Difference between revisions of "Finance"
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Financial affairs of The Augustan Society, Inc., are ultimately controlled by the [[Board|Board of Directors]], but are the specific assignment of the [[Treasurer]]. Day-to-day operations are delegated to the [[Assistant Treasurer]]. The [[Finance Committee]] exists to advise the Board, Treasurer, and Assistant Treasurer, and to prepare the annual budgets for the Society and it's [[Sub-Groups]]. | Financial affairs of The Augustan Society, Inc., are ultimately controlled by the [[Board|Board of Directors]], but are the specific assignment of the [[Treasurer]]. Day-to-day operations are delegated to the [[Assistant Treasurer]]. The [[Finance Committee]] exists to advise the Board, Treasurer, and Assistant Treasurer, and to prepare the annual budgets for the Society and it's [[Sub-Groups]]. | ||
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| + | '''Bank accounts''' used to hold all funds other than investments are three: | ||
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| + | # A savings account at Wells Fargo bank which pays trivial interest; | ||
| + | # A checking account at Wells Fargo bank which pays no interest, and which has a debit card attached; | ||
| + | # A account with PayPal which pays not interest, but which is useful for online purchases and the receipt of payments. | ||
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| + | The balance of the PayPal account is kept to about $500, unless a larger purchase is contemplated. The checking account is held to the amount felt necessary to cover checks and debits. The rest is placed in the checking account, and transfers between the three are made as necessary to maintain each at the desired level. | ||
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| + | '''Bookkeeping''' is done using GnuCash, free and open source software which is available for both Windows and Linux operating systems. | ||
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| + | '''Investment Funds''' are held in two accounts at Morgan Stanley, and presently include GNMAs, corporate bonds, a mutual fund, and a cash account bearing trivial interest. | ||
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| + | '''Reporting''' consists of monthly statements of income and expenses against the General Fund submitted to the Board, plus the balances of a few special funds, including the Investment Fund. At present, no balance sheets are offered at any frequency. One Consul has asked that these be prepared monthly, the other has vetoed this. | ||
This section is left for development by the officers listed above. | This section is left for development by the officers listed above. | ||
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*[["Buy-A-Box" Fund]] | *[["Buy-A-Box" Fund]] | ||
*[[Cataloging Fund]] | *[[Cataloging Fund]] | ||
| + | *[[Annual Fundraiser Funds]] | ||
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Revision as of 19:25, 14 February 2015
Financial affairs of The Augustan Society, Inc., are ultimately controlled by the Board of Directors, but are the specific assignment of the Treasurer. Day-to-day operations are delegated to the Assistant Treasurer. The Finance Committee exists to advise the Board, Treasurer, and Assistant Treasurer, and to prepare the annual budgets for the Society and it's Sub-Groups.
Bank accounts used to hold all funds other than investments are three:
- A savings account at Wells Fargo bank which pays trivial interest;
- A checking account at Wells Fargo bank which pays no interest, and which has a debit card attached;
- A account with PayPal which pays not interest, but which is useful for online purchases and the receipt of payments.
The balance of the PayPal account is kept to about $500, unless a larger purchase is contemplated. The checking account is held to the amount felt necessary to cover checks and debits. The rest is placed in the checking account, and transfers between the three are made as necessary to maintain each at the desired level.
Bookkeeping is done using GnuCash, free and open source software which is available for both Windows and Linux operating systems.
Investment Funds are held in two accounts at Morgan Stanley, and presently include GNMAs, corporate bonds, a mutual fund, and a cash account bearing trivial interest.
Reporting consists of monthly statements of income and expenses against the General Fund submitted to the Board, plus the balances of a few special funds, including the Investment Fund. At present, no balance sheets are offered at any frequency. One Consul has asked that these be prepared monthly, the other has vetoed this.
This section is left for development by the officers listed above.
Society funds include the following:
- General Fund
- Investment Fund
- Eagle General Fund
- Eagle Insignia Fund
- Rose General Fund
- Rose Chapel Fund
- Rose Insignia Fund
- Rose Training Fund
- SDLKJ Fund
- SDI Fund
- SDS Fund
- SDC Fund
- "Buy-A-Box" Fund
- Cataloging Fund
- Annual Fundraiser Funds
An Audit Committee may be created by the Board from time to time as they see fit. This Committee will be independent of the Treasurer, Finance Committee, and all members of same. All are expected to give the Audit Committee or an accountant they hire full cooperation.
