FINANCE WORKSHOP

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This update from the finance workshop accounting on 2/10/16 covers the latest insights, trends, and developments in the accounting field. Stay informed about important changes, best practices, and industry updates to enhance your financial knowledge and expertise. Dive into a wealth of information that can help you navigate the dynamic world of accounting effectively and make well-informed decisions.

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FINANCE WORKSHOP ACCOUNTING UPDATES 2/10/16

AGENDA YEAR END REMINDER NOTICE PPS TAX EXEMPT LETTER ONLINE PAYMENT STATUS UPDATE FUNDRAISING WITH 3RDPARTY WEBSITES

YEAR END REMINDER Accounting sends out Mid-April. To ensure transactions are completed and expenditures get into proper fiscal year. Cutoff Dates - Budget, Grants, SBF, PO s, Contracts, Material Stock Requests, Invoices, PCard, Reimbursements, Private Marketplace. Contacts for assistance, questions, concerns.

YEAR END PLANNING Accounting rule: Goods and services must be received by last day of the fiscal year (June 30) or grant period (varies) to be included in that year s expenditures. We can not use PO, order, or encumbrance date. Consider time needed to get entire purchase process done. Work backwards from Step 1. IT Purchases may take more time to process. A back order or other contract/order/delivery delay can push your expenditure to the next year.

PPS TAX EXEMPT LETTER

PPS TAX EXEMPT LETTER

CROWDFUNDING Collecting money online to: Start a Business Provide Financial Assistance to a Person Fund a Charity Examples of Platforms: GoFundMe DonorsChoose

CROWDFUNDING UNDERSTAND ALL TERMS AND CONDITIONS Read the fine print: HOW DO WE GET THE MONEY? (PPS NOT SET UP TO ACCEPT) WILL I HAVE TO GIVE UP MY SSN TO SET UP AN ACCOUNT? WHAT HAPPENS TO FUNDS RAISED IF WE DON T REACH OUR GOAL? WHAT FEES WILL BE DEDUCTED? GO FUND ME: 4% + 3.9% Pay Pal DONORS CHOOSE: 15% at Donor s option

CROWDFUNDING TAX ISSUES ARE MURKY Every circumstance is different Get advice from your tax professional CAN DONORS TAKE A DEDUCTION? WILL I BE TAXED ON MONEY IF IT IS DEPOSITED TO MY BANK ACCOUNT?

CROWDFUNDING RECOMMENDATION: USE PTA FOR ONLINE CAMPAIGNS RESOURCES: BETTER BUSINESS BUREAU- WISE GIVING GUIDE : http://www.bbb.org/us/Storage/113/Documents/b.pdf IRS PUB 526- CHARITABLE CONTRIBUTIONS: https://www.irs.gov/publications/p526/ar02.html#en_US_2013_publink1 000229643

Just because something is popular today doesnt necessarily mean it s a great idea ..

PURCHASE RECEIPTING AND ONLINE WEB STORE/PAYMENT SYSTEM OVERVIEW OF PROJECT: Accepts credit cards Ability for parents/guardians to pay online Streamlines payment process Summarizes transactions to account for revenue Provides payment details for activities/events Ability for teachers/coaches to access information