Transcript Document

Presidents
Assembly
Monthly
Webinar
May 16, 2013
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Presidents Assembly Leadership
2012-2013
Lola Kakes
Carolynne Mather
Rachael Bender
Greater Tucson
Lakeland Metro
Chair-Elect
Southwest Florida
Immediate Past Chair
Chair
[email protected]
2012-2013 Presidents Assembly Steering Committee
Regional Representatives
Nancy Chorpenning
NAWBO Atlanta
Southern Region
Patsy Foxworth
NAWBO San Antonio
Western Region
Janet South
NAWBO Indianapolis
Midwest Region
What the Presidents Assembly Does:
Presidents Assembly Steering Committee is responsible for:
• Serving as “voice of the chapters” on the National Board and
facilitating communications between National and the
chapters
• Facilitating chapter collaboration/information sharing via
webinars
• Creating a community of chapter leaders
• Helping chapter leaders with strategic planning, problem
resolution, etc.
WEBINAR SCHEDULE
Mark Your Calendar NOW!
Webinars will be held on the third Thursday of every month at
noon Eastern time.
Upcoming Webinars:
• June 20th - What's Happening In NAWBO - Programs, Public Policy, and
Procedures.
* Schedule subject to change
Suggest a webinar topic by emailing
[email protected]
PA Facebook Page
Use to share
news and
information;
exchange best
practices; ask for
help; etc.
All chapter
leaders are
welcome to join.
Please do not
use to market
your business.
News from National
Lola Kakes
PASC Chair
NAWBO Public Policy Primers
4th Tuesday of the Month at Noon EST.
NAWBO and Diane Tomb In the Spotlight
• Diane had the privilege of being
featured in a co-op-ed piece with
Beth Solomon, President and CEO
of the National Association of
Development Companies that
appeared on CNBC.com.
• They spoke to the important role of
women business owners and how
access to capital continues to be
our biggest impediment.
Women’s Small Business Lending Initiative
• Diane Tomb and Beth Soloman announced
our organizations’ launch of a Women’s Small
Business Lending Initiative that will bring
capital access options and training to more
women through the nation’s network of 270
Certified Development Companies, SBA Loans
and SBA Women’s Business Centers.
• In case you missed it, the full article link is:
http://www.cnbc.com/id/100727457
Start Your Own Crowdfunding Campaign
• NAWBO's media partner Chic CEO is doing
something pretty exciting and we're thrilled to
tell you about it!
• If you don't know Chic CEO, they are a
community of more than 14,000 female
entrepreneurs supported by a free platform of
smart and relevant how-to information.
• They just launched their very own
crowdfunding platform to help female
entrepreneurs get the funding they need for
their businesses, projects or causes.
• Crowdfunding is a way to engage your networks
(friends, family, social) to pitch in small
amounts of money to help you reach your
funding goal—it's a great alternative to getting
a loan, selling equity, using credit cards, etc.
• For more information, contact nawbo.org
Happening Now
• In an effort to limit the number of emails – yet
still keep you informed – NAWBO recently
began sending our information on a weekly
Email Alert.
• This Alert will share important dates and
information so please check to make sure you
are receiving it.
Partners
• On this weekly Alert, you will find additional
information about our great Corporate &
Affinity Partners. For example
– Southwest Airlines Emerging Business Travel
Services - Let Southwest help you book, manage, and
track your company's travel with SWABIZ, Southwest's
FREE online corporate booking tool. You'll have access to
all of Southwest Airlines' fares for your business needs
(including Web Only fares) as well as travel management
tools including free reports for your air, car, and hotel
reservations. All of this comes with no minimum segment
commitments and no transaction fees.
• Enterprising Women Magazine
Since the early '90s, we've partnered
with Enterprising Women—a magazine
dedicated exclusively to addressing the
needs of women entrepreneurs.
Receive the print and digital editions of
Enterprising Women magazine for just
$25 per year, a special offer for
NAWBO members. Log in to your My
NAWBO account, then go to the
NAWBO Store to subscribe today.
