Chapter Management Awards

Transcription

1 Chapter Management Awards Entry Form Chapter Name 2. Region 3. Chapter board term From: To: 4. Division Category (check one): Division 1: Large Chapter (201 or more members) Division 2: Mid-size Chapter (76 to 200 members) Division 3: Small Chapter (15 to 75 members) 5. This entry is for (check one): Communication Community Involvement Financial Management Leadership Development Membership Marketing Professional Development Sponsorship Student Involvement 7. Total number of categories entered: 8. Chapter contact Name Company/Organization Telephone Address Deadline: Midnight Pacific 28 November 2012 Entries must ed to Questions? Contact Good Luck!

2 Work Plan Financial Management A. GENERAL IABC San Diego follows board and fiscal years of July-June and is in the first year of a new one-year strategic plan. This work plan covers the chapter s financial results and practices for July 2011 November Goals & Objectives From the IABC San Diego strategic plan: Goal: Make IABC-San Diego profitable. In using its resources to provide programs and services that are valuable to members, the chapter will achieve an operating surplus in all revenue generating programs. Objectives: 1. Establish pricing structures and cost controls to ensure profitable professional development events. 2. Establish a reserve account of 50% of annual operating expenses. 3. Chapter will not run a deficit budget based on the current economy. B. Budget & Accounting The chapter expense budget philosophy is: 1. Establish a budget at the beginning of the fiscal year, with a goal of providing the chapter with a net profit at year-end. A report on the year-to-date variance between budget and actuals will be presented at each board meeting. 2. To create the budget, the board first establishes its strategy and the board members translate that strategy into their plans for the fiscal year, taking prior year s results into consideration. From those plans, the VP-Finance calculates the budget necessary to fund the chapter s plans for the current fiscal year. 3. The budget is presented and approved at the September board meeting. 4. Professional development events must at least break even. 5. Other expenses are tied to the board members strategic objectives. This gives board members authority to spend as needed to meet their goals provided they remain within the pre-approved budget. 6. Receive board approval prior to incurring expenditures that exceed the budget or are new expenses. For July 2011 November 2012: With revenue of $13,579 and expenses of $10,772, the chapter has a net profit of $2,808. Financial Reporting The Vice President, Finance (VP-Fin) prepares and presents a monthly report to the board. The fiscal-year-to-date report includes the following: Profit & Loss, bank account reconciliation, actual to budget variances, and analysis of specific events. Given the strategic plan focus on overall managing the chapter profitably, the VP-Fin highlights the year-to-date net income.

3 The chapter added a section to highlight the profit & loss results of specific events, such as professional development. This focused report aids the board s decision making process. Reserves 50% of the chapter s annual operating expenses would be about $5,000, but we elected to reserve $7,000 to help offset any reductions in revenue due to the economy. Since June 2011, the chapter has increased its average fund balance from around $12,000 to now averaging almost $14,000. Given this track record, the chapter established a separate interest-bearing money marketing account for our reserves. Revenue The chapter generated revenue from these sources: Revenue was $13, % - Member dues ($55 per year per member) 46% - Professional Development fees (the chapter charges $30 for members, $50 for non-members and $20 for students). 9% - Donations and other sources Expenses were $10, % - Professional Development program (food, online payment processing fees, etc.) 33% - Board member attendance at various local, regional and national IABC events 32% - General office items, member recognition, and an online newsletter. Additional Comments: Program/Event Fees To streamline payment processing and reduce the intake and processing of cash and checks, the chapter instituted enrollment and payment through Eventbrite. For walk-ins, the board bills the attendee through PayPal. Other Revenue Sources Given the state of the economy, the chapter did not actively pursue sponsorship and ad revenue from outside sources. Instead, the board focused on securing in-kind donations such as deeply discounted printing for the Volunteer Recognition booklet, and a venue partnership with UCSD Extension (described below). The chapter has also continued to secure donated prizes from our speakers, including books, airline tickets and professional development classes. UCSD Extension Partnership IABC San Diego created a partnership with UCSD Extension with outstanding results for the chapter. UCSD Extension is the professional and public service division of UC San Diego, and has an exceptional meeting facility located in University City ideally situated in the heart of San Diego County. Through our partnership, UCSD provides a free venue for our professional development events in exchange for the opportunity to participate in our events and market its offering to our members.

