The New Financial Year Is Looming

Are you ready for the new year?  Today we want to remind you of those tasks that need to be completed about now so you can wrap up the old and be ready for the new.

Review your budget and plan for the next year.  How well did your current budget work for you?  Did the money arrive when needed and was it used well?  Were there any gaps in cash flow that you need to prepare for in the future?   Were there any sources of income that you missed out on that you could mark on your financial calendar for the new year?

Have your goals and objectives changed for the new year?  Every business evolves over time and changes to meet new priorities and the social and economic demands of the time.  Not For Profits are no different. Have your goals changed lately? Check that the work you are doing (and the way you are doing it) is still leading you where you need to go.

Is your current accounting system working for you?  If you are still running your books manually or with a labour intensive process consider changing to a streamlined and transparent process such as Admin Bandit’s online system.

Arrange your annual audit.  This will be a busy time of year for most auditors so book your auditor well in advance if you can.

Prepare your accounts.  Your auditor will need to see your reports and accounts such as your assets and liabilities, and your income and expenditure. Make sure everything is properly documented so that you can produce evidence if required.

Prepare your annual report.  The primary purpose of your annual report is the presentation of financial information. Take the opportunity to show your organisation in action so people can actually see the money and what it is achieving.  This will help you when you need to ask for donations in the new year.

Organise your AGM.  There is a legal requirement to hold an AGM no matter how small your organisation is.  Don’t just use it to talk about funding and finance. While it’s essential to present your financial reports to your members, it’s also a good time to show them what successes you’ve had during the year. Read more about making your AGM work for you at the Admin Bandit website.

For more information on preparing for the end of the financial year, visit our earlier posts here and here. 

You Are Never Too Old To Volunteer

Walk into most op shops and you’ll be greeted by a woman in her ripened years. She’ll readily help you find what you need, rifling through boxes of clothes or sorting through kitchen utensils in her bid to assist.

 

It is a common perception that this job is restricted to ‘old ladies’ or, quite the opposite, that this is the only role these women can fulfil.

 

With 6.4 million people volunteering across Australia, it’s the Baby Boomers (those born between 1946 and 1964) who do the most.

 

With more life and work experience than the younger generations, older people bring a range of skills that make them perfect to cover all manner of volunteer roles that are otherwise hard to fill.

 

Although hands on roles, such as volunteering at a local nursing home, community garden or Scout group feels more important, becoming a member on a community board is just as important. These board roles require different skill sets, from treasurer to fundraising and events coordinator, looking to make things happen or change the local community for the better.

Regardless of your skills you’ve developed over your lifetime, and whether you prefer hands on manual work, working with people, or managing the finances or ensuring the behind the scenes runs smoothly, your volunteering brings attributes organisations can’t access from the younger generations.

You have the power to change the world you’re living in for the better, and to leave a better community for younger generations.

In The Deep End

It happens all the time, especially in smaller organisations.

The silence is deafening.  Everyone suddenly looks at the floor as though their shoes were the most fascinating things on earth.

Someone ends up volunteering for the role of treasurer simply because no one else will do it.

Great.  The position is filled but soon you realise that the new treasurer has no idea what they are doing.  Even the calculator is a foreign object to your volunteer.

So what do you do?

Don’t panic.  Admin Bandit is your solution.  When it comes to saving committees and their treasurers, you can’t go past the clever online system.



Click to find out more about Admin Bandit.

Not for Profit Conference 2013

I recently mentioned in an Admin Bandit blog post, details of the Third Sector Expo that takes place in Melbourne between 15 – 16 April.  Another event that you should consider attending is the Not for Profit Conference that is being run by CPA Australia.  This 2 day event will take place middle to late March in Sydney, Melbourne, Perth and Queensland.  Follow the link for more details including the cost, dates and location for each state.

The main focus of this conference relates to the changes that are taking place in the not for profit sector.  Representatives from the Australian Charities and Not for Profit Commission will provide valuable insights, advice and information that will help you adapt to many of the upcoming changes.  Whether you are a small community based organisation or an overseas international aid charity you need to be aware of these changes and how they impact on your organisation.

This conference will also have many workshops and speakers covering a range of topics including governance, raising funds when governments are reducing grants, financial reporting, FBT and salary packaging.  In addition, on the second day of the conference there is a workshop specifically focussed on the duties and legal responsibilities of officers and directors in the not for profit sector.

