Page 11 - ENEW- April 2021 edition

Page 11 Vol. 8, No. 5

Marvelous Mid—Winter Memories
Historic Virtual Convention 2021

THE WORKSHOPS / SEMINARS

FINANCIAL RESPONSIBILITIES AND
LEADING IN A CRISIS OBLIGATIONS OF A CLUB

PRESENTER: PDG Ozzie Torres
RELIABLY DELIVER
PDG Ozzie explained the role and responsibilities of the Treasurer ~
Accountability: The best leaders take personal owner- Record Keeping, Account Maintenance, Signature Requirement on
ship in a crisis, even though many challenges and Bank Accounts, Maintaining Club Finance Records and Preparation of
factors lie outside their control. They get the team
focused and create a culture of accountability. Annual Budget.
Good at prioritizing: Understanding which issues
should be tackled first and why, based on an under- PDG Ozzie shared the following:-
standing of how tasks and solutions are interrelated The Treasurer is the Chief Finance Officer of the Club
and the cascade effect of doing them in different or-
ders. Role and Responsibilities of the Treasurer:
Open-minded: The ability to look at an event from Keeps good financial records (Account maintenance and Finance Rec-
multiple perspectives and “think outside of the box” ord, Administrative Account, Activity Account and Project Account).
before deciding on specific contingency plans and
solutions.
Open-minded: The ability to look at an event from Member of the Board of Directors
multiple perspectives and “think outside of the box”
before deciding on specific contingency plans and The Chair of the Finance Committee Collects monies from the Secretary
solutions. who records same

Makes deposits and payment

In a Crisis Leaders Should Ask Record Keeping:
LCI requires TWO Separate Accounts; Administrative Account and
Project Service Activity Account.
What has happened?
What has changed? ALL checks are approved by the Board of Directors.
What is the impact?
What might happen next? Signature Requirement on Bank Account:
How long is this crisis likely to continue? He recommended two (2) to three (3) signatures on bank account
What actions should be taken immediately? (President, Secretary and Treasurer). Signatures must be changed annu-
What’s the desired realistic outcome? ally when officers are changed. Establish a relationship with a local
How often should the team meet? bank and request to have the bank waive account fees.
Are the roles and responsibilities defined and under-
stood by the team? Preparation of Annual Budget:
This is the joint responsibility of the Treasurer, President and the Fi-
nance Committee.

A budget is a guide and not an authorization to spend. Once approved,
it should be followed. Any deviation, should receive the Board’s
Key Take Aways Approval.
PDG Ozzie concluded with Account Maintenance:
How do we reliably deliver as leaders?
Complete IRS Form SS-4 in order to obtain Employer Identification
Examine the MOSCOW method and how we can Number (EIN). EIN is used to report all Federal Tax Returns.
apply it to dealing with a crisis.
The assignment of EIN does not grant Tax Exempt Status to Non-
A case study on how the pandemic can help or Profit Organizations.
break a leader.

Submitted by,
Lion Yolande Cadore,
Kings and Queens E-News Reporter