of V4334 Sgr, a low-mass post-AGB star forming dust since 1996. Analysis reveals presence of PAHs, SiC, carbonates, and melilites. Absorption features near 6 μm observed, indicating complex dust makeup."
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TREASURER TRAINING ORIGINALLY PREPARED BY CINDY SIEGEL PRESENTED BY CYNTHIA ENGLAND FORMER TREASURER TFRW 2012 2015 FORMER ASSISTANT TREASURER, HARRIS COUNTY REPUBLICAN PARTY CURRENTLY TREASURER, HERITAGE REPUBLICAN WOMEN S CLUB CURRENTLY TREASURER, CINDY SIEGEL FOR CONGRESS
OVERVIEW Responsibilities Procedures and Rules Questions Resources
Local Club Treasurer Per TFRW - The local club treasurer is the custodian of all general account funds and is responsible for: Depositing the funds promptly Dispersing authorized funds as directed Accurately accounting for the funds and other assets of the club Assisting the PAC Treasurer on a timely basis by providing information needed for the TEC reports
What are your responsibilities? 1. 2. 3. Disburse funds as authorized in bylaws in a timely manner 4. Maintain accurate records 5. Reconcile bank accounts monthly 6. Prepare and present a monthly and annual Treasurer s report 7. Prepare and annual budget 8. Provide financial records for financial review 8. Submit TFRW dues and reports promptly 9. Ensure compliance with State and Federal law Collect money and record complete donor information Record and deposit funds promptly
Collect Money and Record Donor Information Collect and Record Money Received Date and amount of each payment received & form of payment (ie, cash, check, or credit card) Each payer s name, address, occupation and employer, and other pertinent information Use of Accounting Program (like Quickbooks) or Excel to record information Information is needed for PAC Treasurer for TEC reporting
Record and Deposit Funds Promptly When first elected as Treasurer, change authorized signers on bank account Deposit money & checks within 1-3 days of receipt of funds Record in your accounting program or spreadsheet Make copies of all checks and deposit slips No anonymous donors or corporate donations Coordinate with your PAC Treasurer timely on information needed for TEC reports
Disburse Funds as Authorized by Club By-Laws Obtain necessary approvals per by-laws Ensure disbursement is budgeted Pay invoices timely Record disbursements in accounting program or spreadsheet Maintain copies of invoices and reimbursement approvals If leaving town, contact Club President to discuss how payments coming due are to be handled
Maintain Accurate Records Best practice is to be consistent and not delay recording information Per TEC everything your club does is intended to promote Republicans and every dollar your club receives or spends is political and PAC related
Reconcile Bank Account(s) Monthly Balance bank statements immediately upon receipt Contact the bank immediately if you discover any bank errors Other discrepancies Discuss with Club President and determine solution to resolve
Prepare & Present a Monthly Treasurer s Report Prepare financials for monthly (and annual) meetings (board and general) Suggested to send to Club President prior to presentation to board or general membership Transparency is important!
Prepare a Proposed Annual Budget Check your club s by-laws for guidance on how this is suppose to be prepared Present it to Board at first Board meeting in new year Board discusses and votes to recommend to general membership Make any changes voted on by Board Present Proposed Annual Budget with any board changes at next general meeting Membership votes to approve
Provide Financial Records for Financial Review Contact your Club President to schedule a Financial Review with the first quarter of the year President appoints a small Financial Review Committee (usually 3-4 people who have financial/accounting experience not the Treasurer) Use the Annual Financial Review Checklist found in TFRW Leadership Handbook as a guide The Financial Review Committee meets with Treasurer to conduct the review of the financial records The Financial Review Committee reports to general membership pursuant to By-Laws Review is retained by local club do not send to TFRW
Submit TFRW dues and reports promptly Review TFRW procedures for membership submissions in 2016-17 TFRW Handbook (your president should have this on a flashdrive) Forms are available on TFRW website; login and click on Forms Promptly remit membership dues monthly and local club service charges to TFRW Local club service charge = $20. $15 goes to NFRW and $5 to TFRW Individual Dues for each Full Member = $15. $10 goes to NFRW and $5 is retained by TFRW No dues for Associate Members are paid to TFRW Maintain and provide TFRW with a current roster of local club officers and members names, addresses, and phone numbers
Ensure Compliance with Federal and State tax law Federal: IRS Form 8822-B Change of Address or Responsible Party when a new Treasurer takes office IRS Form 8871 This identifies your club as a Section 527 entity and you must file an amended Form 8871 online when your officers change IRS Form 990 File only if your club receives $50,000 or more in a calendar year Tax is not due. This is an information return only. State: Texas Form 01-117 (Short Form) or Form 01-114 File if your club sells any merchandise, including direct sales of small log items or a silent auction item Pay sales tax on the club s sales
Frequently Asked Questions Is it correct that if our club collects cash for lunches, the cash must go into our club bank account and we write a check to the facility? Ie, The cash may not go directly to the facility without being deposited into our account is that correct? Yes, that is correct. All monies collected must be recorded and deposited into the club s bank account before being disbursed. The name, address, Occupation, Employer and form of payment must be recorded for each person every time they pay the club. This data is required for PAC reporting.
Frequently Asked Questions How long should our club keep financial records? Per TEC local clubs should maintain historical financial records for 3 years (2 most recently completed years of data reported to TEC and 1 look back year). At all times you should have your current year plus 3 historical years of financial records. TFRW By-laws documentation policy Banking records and payroll records 10 years Forms filed with State and Local 5 years Annual Financial Statements 5 years
Frequently Asked Questions We have a silent & live auction at our fundraiser. All the items were donated by members. Do we pay state sales tax on the income from these? Yes. The state of Texas offers no exemptions to PACs, and we must pay sales taxes on any sale. A sale would include any item(s) sold by the club at meetings (gift shop), any fundraisers which involve the sale or auction of any items, whther purchased or donated (including food items). Food items sold in fundraisers, such as bake sales, are not exempt from sales tax.
Frequently Asked Questions Does our club have to file a Form 990? The IRS requires that all Section 527 organizations (your club is not a charity) that receive $50,000 or more in gross revenue in a calendar year must file a Form 990. However, if your club receives less than $50,000 a year, you do not have to file a Form 990.
Federal and State Resources Internal Revenue Service www.irs.gov Texas Ethics Commission (TEC) www.ethics.state.tx.us or 512-462-5800 Texas Comptroller of Public Accounts - www.comptroller.texas.gov
TFRW Resources TFRW Treasurer Susan Friedrich treasurer@tfrw.org TFRW PAC Treasurer Gwen Withrow- pacchair@tfrw.org Greater Houston Council Treasurer Micheline Hutson Cynthia England clengland@sbcglobal.net 281-389-6536
Files with Texas Ethics Commission (TEC) New PAC Treasurer submits AGTA Old PAC Treasurer files 10 day report TEC assigns temporary password upon request File reports online Must file at least twice per year (see schedule)
Report receipts and disbursements Receipts are political contributions Disbursements are political expenditures Purpose of expenditure (category and description required) Ultimate payee required In-Kind donations Timely filing requirement penalty assessments
Tips Best practice is to enter data at least monthly Online software will validate your data but cannot determine if you have entered ALL of your data. Be certain to get actual receipts for any reimbursements to members plus you will need the name and address of the vendor for reporting. You will need the name, address and occupation for any contriburions received.
Resources Texas Ethics Commission 512-463-5800 or www.ethics.state.tx.us TFRW PAC Treasurer pacchair@tfrw.org Cynthia England clengland@sbcglobal.net 281.389.6536
Other Items Disclaimers Political Disclaimer Federal Disclaimer
