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Treasurers Guide for Religious Organizations

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<p class=MsoNormal align=center style='margin-bottom:6.0pt;text-align:center'><b><font
size=3 face="Times New Roman"><span style='font-size:12.0pt;font-weight:bold'>Adapted
From<br>
Treasurers Guide for Religious Organizations<br>
</span></font></b>Philadelphia Yearly Meeting<br>
2003</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><b><font size=3
face="Times New Roman"><span style='font-size:12.0pt;font-weight:bold'>Chart of
Accounts</span></font></b></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>A Chart of Accounts is a
list of all of your accounts with a number assigned to each account. If you are
using a computer system, a Chart of Accounts will be required. If you are
keeping records in books by hand, you will quickly appreciate the shorthand of
the numbers. A Chart of Accounts will gi</span></font>ve uniformity to the
records from year to year and from Treasurer to Treasurer. By convention each
type of account is assigned numbers in a series,</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Assets������������� 100-199</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Liabilities��������� 200-299</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Net Assets������ 300-399</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Income������������ 400-499</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Expenses��������� 500-799</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>&nbsp;</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>You will want to keep
like items together If you decide that your checking account will be number 100,
do not make petty cash number 101. Later you may wish to open additional
checking accounts, so make petty cash 105. By skipping numbers you can add new
accounts when they seem necessary. Below is a sample Chart of Accounts. This is
not meant to be definiti</span></font>ve, hut an example of how it works.
Careful design of a chart of accounts specific to your Meeting will enable you
to report meaningfully without wasting time on very small separate items. If
you already have a Chart of Accounts, please consider this one carefully There
may be parts that would be useful to the needs of your Meeting. If you have
restricted funds or receive restricted income, it can be helpful to code the
asset, income, net asset and expense accounts so that you can easily see the
connection. </p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>&nbsp;</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>100����� Checking</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>105����� Petty Cash</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>113����� Fund for Meetinghouse
Repairs</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>115����� Wells Education
Endowment</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>120����� Accounts Recei</span></font>vable
� Pledges</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>125����� Short Term In</span></font>vestments</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>130����� Long Term In</span></font>vestments</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>140����� Furniture</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>143����� Antiques &amp;
Art</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>145����� In</span></font>ventory
- Items Purchased for Resale</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>150����� Equipment</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>155����� Buildings</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>160����� Rental Property</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>170����� Vehicles</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>200����� Accounts Payable</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>210����� Current Notes
Payable</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>220����� Long Term Notes
Payable</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>225����� Sales Tax
Payable</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>230����� Payroll Taxes
Payable</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>300����� Unrestricted Net
Assets</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>313����� Restricted Net
Assets - Meetinghouse Repairs</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>315����� Restricted Net
Assets</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>330����� Cain (Loss) on </span></font>Sale
of Assets </p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>400����� Contributions -
Members or Attenders</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>405����� Di</span></font>vidend
Income</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>410����� Interest Income</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>413����� Income - Meetinghouse
Repairs</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>418����� Facilities
Rental Income</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>420����� Burial Ground -
Income</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>425����� Rental Income -
Leases</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>430����� Fund Raisers</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>435����� Sales</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>440����� Other Income</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>500����� Ad</span></font>vertising</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>505����� Bank Charges</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>513����� Meetinghouse
Repair</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>515����� Tuition Expense</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>520����� Burial Ground
Expense</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>521����� Charitable
Contributions</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>522����� Contributions to
Quarterly Meeting</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>523����� Contributions to
Yearly Meeting</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>530����� Education</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>535����� </span></font>First
 Day School</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>540����� Hospitality</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>545����� Insurance</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>550����� Newsletter</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>555����� Office Supplies</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>560����� O</span></font>verseers</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>565����� Payroll</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>567����� Payroll Tax
Expense</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>570����� Postage Expense</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>573����� Purchases for
