finances
DESCRIPTION
Finances. MWPHGL of Maryland Office of the Grand Inspector 1307 Eutaw Place, Baltimore, MD February 4, 2012. Finance. ?. ?. What Why Who How. ?. ?. What is IT?. AA BIFF. A ssets. A udits. B udgets. I nsurance. F inances. F orecasts. Finances. - PowerPoint PPT PresentationTRANSCRIPT
Finances
MWPHGL of MarylandOffice of the Grand Inspector
1307 Eutaw Place, Baltimore, MD February 4, 2012
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Finance
WhatWhyWhoHow??
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What is IT?
A A B IF FAssets
AuditsBudgets
InsuranceFinances
Forecasts
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Finances
You must be aware of your current financial condition.
• Where it comes from• Where it goes
Reports•What would you
like to know?• Who should care?
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Audits
• Why? for your membership, assures them the integrity of which the funds are handled
• Why?MWPHGL requirement
• When?Due each quarter
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Budgets
• Why?• How much
time should be devoted to:– Preparing– Reporting– Updating
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Budgets
• Sample Budget
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Budgets
• Sample Budget 2 cont’dProjected Expenditures MY 2010/2011 Quantity Projected Estimated
400 Adm.-Bank Safe Deposit Box Annual Fee 1 $70 $70
402 Adm.-Postal Service Box Annual Fee 1 $70 $70
404 Adm.-Postal Stamps 10 $45 $450
406 Adm.-Bank Service Charges 12 $15 $180
408 Adm.-Surety Insurance Bond 1 $175 $175
410 Adm.-Secretary/Treasurer Supplies 1 $500 $500
412 Adm.-Computer System Purchases 1 $1,000 $1,000
414 Adm.-Health Food License (Charles County) 1 $50 $50
416 Adm.-Constituent Lodge Support 1 $2,000 $2,000
418 Adm.-Masonic Supplies(Gloves & Aprons) 12 $1,000 $1,000
419 Adm.-Repast @ Lodge Meetings 24 $100 $2,400
420 BldgExpense-Bldg Maintenance (Household) 12 $200 $2,400
420.02 BldgExpense-Bldg Upkeep² 1 $20,000 $20,000
420.04 BldgExpense-Bldg Insurance (F. Mutual Insur) 2 $1,000 $2,000
420.06 BldgExpense-Property Taxes 2 $140 $280
420.08 BldgExpense-Utilities: Electric (Monthly) 12 $250 $3,000
420.1 BldgExpense-Utilities: Trash Pickup (Monthly) 12 $132 $1,584
420.12 BldgExpense-Utilities: LP Gas (Kitchen Area) 12 $100 $1,200
420.14 BldgExpense-Utilities: Fuel Oil to Heat Bldg 6 $900 $5,400
420.16 BldgExpense-Utilities: Sewage Fees 4 $125 $500
420.18 BldgExpense-Utilities: Telephone /Internet/1 Call 12 $145 $1,740
420.2 BldgExpense-Security (Rentals) 15 $50 $750
440 Charity: Sick & Distress (Cards,Flowers etc.) 12 $100 $1,200
440.1 Charity: Sr. Citizens Feast (Nov 13) 1 $1,000 $1,000
440.2 Thanksgiving Baskets 10 $50 $500
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Budgets• Sample Budget 3 cont’d
480.02 MWPHGL: GL News Paper (Subscription Fee)* 118 $8 $885
480.04 MPHGL:GL Entity Fee (Sept 2010) 1 $20 $20
480.06 MWPHGL:GL Trustee Ad (Sept 2010) 1 $250 $250
480.08 MWPHGL:GL Trustee Tickets (1 for every 4)** 30 $75 $2,250
480.1 MWPHGL:Masonic Supplies 5 $250 $1,250
480.12 MWPHGL:Dispensation Fee 10 $9.50 $95
480.16 MWPHGL:Lodge of Instruction Fee 2 $30 $60
480.18 MWPHGL:GL Annual Session Registration 5 $150 $750
480.2 MWPHGL:BH Officers Hotel Expenses 5 $300 $1,500
480.22 MWPHGL:GL Hospitality Suite Contribution 1 $200 $200
480.24 MWPHGL:Per Capita Taxes (Dec 10/Jun 11) 118 $21 $2,478
480.26 118 $35 $4,130
480.28 MWPHGL:GL Charity Funds (Jun 2011) 117 $6 $702
480.3 MWPHGL:GL Scholarship Fund (Jun 2011) 118 $10 $1,180
480.32 MWPHGL: GL Raffle Program 10 (Mar 2011) 118 $30 $3,540
Total MY2010/2011 $74,027
Recapitulation
Total Estimated Income $65,509 $21,925 $87,434
Total Estimated Expenditures $74,027 $74,027
Total @ End of Year Returns $13,407
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Assets• What are they
…and who owns them?• What is good “stewardship”?• Who is the
Chief Steward?• If not YOU,
then who?
• What do you have?
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Insurance
• What is it?– Transfers risk of loss to
another party– Provides fidelity coverage
on officers who handle funds
• Do you know what items are covered and what it would cost to replace them?
• Take the visual tour of your establishment
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Forecasts
• Road map for your future• YOUR forecast
For example: Dues increases
• You have to plan for your future or you won’t know where you’re going, how
you will get there or whether you’re on schedule.
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CHARGE“The honor, reputation and usefulness of your
organization will materially depend upon the skill and assiduity of which you manage it’s concerns…”
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Your organization is not all about money; however, proper financial management is
your responsibility. Your organizations growth and programs depend on the
funds available to guide it into the future.
Questions?