Thank you to those of you who sent me questions about finance. Some were easy to answer and others did take a bit of research. Here is what happened in the month of October:
- Question: What if I am Treasurer of more than one club and perhaps even on the district team? Can I set up either multiple Concur accounts or use more than one bank in my profile?
Answer: Concur only allows one bank account tied to each profile. And TI can only make 1 profile for each member. So in the case of reimbursing clubs through Concur, it will need to be submitted by the Club Treasurer or Club President, and then once they receive the reimbursement they should transfer the funds or write a check in to the club bank account. You could also use the club’s bank account to link to the profile of your Club President.
- Question: Can I use District Bucks to purchase a Zoom account? While the District accounts are great for club meetings, we need the flexibility to other meetings on Zoom, such as Club Officers, Committee meeting and such.
Answer: Yes, this would be a good use of your District Bucks funds.
- Question: I know that Area, Division and District officers can’t use gift cards as a thank you or an incentive, but can the clubs use them?
Answer: No, because the clubs are also 501(c)3 non-profits, purchasing gift cards is not allowed. If you have gift cards that were purchased by the club prior to July 1, 2020, I would recommend purchasing a tangible item such as a book as the incentive / thank you. Regardless, there is no reimbursement of this expense. The key here is to not purchase any new gift card or cash loading items.
- This is my question to you! I would like to get your input on a question of interest to clubs in the district:
For clubs that have not had a bank account and are thinking about getting one, what banks would you suggest that don’t have a high minimum balance to offset service fees?
Let me know your recommendations and I will post them here next month.
This is the place to get the answers to your treasury questions. Send them to me at firstname.lastname@example.org. I look forward to the opportunity (and sometimes the challenge) of answering these questions.