Signs of Good Financial Health

Signs of Good Financial Health

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  • Ensures that only authorized check signers are on the bank signature card.
  • Removes previously authorized signers from the signature card whenever a resignation occurs or a new term begins.
  • Prepares and presents monthly treasurer reports, budget-to-actual comparative reports, committee reports and semiannual audit reports at board meetings.
  • Ensures budget is approved by board and expenditures are authorized prior to spending funds.
  • Only pays bills which have been authorized by the board.
  • Reconciles the bank statements monthly, subject to a review by a non-check signer.
  • Conducts at least one audit per year.
  • Files the appropriate IRS Form 990 annually and any state forms.
  • Remits membership PMP to State and National Leagues timely.
  • Remits insurance premium to State League timely.
  • Ensures cash is counted by two members, one of whom must be an officer or chairman.
  • Cash verification forms are signed by everyone who counts monies.
  • Issues a receipt for cash donations.
  • Ensures transfers between bank accounts are authorized in advance by the board.
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