CHAPTER TREASURER'S TIME
- Review NARFE reports: A-220, W-101, and M-10 for monthly dues amounts
- Review Bank Statements for deposits from dues to verify correct amount deposited.
- Reconcile Bank Statement with checking account and deposits.
monthly financial report for Chapter and Board Meetings
- Review amounts shown
on A-220 reports for multiyear members and adjust your dedicated funds for these advance payments. Remove the advance
payment funds from dedicated funds for multiyear members at their anniversary date. (Tabular data sheet by year and
month of deposit is the best way to track these amounts.)
- Per Capita
Tax will be billed annually, based on theDecember 31st M-110 report - "Chapter Voting Member". Chapters can
choose to make one annual payment or pay the annual Per Capita Tax in two (2) equal payments. The first payment is due
on or before April 1st, the second or remaining balance due on or before October 1st.
- Prepare year-end financial report for the fiscal year.
IRS report,usually an electronic postcard, Form 990-N. Note: If you use calendar year as your fiscal year, this report
is due on the 15th of May, each year.
- If your Chapter takes the NARFE liability
insurance and no notice has been received, contact your Chapter President for the form usually sent to the President by mid-April
each year. It must be paid prior to June 1st each year.
- Request that an
audit committee be designated and establish a date for the audit. Make all monthly reports, bank statements, payment
vouchers, deposit records, and checkbook ledger available. Audit should cover the fiscal year, 12 month period and cover
all accounts managed by the Treasurer.
- If incorporated in Washington State,
prepare yearly agent filing form prior to the anniversary date of your incorporation. (Form is available on line for
electronic filing with the Washington State Secretary of State Corporation Division).
- All operating accounts must be deposited in a Federal
Insured Bank (FDIC) or credit union.
- Reconciled bank statements for any period
within the current tenure should be made avilable to the executive board, at their report.
for other funds, such as Alzheimer's and NARFE-PAC, must be kept separate from your operating accounts.
- Reconciled bank statements for any period within the current tenure should be made available to
the executive board, at their report.
- Your checking and savings accounts must
have an alternate signature authority for access to the accounts, usually the Chapter President.
- Develop a time line form by month for your alternate/replacement of new incoming treasurer.
- All financial files must be retained for at least three (3) years.
NARFE Form 1-131, Checklist for the Audit
of NARFE Chapter Funds, can be ordered or downloaded from the www.NARFE.org web site.