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Operational Account and Statement Guidelines
For Carolina Mopar Foothills


Key points to remember Regarding Club Checking Account and Funds:
• Keep funds separate. The funds should never be deposited into a personal account.
• This account shall not have a debit card associated with it. If a credit card is used the check shall be written to the credit card holder with the original receipt attached to the check stub.
• Two signatures are always required for any purchase.
Records to gather include and keep for 7 years:
Receipt book to acknowledge money received.
Checkbook to disburse funds as authorized by the current year’s budget and bylaws.
Treasurer’s account book in which to keep the groups’ financial record.
Bank statements and electronic access. Gain access to and then change the usernames and passwords for all accounts—for many units, this includes both a checking and a savings or reserve account.

Handling Money:
Collecting funds and disbursing payments must be managed by effective procedures set forth in this document. These procedures protect all Administration and its membership by preventing fraud and ensuring the proper use of funds. Having the right procedures in place also makes it more likely that if a loss occurs, it will be found quickly  and corrected.
Our system of financial management procedures includes the following:
This document places everything clearly in writing. All administrators and CMF members should be well-versed on these processes to ensure they follow these financial procedures consistently. This document is placed where all members can review these policies and procedures at any time. It will be found under the General account tab at CarolinaMopars.com.


Administrators and signers of this account are as follows:

Cathy Turner, Treasurer
C. Scott Wilbanks, Administrator
Michael Ortega, Administrator

               
     A disbursement of funds requires the following:
Make sure all invoices are approved by a majority vote of the administrative team for payments.
The person who approves payments is not able to sign checks or enter invoices into the accounting ledger.
Make sure all bank statements and bank reconciliations are reviewed each month by someone who does not have access to the bank account or authority to sign checks.
Keep an accurate and detailed file. An accurate and detailed account of all monies received and paid out is kept in the Treasurer’s permanent file. A filing system is maintained for proper and complete storage of all financial records.  Records are kept at 111 Brockman Drive, Mauldin, SC.
Deposit immediately. Checks or cash received are logged and immediately deposited to CMF’s bank account. When receiving cash for an event, it is a best practice to have two people count the cash and write up the deposit together.
Reconcile monthly. When bank statements are received, the checkbook is reconciled to the bank statement immediately, and a copy of the monthly bank reconciliation should be submitted to the Administration and members along with the monthly financial report. Kept on Carolina Mopars.com.

Collecting, Counting, & Depositing Funds
Anytime the Group Receives Funds:
• Deposit immediately. The Treasurer should arrange to deposit money in the bank as soon after receipt as possible, and at least daily. Night deposits, mobile banking and 24-hour banking can and should be used as needed with 2 people being present. If the Treasurer contacts the bank about a night deposit in advance, they will provide a lock bag to place in the night depository.
• Restrictively endorse ALL checks immediately “for deposit only.” All checks that are to be deposited should be immediately marked “For Deposit Only to the CMF, Account #. ” and signed by your Treasurer with his or her title. A stamp with this info will be procured from Wells Fargo at the time your bank account is opened.
• Record the transaction. Duplicate deposit slips should be made so that the Treasurer will have a copy to retain for the record. Issue receipts of purchase for any cash received and reconcile the receipts issued to the bank deposit.
• Don’t take risks. Never deposit any funds (i.e., checks, cash, or money orders) in anyone’s personal account and never leave undeposited funds in someone’s home. Do not allow other groups to deposit their funds through the CMF bank account. A CMF may jeopardize its tax status by helping another organization avoid compliance with tax laws.

CMF Fundraisers
When planning a fundraising activity that will involve large amounts of money, the procedures to follow for handling money:
 Assign duties.
• Chair—Ensures Treasurer receives all revenue immediately after completion of the activity or upon receiving the funds.
• Treasurer and another volunteer counts the money received, and both should sign a cash counting sheet verifying the amount and prepare a bank deposit slip that equals the total from the counting sheet. A receipt should be given to the chair for the entire amount.
• Treasurer—Deposit funds at least daily into the bank account even if the project is continuing over multiple days.
• Treasurer or Chair—Within a few days of the conclusion of the fundraising activity, the Treasurer or Fundraising Chair should complete a detailed report of all receipts and expenditures and the profit received from the project. That report should be presented to the Administration and membership following the activity with the monthly financial report.



Paying Expenses
Your Treasurer will pay bills only when Administration or members, vote to approve the expense.
Follow these guidelines when paying expenses:
• Obtain written authorization for purchases, and require itemized bills and receipts with all requests or purchases.
• Pay all authorized bills by check, never by cash.
• Never pay bills based on a “Statement of Account.” Only pay bills from an original invoice.
• Two signatures should be required on all checks (usually the one Admin and Treasurer). Check signers should not be related by marriage or in any other way.
• Carefully manage cash flow, verify you have the cash based on your checkbook balance before authorizing payments of budgeted expenditures.
• Never sign a blank check or a check made out to “cash.”

Monthly Reporting:
A Treasurer’s report should be submitted monthly. This monthly report should include:
• A detailed Balance Sheet as of the end of the month
• A detailed year-to-date Income Statement that compares the actual revenue and expenses to the budget
• The monthly bank reconciliation and related bank statement.
The monthly Treasurer’s report should then be attached to the minutes of a meeting at which it is presented, or added to Carolinamopars.com and retained in the Treasurer’s permanent records. These reports should be given to all members during the reporting  process as announced on the club’s Facebook Page.



Treasurer’s Annual Report:
At the end of the fiscal year, we will close the financial records and prepare an annual financial report that includes a balance sheet and income statement covering the entire fiscal year.
The Treasurer’s annual report will be filed with the permanent financial records after being approved by the Administrators.
Treasurer’s Permanent Records:
Items to be kept on hand for seven years are as follows:
• Monthly bank reconciliation
• Unexplained reconciling items
• Blank checks secured in a safe place
• Deposit ticket dates timely with dates received by bank
• Timeliness of deposits based on known dates of events
• All invoices paid by check and not cash
• Treasurer’s Monthly and Annual Reports
Ensure accurate disbursements.
 Make certain that money collected for a specific purpose (special projects, gifts, scholarship funds, etc.) has been disbursed for that purpose.
Any concerns of Carolina Mopars Foothills General Account or its operational statement should be directed to Cash Rygg, President of CMF.