Resale</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>575����� Repairs &amp;
Maintenance</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>580����� Telephone</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>585����� Utilities</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>&nbsp;</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><b><font size=3
face="Times New Roman"><span style='font-size:12.0pt;font-weight:bold'>Bank
Statement Reconciliation</span></font></b></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>If you are using a
computer system follow the easy directions in the software.</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>If you ha</span></font>ve
a hand kept system, use the following procedure.</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>1. List the balance the
bank gi</span></font>ves on the day of the statement</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>2. Add outstanding
deposits</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>3. Subtract outstanding
checks</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>4. List the new total</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Next you will need to:</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>1. List your book balance
(balance from your last month�s reconciliation) on the last day of the pre</span></font>vious
month</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>2. Add all receipts
during the month</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>3. Subtract all
disbursements during the month</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>4. Subtract bank charges
on the bank statement if not included in 3</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>5, List the new total</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>The two new totals should
be the same. If they are not you must analyze the situation until you disco</span></font>ver
the discrepancy.</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>&nbsp;</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><b><font size=3
face="Times New Roman"><span style='font-size:12.0pt;font-weight:bold'>Receipts</span></font></b></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>If you are maintaining a
manual set of books, you should enter your cash receipts in a multicolumn Cash
Receipts Journal using your Chart of Accounts. This will make it easier to
total the </span></font>various sources of cash at the end of the month.</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Deposits should be made
at least weekly; Each check should be stamped for deposit as soon as it is
recei</span></font>ved,</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>On the deposit ticket
either list each check by the name of the payee, or photocopy the checks and
list a total on the deposit slip. You should include a calculator tape clipped
to the checks. If you make a photocopy of the checks, clip this with your copy
of the deposit slip. The possible ad</span></font>vantage of photocopying the
checks is that you have a good record to resolve disputes should they ever
occur.</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>If the deposit includes
checks and cash, be sure to list the cash separately. Do not photocopy cash. It
pro</span></font>ves nothing and wastes time, Use a cash receipts book to
record all cash and make sure that a copy of the receipt is given to the person
who gave the cash. The best type receipt book is one in which two additional
copies are automatically made when you write a receipt. One for the bank
deposit, one for the donor, and one stays in the receipt book. An office supply
store will have these books.</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Always </span></font>verify
all totals before taking the deposit to the bank.</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Enter all information in
your cash receipts journal. Be sure that your debits equal your credits in
these entries.</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>When you recei</span></font>ve
non-cash assets, use a separate journal page to record them, At this point they
are not income. They are Assets that increase Net Worth.</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>In response to donations
of non-cash assets the Meeting may not place a </span></font>value on the
assets for the donor. The Meeting should not include a statement about the
monetary value of the asset in the letter thanking the donor but should
describe the donation in detail. Please see Forms for a sample letter for
non-cash donations.</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Some Meetings may decide
to in</span></font>vest in a fidelity bond for the Treasurer If the Treasurer
handles large sums of cash, it should be required. The bonds are expensive and
in most Meetings the amount of actual cash handled is small. If the Meeting is
nor considering a bond, the insurance coverage should he reviewed to be sure
that there is adequate crime coverage. The Treasurer�s work will be audited. If
additional controls are thought necessary a second person could be designated
to oversee receipts, and two signatures can be required on checks.</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>SPECIAL FUNDS</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>In most cases the money
that is gi</span></font>ven to the Meeting is unrestricted. This means that the
Meeting may use it for any purpose it deems fit. These funds are better known
as General Funds.</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>There are situations
where the use of funds can be restricted in se</span></font>veral ways. It is
usually not necessary to open special bank accounts for these funds. You can
track them by adding accounts to the Chart of Accounts.</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Example: 413 Fund for
Meetinghouse Roof Repair.</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>It is important to record
the date, the donor and the restrictions that apply to special funds.</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Designated Funds are ones
that the Meeting sets aside for a certain purpose from unrestricted funds.
Funds that are designated can become undesignated. Perhaps the Meeting decides
to spend $5,000 for parking lot repairs and designates funds to do this.
Suddenly a storm causes unprecedented tree damage. A substantial amount is not
co</span></font>veted by insurance. The Meeting defers the parking lot project
and the funds become undesignated. The Meeting can then designate them to
repair the damage, if it so chooses.</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>DONOR RESTRICTED FUNDS</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>The term restricted means
that the donor has qualified the gift by naming a specific use for the funds.
