finance webinar- symposium presentation - alumni groups · finance webinar- symposium presentation...

Alumni Clubs & SocietiesPost- event and Incentives Reimbursement Process

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Agenda:

1. Reimbursement Process, Roles and Responsibilities2. “Backend” Processing of Payments3. Payment and Paperwork Compliance 4. EIN, Exempt Status, Tax Rules and Group Filing

Please hold questions until the end of the session

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What will be reviewed:

• What can be reimbursed?• What do I need to be reimbursed?• How do I get reimbursed?

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• Event supplies for Category 1 Events (up to $250;; $500 for Networking)

• Board Meetings (up to $50, for ten meetings)

• Please consult with Staff before purchasing alcohol (no tobacco products will be reimbursed)

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• Speak with staff member before event if you are unsure that it will be considered Category 1

• Save all receipts from purchases for event• Have sign-in sheet and/or pre-registration list.

• Click on link to reimbursement form

What do I need to be reimbursed?

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• We use DocuSign- an online form• Societies follow this link: https://na2.docusign.net/Member/PowerFormSigning.aspx?PowerFormId=07021c03-b5f2-4aa1-a5cd-da24a7780f3f

• Clubs follow this link: https://na2.docusign.net/Member/PowerFormSigning.aspx?PowerFormId=f3a3b00c-94d9-4330-b959-a771ff8f7827

How do I get reimbursed?

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https://na2.docusign.net/Member/PowerFormSigning.aspx?PowerFormId=f12657e9-69dd-4a19-9b7b-f225589abefe

If I’m only reporting (no reimbursements)

Clubs:

Societies:

https://na2.docusign.net/Member/PowerFormSigning.aspx?PowerFormId=f12657e9-69dd-4a19-9b7b-f225589abefe

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This is what will show up when you click on the link

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Input your name and email address into the first two boxes, followed by the name and email addresses of two other board members. Then click begin signing (red button at the bottom).

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First, click to agree

Then click to continue

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Each question is required to answer. If you are seeking reimbursement, you must attach receipts. If you are not, you must attach an attendance sheet to count towards your Scarlet, Gray, or Carmen ranking for the next fiscal year.

Once you select that you have a receipt to attach, click the paper clip icon

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Select to upload an attachment from your computers files, then push continue.

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Push upload a file button

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Once you have selected the file from you computer, the file name will show, and you can select done.

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By pushing the paperclip icon, you can also select to attach a document by faxing it in.

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Push OK. Instructions on how to fax/ cover page will be sent to you once you are done filling out the form.

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Finish the form by filling out the event details. Please include helpful feedback, as well as a detailed description of expenses.

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Once you are finished filling out the form, you will scroll to the bottom. As you scroll to the bottom, you will view all of the documents you attached.

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Hit finish!

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If you selected to fax in an attachment, this box will appear. Click ‘Get Cover Page’ and the cover page will appear.

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Print this page and use it as the cover page to have relevant documents attached to the form electronically.

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If you didn’t select to upload documents via fax, you will be done and this page will appear. You can either close the page or select ‘Show Document’ to view a PDF copy of your form.

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This is what the email will look like that your Board Members will receive (the two you selected as your ‘signers’). They should push review document to get started.

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The Board Member signing will also have the agree to the terms by clicking the box below and then pushing continue.

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The Board Member will see a yellow arrow icon. They should click on it to sign virtually.

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Their name will already be filled in with a pre-determined signature. They can change the style, or select Draw to sign their own name on a tablet or phone. Finish by pushing Adopt and Sign.

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Board Member will be able to view their signature, and scroll through the attachments.

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Board Member will click finish

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Board Member will hit continue to close out the form

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Once both Board Members have gone through this process, an email will be sent to the person who initiated the form. Select Review Document to be able to view, print, and save the completed forms for your record keeping.

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If you have a DocuSign account, it will ask you to sign in to see the completed form. If you do not, it will automatically open for you.

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To view completed forms, click on Completed on the left hand side

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Select which form you want to view (if there are multiple).

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You can click on the individual pages on the right hand side and also viewed who has signed the form and when.

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Jaime HoffmanFinance and Compliance Manager

Alumni Association Finance

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Backend Processing

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Backend Processing

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Compliance Checks

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Scott AlbrightFinance Manager

Alumni Association Finance

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EIN, Exempt Status, Tax Rules and Group Filing

Information vs. Guidance• Complex topic to manage

• Separate organizations• Context specific knowledge• IRS legal considerations

• We are not experts in tax, therefore we can’t provide “Advice”

• Able to share information on processes

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EIN and Exempt Status• EIN or FEIN – Federal Employer Identification Number

• Organization’s “Social Security Number”• Required for bank accounts, tax filings and many donation requests• Available electronically on irs.gov• Organization should keep a copy of the “Determination Letter” from the IRS -

can be requested via irs.gov

• Exempt Status – Federal designation based on the mission of the organization and governance structure that allows the organization to be exempt from federal income tax for related activities• Section 501(c)3 of the federal tax code most commonly referenced• Many state, local taxing authorities transfer this designation to local tax

exemption as well• Other designations – like 501(c)4 or 501(c)7 – offer federal tax exemption, but

typically not as often on the local level• Alumni Association’s governance model is for groups to be a 501(c)4 or 501(c)7• Publication 557 from the IRS describes in detail

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Tax Rules• Filing with the IRS

• Tax Year is based on when the year begins, not when it ends• Due to IRS on the 15th day of the 5th month after year end• Electronic process if under $50,000 of average gross income per year• Retain confirmation at local group and provide a copy to OSUAA

• Group Filing – Intended to be a process to coordinate tax filing for affiliated groups• Complicated to understand• Multiple ways to administer• Benefit to using is being researched

• Educational document available in the Handbook section

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Tax Filing Dates – Calendar Year Base

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Tax Filing Dates – Academic Year Base

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Key Takeaways• Understand the process the group needs to utilize to get incentive $• Awareness of the required compliance for OSUAA to incentive $• File the group’s taxes with the IRS annually

• Opportunities to make the process better for everyone are being researched

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Questions?

finance webinar- symposium presentation - alumni groups · finance webinar- symposium presentation...

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