4 New Financial Policies/Procedures Established Cancellation Policy To defray the costs associated with people registering for, but not attending or paying for, Professional Development events, the chapter implemented a cancellation policy. Refunds are only available for cancellations made more than 24-hours prior to the event, and no-shows are billed in full. Analysis of Event ROI After changing the venue of its PD events, the chapter noticed the events were not achieving the same revenues. Further analysis showed that the PD events had begun losing money. The chapter responded accordingly with enhanced program topics, additional outreach, and adjustments in costs. The positive results are encouraging. Additionally, the chapter tracks the revenue and expenses of each event, and evaluates ROI on a monthly basis. Reduced Paper/Increased Online Transactions We continue to reduce paper transaction and increase online transactions through , debit card use, and Eventbrite. With the success of Eventbrite, we no longer use PayPal, retaining it just for ad hoc uses. Ongoing Financial Procedures Accounting & Reconciliation -- All financial aspects of the chapter are organized and maintained by the VP of Finance, who facilitates all payments for chapter professional development meetings via cash, check, or credit card. All payments collected are verified as to the individual s membership status and against the event s RSVP and final attendance lists. Once audited, all monies are transferred from Eventbrite into the chapter bank account. Likewise, the VP of Fin reconciles and/or facilitates all other deposits (chapter dues, etc.) and expenses. These records are stored in an online system and are reported monthly to the board. All other necessary expenses are handled on a vendor billing and/or reimbursement basis. Board members are reimbursed for expenses previously approved by the Board, and through the completion of an expense reimbursement (a.k.a. check request) form and the original receipt or invoice. Informing Chapter Leaders Board Member Education The VP-Finance regularly details overall financial performance, and addresses financial issues and recommendations during the monthly Board meetings. As new expenses are proposed, the VP provides the financial backdrop (impact to the budget, cash flow, expenses, future needs, etc.) to help the Board s decision making.

5 Results Goals and Objectives Results for July 2011-November 2012 Establish pricing structures and cost controls to ensure profitable professional development events. Establish a reserve account of 50% of annual operating expenses. Chapter will be profitable. Established Event ROI & Membership analysis tracking. Revised catering selections to save money and focused on more of a casual, higher quality menu, rather than a more formal, lower quality menu. Throughout the period, the chapter maintained more than the minimum amount required for reserves. Established an interest-bearing account for reserves. Projected net income for the period is approximately $2,000. Given the economy, maintaining profitability is a tremendous accomplishment.

6 Category: Financial Management Exhibit A) Internal Reporting Documents: Check Request Form

7 Category: Financial Management Exhibit A) Internal Reporting Documents: Event Invoice

8 Category: Financial Management Exhibit A) Internal Reporting Documents: Checklist for a typical month IABC-VP of Finance (FY ) WEEK 1 Prepare board report after month-end (see board report sample) Run financial reports for the current Fiscal Year to Date (FYTD) (see samples) o Actual Revenue / Expense by Category & Bank Account Balances o Actual vs. Budget by Revenue / Expense o Project / Event Analysis of ROI o Other reports as needed or requested Submit all reports to President (usually due the Tuesday before the board meeting.) WEEK 2 Print and review board meeting documents sent by President prior to board meeting Attend board meeting (usually the 2nd Wednesday of the month) WEEK 3 PD Team informs VP-Fin of any walk-in attendees; VP-Fin issues same an online invoice via PayPal WEEK 4 Post Professional Development event, review attendance results and revenue on Eventbrite site Review Chase online account statement to confirm both the transfer of revenue from Eventbrite and the cost of PD lunch paid via chapter debit card Review Chase online account statement for any other expenses and checks cleared Review PayPal for confirmation of outstanding Professional Development invoices paid and transfer PayPal payments to Chase checking account DURING THE MONTH Visit the chapter s mailbox and distribute material as needed Process invoices and check requests as received