There are o types of restricted funds.</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Temporarily Restricted
Funds are gi</span></font>ven for a specific project and the entire donation
can be used The Fund for Meetinghouse Roof Repair is temporarily restricted.
When the roof is repaired, the fund is closed.</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Permanently Restricted
Funds are also called endowment. Only the interest and/or appreciation can be
used, and it must be used for the stated purpose of the gift. The principal is
held in perpetuity It is wise policy to use less than the full interest and
appreciation each year so that the endowment can grow, or at least �keep up
with inflation�. Income and expenditures from these funds must be accounted for
in a way that clearly applies to the endowment fund, It may also be helpful to
keep the principal of restricted funds in a separate bank account if it is not
in</span></font>vest ed, The net value of an endowment fund will appear on the
Balance Sheet as an asset and also as part of your restricted net assets. See
the �Wells Endowment for Education� in the Chart of Accounts</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>&nbsp;</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><b><font size=3
face="Times New Roman"><span style='font-size:12.0pt;font-weight:bold'>Disbursements</span></font></b></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>All payments must be made
by check The only possible exception is when there is a petty \ cash fund for
minor expenses. If checks are manually produced, it is important to use a</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>system such as �Safeguard�,
which automatically makes a carbon copy of the check in the journal and also
pro</span></font>vides a duplicate copy of the check, These checks are mote
costly than bank issued checks, but the accuracy in recording and back-up
information they provide is extremely valuable.</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Always pay from original
in</span></font>voices, not monthly statements. The invoices need to be approved
by signature of the appropriate person (Clerk, Committee Chair etc.). When
paying bills, mark each invoice with the date paid and the check number. Invoices
provide documentation for the purpose of the expense. Keep paid invoices on
file</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>If you recei</span></font>ve
a statement, for which you have no invoice or missing invoices, trace the
situation until you have obtained the invoices, Inadvertently paying twice
makes life more difficult than locating invoices,</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Should you recei</span></font>ve
an invoice from an unincorporated individual or business (or a la incorporated
or not) for services rendered, you will need this person/agent to fill out a M
form. You will need to report this information to the person/business and to
the IRS on a 1099-MISC form the following January. An example might be that the
Meeting needs some relatively minor painting work. Instead of hiring a
contractor, the Meeting employs a skilled individual to do the work, Sums paid
to an individual that total less than $600 in a calendar year do nor need to be
reported on a Form 1099-MISC. However, the W-9 form should be filled out the
first rime a person does work for the Meeting each year because the individual
may ultimately perform several services during the year that collectively total
$600 or more.</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>1n the case of
reimbursement to an indi</span></font>vidual who has paid for Meeting goods or
services from personal funds, a receipt must be presented to the Treasurer when
reimbursement is claimed, In addition there should be a written request for
payment. If your Meeting does not presently have this policy, it may seem like
a bother to submit written requests. Please be mindful of the fact that
accounting controls are for the benefit and protection of everyone concerned
and need to be followed without fail. Please see the Forms section for a Check
Request Form. Keep a supply of these forms on hand to simplify following this
advice.</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Checks are always
numbered. Use them in order. If a check is spoiled, write �VOID across it and
staple it in the appropriate place in the check register. Ne</span></font>ver
destroy checks that you did not use or voided. Never sign a check before
filling it our. Never prepare checks before there are funds to cover them. Holding
checks to mail at a future date will lead to confusion.</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>For a manual system you
will need multicolumn accounting paper for a cash disbursements journal.</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>&nbsp;</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><b><font size=3
face="Times New Roman"><span style='font-size:12.0pt;font-weight:bold'>Checklist
for Treasurer</span></font></b></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>WEEKLY</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>o Deposit checks (and
cash - if any)</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>o Send </span></font>letters
acknowledging donations</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>o Record all receipts in
journals</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>o Verify that unpaid in</span></font>voices
have proper authorization</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>o Pay bills</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>o Record disbursements in
journals</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>o Verify actual petty
cash</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>o Add payroll hours (if
any)</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>o If using manual system
be sure all columns total correctly</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>MONTHLY</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>o Reconcile, replenish
and record petty cash</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>o Reconcile bank
statement(s)</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>o Re</span></font>view
payroll records � be sure all files are updated</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>o Enter accruals for
depreciation, prepaid expenses, accounts recei</span></font>vable, accounts payable
� if using accrual or hybrid system</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>o Prepare Income
Statement for month</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>o Prepare Report to
Meeting for Business if you report monthly;</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>QUARTERLY</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>o Verify that payroll