THE PRESIDENTS ASSEMBLY STEERING COMMITTEE
The Presidents Assembly Steering Committee is pleased to welcome three
new members for the 2013-2015 term (two-year commitment). This is a great
way to get involved in a leadership role with National NAWBO. They will begin
their term in July 2013 and will join current members in assisting our Chapters.
• Shaune Skinner – Columbus, Ohio
• Carol Kirkland – Detroit, Michigan
• Lynda Bishop – Phoenix, Arizona
•
If you are interested in developing your leadership skills and joining a great
team, please contact us via email [email protected]
Leadership Boot Camps
• May 7th – Orange County, California
– A great venue with very good information.
– A thank you to the Orange County Chapter for
making everyone feel welcomed.
– Also, a thank you to the NAWBO staff for taking
such good care of all of us!
POLL QUESTION
What topics most interest you for the Leadership
Boot Camp at the National Conference.
Choose TWO
• The World Awaits—October 3-5 at Florida’s Miami
InterContinental—is designed to help women business
owners to dream and achieve big for themselves and their
businesses with fresh ideas, powerful inspiration and exciting
resources.
• Save $50 when you register before June 30th
• Conference features great general session speakers (to be
announced soon)
• Four break-out tracks:
• Business Basics
• Steady Growing Entrepreneur
• Expert Entrepreneur
• International
POLL QUESTION
Will you be attending the NAWBO WBC
Conference in Miami?
Budgets & Financial Issues
Budgets & Financial Issues
• Although non-profit organizations and
charities do not put away money as profit,
they can still experience accounting issues.
• This is because the income of the organization
must keep it running to provide programs or
services to people.
• Accounting issues occur when there are
jeopardized income sources.
Income and Fundraising
• Where does your Chapter income come from?
– Membership Dues
– Corporate Partnerships/Sponsors
– Events/Fundraising
• Failing to meet financial goals can affect the
accounting status of a non-profit organization,
as it still might need to pay staff and cover
fixed expenses.
Creating an Accounting Structure
• Nonprofit accounting shares similarities to forprofit bookkeeping.
• Your Chapter still has to generate enough
income to operate and manage expenses.
• These transactions need to be carefully
tracked for tax-filing purposes, cash-flow
management, third-party audits and to ensure
financial stability.
How to …
• Create a chart of accounts beginning with your bank
and credit card accounts. Be sure to enter opening
balances as of the date your start your accounting
year.
• Even in a very small Chapter it is extremely
important that it maintain its own bank account.
• Create your liability accounts. Liabilities are anything
that your nonprofit owes or will owe. Payroll taxes
are a very common liability.
How to …
• Set up any fixed assets. These will be items that are
owned by the Chapter and are not consumed or
used up within one year.
• It is up to you or your CPA to decide the dollar
amount threshold for determining which purchases
will be fixed assets and which will be an expense.
• A common threshold for a small organization is
around $500.
• Fixed assets are depreciated each year based on the
IRS depreciation schedule.
How to …
• Create expense accounts. Most accounting programs
will set up a basic chart of accounts that will include
expenses related to your industry.
• It is advisable to separate operations expenses from
program and fund-raising expenses.
• Set up all vendors and track carefully.
• Be audit-ready. If your Chapter receives any grants
or plans on applying for any type of loan, you will
most likely be subject to an annual third-party audit.
Auditors will look at your accounting process closely.
How to …
• Keep copies of all documents as it is essential to
duplicate and keep accurate records. Auditors will
often ask for copies of checks written or even checks
received.
• Copy all written checks and deposits and store in a
binder. Reconcile your bank and credit accounts
each month and keep copies of reconciliation reports
attached to your bank statements.
• Obtain written approval for all expenses, including
regularly paid bills. This is especially true for any
nonprofit with a board of directors.
How to …
• Create a set of reports each month. Profit-and-loss
and balance-sheet reports are recommended.
• Create binders or files for all major fundraising
events. Include all supporting documentation for
income and expenses.
• Most accounting software programs will offer a
suggested chart of accounts.
• It is important to keep your Chart of Accounts as
simple as possible and to not create accounts for
items you only use once or twice.