9 Category: Financial Management Exhibit A) Internal Reporting Documents: Screenshot of PayPal

10 Category: Financial Management Exhibit A) Internal Reporting Documents: Event Listing Screenshot of Eventbrite

11 Category: Financial Management Exhibit A) Internal Reporting Documents: Event Summary Screenshot of EventBrite

12 Category: Financial Management Exhibit B) Profit & Loss Statement with Reconciliation Report

13 IABC-San Diego Board Report: Profit & Loss Statement Fiscal Year Actual July November /27/2012 YTD June May April March February January December November October Sept August July 7/11 6/12 CMA Entry % Revenue Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual 7/11 11/12 7/11 11/12 Member Dues $2,000 $580 $300 $640 $200 $280 $4,060 $6,060 45% Money Market Dividends $0 $0 $0 0% Events $1,500 $650 $265 $585 $4,787 $6,287 46% Other / Receivables $155 $100 $55 $1,077 $1,232 9% World Conference $0 $0 $0 0% Total $3,655 $0 $0 $0 $0 $0 $0 $0 $1,330 $565 $1,280 $200 $280 $9,924 $13, % Receivables (Restaurant Card) $107 $107 $0 YTD June May April March February January December November October Sept August July YTD Expenses Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Dues $0 $0 $0 0% Meetings (Local, Regional, National) ($634) ($350) ($284) ($880) ($1,514) 14% 0 Awards $0 $0 $0 0% Professional Development/Seminars (Events) ($679) ($268) ($411) ($3,082) ($3,761) 35% Speakers' Fee & Expenses $0 $0 $0 0% Printing $0 ($93) ($93) 1% Postage & Delivery $0 $0 $0 0% Donation to IABC Foundation $0 $0 $0 0% Travel ($607) ($607) ($1,450) ($2,057) 19% Bank Charges $0 $0 $0 0% Publications/Newsletters (Online) ($175) ($35) ($35) ($35) ($35) ($35) ($420) ($595) 6% Office expenses ($210) ($210) ($263) ($473) 4% Equipment & Computer Charges $0 $0 $0 0% Website/Web Hosting $0 ($204) ($204) 2% Grants/Scholarships $0 $0 $0 0% Other Member Recruitment/Recognition $0 ($1,365) ($1,365) 13% Other Marketing $0 ($100) ($100) 1% Other Accreditation $0 $0 $0 0% Other World Conference $0 ($610) ($610) 6% Total ($2,305) $0 $0 $0 $0 $0 $0 $0 ($1,202) ($303) ($446) ($319) ($35) ($8,466) ($10,772) 100% YTD June May April March February January December November October Sept August July YTD Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Net Profit/Loss $1,350 $0 $0 $0 $0 $0 $0 $0 $128 $262 $834 ($119) $245 $1,458 $2,808 June May April March February January December November October Sept August July Jun 12 Fund Balances as of Month End Cash in money market account $4,204 $4,204 $4,204 $4,204 $4,204 $4,204 Cash in checking account $9,697 $10,189 $9,927 $9,093 $9,212 $8,967 Cash in PayPal account $154 $154 $154 $154 $154 $154 Total $14,056 $14,547 $14,285 $13,451 $13,570 $13,325 Fund Balances as of Month Start Cash in money market account $4,204 $4,204 $4,204 $4,204 $4,204 $4,204 Cash in checking account $10,189 $9,927 $9,093 $9,212 $8,967 $9,261 Cash in PayPal account $154 $154 $154 $154 $154 $154 Total $14,547 $14,285 $13,451 $13,570 $13,325 $13,619 Change in Fund Balances ($492) $262 $834 ($119) $245 ($294) Running Total $731 $1,223 $961 $126 $0 ($294) * Note: Retain a $7,000 balance.

