Managing Your Org’s Money

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Are you part of a small local charity or other organization?  Do you have a Board drawn from the owners/members themselves to manage the community income and expenses?

  • A Board president and treasurer may monitor the cash flow.  But, hiring a capable bookkeeper can take the stress out of the money management.
  • The treasurer may pay the bills, supervised by the president.  A bookkeeper then tracks all the data and provides needed reports.
  • QuickBooks can export to Excel to provide needed reports
  • Set up policies and procedures that include accountability
  • Having someone outside the organization perform an annual audit can insure peace of mind.
  • Have the payments sent to a post office box and set a deadline for dues/memberships
  • If you have more than one income stream, such as online pay as well as checks, then create a policy for regularly informing all who need to know with a monthly report
  • Have one person pick up and deposit those checks either monthly or annually as needed.  A copy of the checks or other income stream should be kept for the audit.
  • Send out an annual statement to the owners/members
  • Finally, rotate the Board to get fresh ideas and more participation.  If you just started, then use a three year tier to rotate.  That way you get a mix of experience as well as great new supporters. And plan to engage the newbies quickly so they stay and grow with the group.

These are just a few ideas.  You local CPA or banker may have some great ideas and be willing to offer some good consulting as well.

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