Cleaning Up and Organizing Your Group's Records

Following is a transcript of this episode of the Two Minute Treasurer’s Tip Podcast from MoneyMinder, with audio/video below.

Welcome to the Two Minute Treasurer’s Tip Podcast. I am your host Cyndi Meuchel, and we’re talking about cleanup. Well, sort of.

So, Anne writes: I was just appointed Treasurer and am realizing that our records have not been well maintained in the past. I want to clean things up and provide transparency to our donors and members. What do you suggest?

Thanks for your question, Anne. Financial transparency is undoubtedly important not only for tax filing but also to retain and attract donors, sponsors, volunteers, members, you name it. My recommendation would be to focus on getting this year in order first. Get your systems, structures, and internal controls in place so that moving forward, you have a solid foundation.

Then as time permits, look back at previous years, one at a time, and see what you can do to better organize and record things. Remember that if your group has had an annual audit for any of those past years, it’s best not to mess with the records.

Some things worth looking at are:

That your group has filed any necessary tax filings for the past several years.
Check to see that the signers on our bank account up to date.
Make sure your state license and any other licenses like charitable solicitations & gaming licenses, if they apply, are up to date.
Review your insurance coverage to make sure it’s adequate.
Additionally, you might consider posting your financial reports on your website for donors & members to review.

I hope this helps, Anne. Good luck with your clean up!

My name is Cyndi Meuchel, and this is your Two Minute Treasurer’s Tip for today.