Follow the link to the Not for Profit Conference for more details and consider attending this worthwhile event.  For a volunteer treasurer or a committee of management member, this conference will not only provide a range of valuable resources and information but the opportunity to meet others in the not for profit sector so you can build your network. 

How Your Blog Can Support Your Fundraising Efforts

Board meetings can be long and dull, particularly if you are focussing on some of the tough financial issues every not for profit organisation has to deal with.  The problem is that these kinds of tasks suck your energy and stifle your creativity.

It’s difficult to find a way to inspire people to support your charity when all you can think of are numbers.

That’s where your blog can be very useful.  The organisation’s blog is the perfect vehicle for spreading the message about what you do and why you do it.  As volunteer treasurer you should be involved in creating posts which show what happens to the money that people donate.

Take a look at the Starlight Foundation blog as an example.

What’s good about it?

·         It’s filled with photos which tell a story about the people they are helping.

·         It takes readers right into the lives of the children who need the help.

·         It shows their corporate successes and acknowledges their big benefactors.

·         It shows the volunteers actively helping people.

·         It introduces members of the team.

·         It is filled with personality and touches of humour.

Can you imagine how influential that blog could be for someone looking for a charity to support?  It touches every emotion you can think of plus it builds faith in the commitment of its workers.

As a volunteer treasurer you know where the money is being spent and why.  You know when your not for profit is going to need extra funding and you will know when to celebrate success and share it with your followers.  This can be used to help you plan the kind of posts you need to share and their timing.

The volunteer treasurer role isn’t just about counting and managing the money that comes in; it also involves inspiring people to donate.

If you don’t have a blog which tells the story of the work your not for profit organisation does, why not suggest starting one?

Happy Holidays

Happy holidays!  You can take a break from the books for a little while.  I hope your year has been very successful.  2013 will bring with it all sorts of new challenges and opportunities. I hope you are ready for them.

We wish you a very merry Christmas and a happy New Year.  See you again after the break.
 

Handing Over To A New Treasurer

Taking over the role of a treasurer can at first appear a bit daunting and with many challenges but it is not as difficult as what you may think it is.  An important part of taking over the treasurer’s role is to make sure there is a proper handover as this allows you to start off in a positive way.  Arrange to meet with the previous treasurer to get an overview of the finances of the organisation as well as to discuss any other issues.  

At this meeting you should also:

• Get copies of the most recent financial reports that should include the financial statements, annual budgets as well as other supporting documents such as reconciliations and the previous audit report.
• Obtain copies of recent Finance Sub Committee minutes of meetings as well as the documents that are usually prepared and presented by the treasurer at these meetings.
• If you are already a board member you should have a policy and procedure manual that includes the Terms of Reference for the Finance Sub Committee but if you are new to the board then ensure you obtain copies of these documents.  
• If the organisation has accounting software such as Admin Bandit then arrange to receive training or support to use the software.  Also make sure you have your own password and for control and security purposes deleted any previous users.   
• Ideally the organisation will have a detailed financial management and procedures manual that outlines exactly what you need to do as the treasurer.  If so, then take the time to review it but if one doesn’t exist then once you are settled into the role you should prepare this manual.
• The previous treasurer should also hand over the cheque book, receipts book, purchase order books, bank statement, petty cash system and any other relevant information.  
• Make sure you receive any current outstanding accounts that need to be paid as well as details of any contracts such as maintenance agreements, cleaning contracts or any other contractual arrangements.
• Make sure you receive details that relates to income that you may expect to receive.  For example, this may relate to grants, subscription fees or enrolment fees.  
• If your organisation receives grants then make sure you receive the grant documentation so you know when funds will arrive, when acquittals need to be completed and when grant applications need to be made.
• Update the bank account records so you are registered as a signatory.  Also ensure that any old signatories who are no longer authorised are removed from the bank account records. 

Hopefully, once the handover occurs you should be well positioned to take you first steps as a treasurer.  If the previous treasurer is leaving the board then check whether they are willing to assist you if needed and if they are not available then other board members can assist. 

Once you are in the role of treasurer you will find it enjoyable and fulfilling and that you are genuinely making a difference.