Page 43 - The Scepter - Summer-Fall 2018

they have a separate corporation for the operations of TLOD business and programs (i.e. Foundation). All
TLOD Areas are required to file under the National 990 status.

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IRS-990 Forms
Annual Financial Reporting / Tax Return
The National organization is required to file an annual tax return for the IRS. This tax return is for the National
organization and all TLOD Chapters and Areas. Chapters and Areas are subordinates of the National organiza-
tion and must file as part of the National Tax Return. No chapters shall file on their own. Chapters and Areas
as subordinates shall complete the TLOD Annual Financial Report (990 Form) of income and expenditures by
August 1st of each fiscal year. The National Treasurer shall send instructions and forms for annual financial re-
porting to chapters by June 15th of each fiscal year. The National Treasurer is responsible to conduct a training
session at least 30 days prior to the August 1st due date. Chapter Treasurers are responsible for preparation and
certification of the report. Chapter Presidents are responsible to ensure the financial forms are filed on time.
Monetary penalties shall be levied on individual chapters/area if this report is not on file with the National office
by the deadline date of August 1st. The National Treasurer will consolidate all Chapter and Area Annual financial
reports along with National financial documents and provide to the auditor by November 1st of each fiscal year.
The external auditor will prepare the audit and the IRS tax return in accordance with the IRS guidelines.

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TLOD Financial Secretary Policies and Procedures
(Revision #2 and #3)
2. Any member may request an acknowledgement of receipt of funds by including a self-addressed stamped

envelope with their transmittal or by sending an email to the National Financial Secretary requesting confir-
mation of receipt of funds.
A voucher for reimbursement of Area Chapter Tax and Per Capita shall be computed and forwarded to the Na-
tional President with backup documentation representing membership totals as of June 30th no later than August
7 of the fiscal year. Reimbursement shall be paid to the Area upon presentation of the Area Budgets to the Na-
tional Treasurer; Area Conference minutes and any other documents requested to the National President. Once
provided the voucher for reimbursement will be processed and payment will be made no later than August 31 of
the fiscal year.

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TLOD Financial Secretary
Policies and Procedures (revisions #1)
All monies received for crediting to TLOD accounts must be sent to the National Financial Secretary for pro-
cessing. Upon receipt the National Financial Secretary will follow accepted accounting procedures for recording
and preparing funds for transmittal to the National Treasurer for deposit. Funds received for membership must
be received with the proper transmittal forms for the membership system. All transmittals received must be pro-
cessed and recorded in corresponding databases before transmittal to treasurer. Processing time is typically 30-
45 days. Processing time may be extended during Annual Reporting season, April 1 – June 30.

TLOD Chapter Financial Responsibilities

Policies and Procedures (new)

1. Chapters are responsible for following sound financial practices in the execution of TLOD finances. Finan-
cial officers and members must follow guidelines as outlined for handling chapter finances.

The Chapter Financial Secretary is responsible for membership tracking and collecting all funds for the chapter.
All reports related to membership dues payments for Top Ladies and Top Teens must be filed by the Chapter
Financial Secretary to the National Financial Secretary. The Chapter Financial Secretary should use a transmittal
system for tracking funds received.