Aggie Mom University
Treasurer’s
Best Practices
Presented by:
Roxanne Forrest
Former Federation President 2024-2025
Best Practices
• Create Treasurer Guidelines
• Know State Sales Tax Filing Requirements
• File State Sales Tax Return (Due January 20th)
• File required IRS Form 990 (Due October 15th)
• File required Federation Forms annually
• Know Financial Rules for Fundraising, Budgeting, and Distribution (Use) of Funds
• Provide regular financial reports to Board/Membership
*You are the keeper of your Club’s financial records so make sure you store them electronically to be passed on to the next Treasurer and for end of year audits.
Treasurer Guidelines
•Prepare a Document of Guidelines that your club will follow for any financial transaction (expenses and income) and provide it to your Officers.
•Guidelines should detail the process by which your Officers request reimbursement for expenses (including restrictions), get an invoice paid, or make deposits.
SAMPLE
SAMPLE
• Create forms that must be completed for any financial transaction (check request/reimbursement & deposit form) ��• “Share” copies of these forms with your board. You should all have club emails and be able to share documents for board use and future use.��• Forms can be uploaded to a “Board Only” portion of the website (with login requirements) or in your club’s Shared Google Docs ��• If your club uses Cheddar Up, all of these forms can be created there for your club’s use. ����
Treasurer Guidelines Documents
SAMPLE
SAMPLE
NEVER PAY AN INVOICE OR PROVIDE A REIMBURSEMENT WITHOUT A COMPLETED FORM AT THE TIME OF THE REQUEST!
FEDERATION FORMS (ANNUAL) | |
FORM B | Payment of Federation Dues and Archive Fees (Membership) Due February 1st of each club year. Completed by Treasurer |
FORM T | IRS Group Exemption Due February 1st of each club year Completed by Treasurer |
FORM Y | Tax Compliance Verification Due May 31st of each club year Completed by Treasurer |
TREASURER FEDERATION FORMS (ANNUAL) | |
FORM E Club Determined | Donation to TAMU Student Organizations Due May 31st of each club year |
FORM G Club Determined | Scholarships Awarded by Club Members Due May 31st of each club year. |
IRS 990 | Annual Club IRS Form Due Oct 15th of each club year Completed by Treasurer |
Website | http://aggiemoms.org/forms/ |
FUNDRAISING
•Work with Fundraising/Development Officer to determine types of fundraisers for the club’s year.
•Make sure your Fundraising/Development Officer knows the fundraising guidelines for bingos, raffles, auctions etc.
BUDGETING
•Create an Annual Budget approved by the Executive Board and/or club membership (refer to your club Bylaws)
•Any unbudgeted or over budget expenses need to be reviewed and approved by the Board if required by Bylaws.
DISTRIBUTION OF FUNDS
Club operating expenses (administrative costs) are to be covered by dues and donations restricted for operating expenses.
Dues and restricted donations for operating expenses, may not be used for scholarships or student organizations.
Money raised through fundraising activities must not be used for Club operating expenses.
DISTRIBUTION OF FUNDS continued…
•Donations are a way to raise funds, but may come with restrictions. A donor may restrict funds to a certain program or expense.
•All income raised through a fundraiser can only be used for the programs that the club uses to serve its purpose (scholarships, donations to Student Organization, etc.) as stated in the club’s Bylaws.
•If your Club gives out “Door Prizes”, the item must be DONATED and not purchased out of club funds.
DISTRIBUTION OF FUNDS continued…
•Club Funds can not be used to benefit an individual (unless offered to all students represented by the club, not just members, i.e.: scholarships/goody bags)
•Do not give cash or gift cards to students for ANY REASON.
•Modest, non-monetary gifts for graduating students is allowed and because the students will no longer be enrolled as an undergraduate, it is not required to be reported to Financial Aid.
DISTRIBUTION OF FUNDS continued…
•Student Speaker/Organization Gifts:
It is the recommendation of the Federation that an honorarium be offered to the individual(s) representing a TAMU sanctioned organization or department and that a check is written directly to that entity. No gift card or cash may be given directly to an individual. Please confer with the organization as to what their guidelines permit.
Clubs may provide goody bags or other non-monetary gifts to these representatives.
DISTRIBUTION OF FUNDS continued…
•NO funds can be directly given to a student or parent. All checks must be forwarded to the Office of Financial Aid
•Any gift to a student (no matter the amount) should be considered a scholarship and be reported with the student’s name and UIN to the Office of Financial Aid. Adjustments to a student’s aid package may be necessary in order to maintain financial aid eligibility
•Contact scholarships@tamu.edu for more information
TYPES OF TREASURER REPORTS | |
BALANCE SHEET | Shows the balance, as of a certain date, of financial assets (bank accounts) |
P & L STATEMENT | Profit & Loss Statements show the income to expenses over a set period (YTD/Monthly) |
BUDGET vs ACTUALS | Shows how the expenses and income compare to the budgeted figures (think percentages) |
Reconciliation | Ensures that 2 sets of records agree (bank statement to checkbook or financial statement) |
Reports should be presented at each Membership Meeting and Board Meeting
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