taxes ha</span></font>ve been paid and IRS form 941 has been filed</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>o Prepare quarterly
Income Statement (and Balance Sheet if needed by </span></font>Finance
Committee)</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>o Prepare Report for
Meeting for Business</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>YEARLY</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>o Prepare annual Income
Statement and Balance Sheet</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>o Assist </span></font>Finance
Committee as needed with next year�s budget</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>o Assemble all records
and turn o</span></font>ver to auditor</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>o In January, be sure IRS
fotmsW-2 are prepared and distributed and IRS form W-3 is filed All necessary
1099 forms must also be prepared and distributed and IRS form 1096 should be
filed.</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>&nbsp;</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><b><font size=3
face="Times New Roman"><span style='font-size:12.0pt;font-weight:bold'>Miscellaneous
Items That The Treasurer Needs To Know</span></font></b></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>1. Does your Meeting ha</span></font>ve
a safe deposit box?</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>2. Where is it located?</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>3. Who has access?</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>4. What records are kept
there?</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>You may or may nor be
directly in</span></font>volved with a safe deposit box (if there is one), hut
you should be aware of where records are kept, and how they can be accessed
when needed,</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>1. What is the Meeting�s
insurance co</span></font>verage?</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>2. When is the renewal
date?</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>3. Where are the
policies?</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>4. See Forms section for information
needed to report injuries.</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>5. If the Meeting has
leases, where ate the actual leases kept?</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Again, you may not be
directly in</span></font>volved, but if an emergency arises, it may be very
helpful if you have the answers.</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>1, Is your Meeting
incorporated?</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>2. If so, what is the
date of incorporation?</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>3. If not, should it be?</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>4. Is the Meeting complying
with state laws to retain its status as a corporation?</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>It simplifies many
dealings with go</span></font>vernments and outside organizations if you are
incorporated.</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>1. Does your Meeting deal
with an accounting firm, legal counsel or a brokerage firm?</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>2. If so, who are the
contacts?</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>1. What is your federal
ID number?</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>2. What is your state ID
number?</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>3. Does the Meeting ha</span></font>ve
a Sales Tax account number? If so, what is the number?</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>4. Is the Meeting
required to ha</span></font>ve any licenses? If so, where are they posted.</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>1. Where are old records
stored?</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>2. How long is it
necessary to keep old records. (See �Record Retention� section for guidelines.)</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>&nbsp;</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><b><font size=3
face="Times New Roman"><span style='font-size:12.0pt;font-weight:bold'>Record
Retention</span></font></b></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Document�������� Retention
Period</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Accounts Payable records������� 7
years</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Accounts Recei</span></font>vable
records��� 7 years</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Articles of Incorporation
&amp; Bylaws������ Permanently</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Audit Reports�� Permanently</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Bank Reconciliation����� 2
years</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Bank Statements���������� 3
years</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Budgets����������� 5
years</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Can celled checks for
important payments such as taxes, purchases of property, contracts�������� Permanency</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Capital Stock &amp; Bond records� Permanently</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Cash Books���� Permanently</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Chart of Accounts������� Permanently</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Computer backup�������� 1
year</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Computer Data Entry of
data in hard files��������� 5 years</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Contracts &amp; leases
(expired)���� 7 years</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Correspondence � general����� 2
years</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Correspondence � legal
&amp; tax related Permanently</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Deeds, Mortgages, </span></font>Bills
of Sale����������� Permanently</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Deposit slips���� 3 years</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Depreciation schedules Permanently</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Employee personnel
records (after termination) 7 years</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Employee Applications 3
years</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Financial Statements �
year end��������� Permanently</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>General Ledgers���������� Permanently</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Insurance Policies
(expired)����� 7 years</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Insurance records �
claims, policies���� Permanently</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Internal audit reports���� 3
years</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>IRA &amp; 401 K plan
contributions, transfers, distributions����������� Permanently</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Minutes����������� Permanently</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Payroll records,
summaries, tax returns� 7 years</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Retirement plan records����������� Permanently</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Taxes, withholding
statements�� 7 years</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Tax returns &amp;
documents relating to income tax liability� Permanently</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Trust documents and
restrictions���������� Permanently</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Trial Balances (monthly)����������� 3
years</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>[Compiled from lists pro</span></font>vided
by Asher &amp; Co, Zelenkofske, Axelrod &amp; Co, CPA�s Inc, and Fishbein &amp;
Co.]</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>&nbsp;</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><b><font size=3
face="Times New Roman"><span style='font-size:12.0pt;font-weight:bold'>Glossary</span></font></b></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Accounting������ Organized
and structured systems of recording, explaining and reporting financial data</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Accounts Payable�������� Money
that is owed but has not yet been paid</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Accounts Recei</span></font>vable��� Money
that others have agreed to pay, but has not been received</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Assets� Items that are
owned by an organization. These may be physical (land, buildings, furniture,
equipment etc.) or financial (bank accounts, stocks</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>etc.).</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Audit��� Examination of
all financial data by an outside or disinterested third patty to </span></font>verify
that proper procedures have been followed and that reports represent a fait
summary of financial position and results of operations</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Balance Sheet�� A
statement of the financial position of the organization on a specific date. The
concept of assets less liabilities equal net worth is used.</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Bank Reconciliation����� Method
of </span></font>verifying the accuracy of the bank�s and the organization�s records</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Bookkeeping��� Process of
keeping records of financial transactions</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Chart of Accounts������� A
list of accounts that will be needed to keep appropriate records for the
organization (for example, donation income, telephone expense), grouped by
assets, liabilities, income, expenses, etc., with numbers in logical sequence
assigned to each account.</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Credits A bookkeeping
entry that increases liabilities or income and decreases assets or expenses.</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Debits� A bookkeeping
entry that increases assets or expenses and decreases liabilities or income.</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Depreciation���� A method
of recording the decreasing </span></font>value of an asset as it ages over time
to reflect its true present value.</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Designated Funds�������� Funds
set aside for a specific purpose from unrestricted funds. Residue returns to
unrestricted funds when the project is ended,</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Disbursements� Payments
made by an organization.</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Double Entry��� A
bookkeeping system in which all transactions are entered twice using debits and
credits, The total debits must equal the total credits. This pro</span></font>ves
the accuracy of the entries, and the books are said to �balance�</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Fiscal Year������ A
period of one year for recording and reporting financial acti</span></font>vity.
The Meeting may select the calendar year (Jan. 1 - Dec. 31) or another period
such as July 1 - June 30.</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>GAAP &amp; GAAS��������� Accounting
principals and standards adopted by the Financial Accounting Standards Board to
create clear, uniform rules for the practice of accounting</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Income Statement�������� Summary
of all re</span></font>venues and expenses for a specific period of time</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>In</span></font>voices����������� Itemized
statement of goods or services received usually constituting a bill which must
be paid.</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Liabilities��������� Items
that are obligations to others</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Net Worth������� The
total of assets minus liabilities</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Payroll� The payment of
money to employees for ser</span></font>vices rendered. The amount is
calculated by time worked multiplied by an hourly rate, or by an agreed salary.</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Petty Cash������� Small,
fixed amount of cash for minor expenses to be replenished as depleted</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Prepaid Expense���������� Money
paid in ad</span></font>vance of service. Classed as an asset.</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Receipts���������� Monies
coming to the organization to be deposited, recorded and categorized.</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Permanently Restricted Funds�� Funds
that can ne</span></font>ver be used for any purpose other than that named by
the donor</p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Temporarily Restricted
Funds�� Funds for a specific purpose or project. Restriction expires when the project
is completed.</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Transfer of Securities��� A
donation of securities instead of cash.</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Trial Balance��� List of
accounts with debit or credit balances.</span></font></p>

<p class=MsoNormal style='margin-bottom:6.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'>Unrestricted Funds������ Funds
a</span></font>vailable for use as needed.</p>

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