By Linda Patten, District Finance Officer
In February, Toastmasters International requires of every District that a Mid-Year Audit be conducted on all financial transactions occurring from July through December. It is a time to check every deposit, every check, every electronic payment and every financial statement. The Audit Committee ensures that all the documentation is there and correct. In the past, with us writing checks for incentives to the clubs, it was a very arduous job which took the committee many hours and a lot of paperwork.
This year, because we have gone to the District Bucks savings account and to Concur for reimbursement, the task was much easier and wrapped up very quickly. I am glad to say that the Audit Committee gave us a “thumbs-up” on the audit.
Now why am I telling you this? There are several reasons:
- While we don’t have a mandatory audit requirement for club treasurers, this would be a good practice for the end-of-the-year. By doing an audit of the books, it ensures that all expenses have the appropriate approvals, that all checks issued to the club have been deposited in the account and that all financial documents have the necessary receipts and such.
- On at least a quarterly basis, the treasurer should be making a financial report to at least the officers and also to the club. This is a good way to show that the club is in good financial health.
- Also, if you did not do a budget for the club at the beginning of the fiscal year, it is never too late to make that happen. It provides a road map for income and expenses.
- Plan your spending of District Bucks as part of your budget. Remember that all monies in the District Bucks account must be spent by June 1, 2021. Why then? Because our fiscal year ends the 30th of June. All disbursements must be completed by that date. If you wait until the last minute, we cannot guarantee that the approvals and money will be distributed by the end of the year. Don’t wait – plan your purchases and work the plan.
If you have questions, please don’t hesitate to shoot me an email at email@example.com. I would love to hear from you.