Financial Statements
• You need to issue financial statements at the end of
each period.
• These statements consist of:
– A Statement of Activities, which is similar to a business's
income statement and summarizes the contributions
received and the expenses incurred during the period.
– A Statement of Financial Position otherwise known as a
balance sheet and lists the assets, liabilities and net assets
of the nonprofit.
– A Statement of Cash Flow details information regarding
the cash transactions of the Chapter.
Expenses
• Expenses are categorized as fundraising expenses,
program expenses and management or general
expenses.
– Program expenses account for products or services
provided directly to the Chapter.
– Management or general expenses account for the
overhead expenses necessary to run the Chapter
– Fundraising activities consist of conducting special events,
direct-mailing to donors and telephoning potential donors.
• Each category of expense is reported separately.
The Goal
• Your Chapter goal is to aim to maximize the
amount of program expenses and minimize
the management or general expenses and
fundraising expenses.
Budgets
• Nonprofit organizations govern their spending with
comprehensive budgets.
• Nonprofit budgeting includes unique considerations
which for-profit accountants do not have to deal
with, such as the unpredictable nature of fundraising
income.
• Understanding the issues that need to be faced can
shed light into the way in which nonprofits function
from the inside or can guide your own efforts to
create a budget for your Chapter.
Budgets …
• Programs and services are the main focus of most
Chapter budgeting.
• Budgeting for fundraising is more about setting goals
than predicting income.
• A budget for fundraising income acts as a yearly
performance goal for nonprofit marketing and
fundraising teams, who know the organization is
counting on them to be able to meet its obligations and
perform its services.
• Chapters also have to budget for a range of recurring
administrative expenses such as, utilities, postage for
fundraising campaigns and travel expenses.
Budget How to …
• Organize a team to come up with all activities that
the Chapter partakes in.
• These may range from events to draw in funds to
educational programs to lunch or dinner
events/meetings.
• Detail each event in depth, from the cost of renting a
location, money for incidentals like food for the staff,
to the cost of purchasing goods to hand out.
Budget How to …
• Gather the detailed expenses and break them
down monthly.
• Include in these any salaries of all paid staff,
rent of all venues and incidentals such as
overhead of electric, gas, and utilities.
• With the expenditures broken down monthly,
make detailed lists of all incoming monies as
well as projected donations.
• Use previous years numbers to get trends and
projections.
Budget How to …
• Make decisions as to which events will be the most
cost-effective and provide the greatest benefit to
your Chapter.
• Analyze the cost of all of the events you selected and
compare it to what monies are coming in.
• Ensure that your incoming monies will cover all the
detailed expenses you came up with and not go over
by much.
Budget How to …
• Any overage will need to be accounted for
and held for the next years budget.
• Allow some extra monies in your newly
formed budget for any unforeseen activities
such as economic downturns and other events
of which you need to be aware.
Budget Tips
• Open lines of communication between all your teams
is key. A budget works best if people are open and
honest with expenditures and are willing to work to
keep them in line with the budget.
• Increasing your fund raising may be a way to increase
budgetary allowances and get more out to the
members.
• Serious oversight of all moneys is key to budgetary
accounting. While honesty is inherent in most people,
there are some who will not think twice about pilfering
donations and moneys. Tight accounting will minimize
that.
Questions?
CONTACT NAWBO
Member Services: [email protected]
Chapter Services: [email protected]
Presidents Assembly: [email protected]
News/Article Submissions: [email protected]
Website/Technical Support: [email protected]
Public Policy: [email protected]
Thank you for participating in
NAWBO Presidents Assembly Webinar!
• We look forward to talking to you next month. The
webinar will be on June 20, 2013 at noon Eastern on
What's Happening In NAWBO - Programs, Public Policy,
and Procedures.
• To share this information with your chapter’s leadership,
visit NAWBO Presidents Assembly Community for the
slides or the Facebook Presidents Assembly Page for the
link to the recording.
• Don’t forget to look for the link to register for future PA
Webinars in Happening Now.
Your Feedback is Welcome!
Please send feedback to [email protected]