14 IABC-San Diego Board Financial Report Bank Account Reconciliation July June /27/2012 Revenue Expenses Net Change Fiscal YTD Totals $3, ($2,305.27) $1, Date Type Item Revenue Expenses Net Change 7/5/2012 Debit Card Tra CTC*CONSTANTCONTACT /03CTC*CONST ($35.00) 7/11/2012 ACH Credit INTL ASSOC CASH C&D CCD ID: $ July 2012 $ ($35.00) $ /6/2012 Debit Card Tra CTC*CONSTANTCONTACT.CO MA 08/03 ($35.00) 8/8/2012 Debit Card Tra LA JOLLA STEAK PLACE SAN DIEGO CA 08/07 (Board Retreat) ($284.02) 8/8/2012 ACH Credit INTL ASSOC CASH C&D CCD ID: $ August 2012 $ ($319.02) ($119.02) 9/4/2012 Debit Card Tra CTC*CONSTANTCONTACT.CO MA 09/03 ($35.00) 9/6/2012 ATM Deposits ATM CHECK DEPOSIT (IABC National Webinar Share) $ /13/2012 ACH Credit INTL ASSOC CASH C&D CCD ID: $ /21/2012 Debit Card Tra ABB*BOUDIN CATERING CA 09/20 ($410.95) 9/25/2012 ACH Credit EVENTBRITE INC PPD ID: $ September 2012 $1, ($445.95) $ /4/2012 Debit Card Tra CTC*CONSTANTCONTACT.CO MA 10/03 ($35.00) 10/10/2012 ACH Credit INTL ASSOC CASH C&D CCD ID: $ /18/2012 Debit Card Tra EXPRESSLY GOURMET CA 10/17 ($268.34) 10/24/2012 ACH Credit EVENTBRITE INC PPD ID: $ October 2012 $ ($303.34) $ /2/2012 Debit Card Tra POSTAL ANNEX #184 Annual Renewal ($180.00) 11/2/2012 Deposit DEPOSIT ID NUMBER (Melissa Eckmann PPR Stipend) $ /5/2012 Debit Card Tra CTC*CONSTANTCONTACT.CO MA 11/03 ($35.00) 11/6/2012 Check CHECK # 1096 (Melissa Eckmann PPR Travel Hotel & Air) ($606.66) 11/14/2012 ACH Credit INTL ASSOC CASH C&D CCD ID: $ Pending ACH Credit EVENTBRITE INC PPD ID: $ Pending Check Name tags (Mark Hersberger) ($30.16) Pending Misc. Debit POS DEBIT ABB*BOUDIN CATERING CA ($350.14) November 2012 $1, ($1,201.96) $128.20

15 Category: Financial Management Exhibit C) Budget for July 2011 November 2012

16 IABC-San Diego Board Budget Analysis /27/2012 FY July 2012 June 2013 FY July 2011 June 2012 Revenue Member Dues 111 Current + 5% Growth / Qtr + 90% Retention = Goal 120 * $40 each Notes / Descriptions YTD Budgeted YTD Actual Difference YTD Variance YTD Actual YTD Budgeted $4,800 $2,000 ($2,800) ($5,100) $0 $5,100 Money Market Dividends $0 $0 $0 $0 $0 $0 Events Est. $580 sales x 9 events $5,220 $1,500 ($3,720) ($5,400) $0 $5,400 Other Donations (Sponsors, Mingle Bells, etc.) $1,500 $155 ($1,345) $0 $0 $0 World Conference Total Revenue $11,520 $3,655 ($7,865) ($10,500) $0 $10,500 Expenses Dues $0 $0 $0 $0 $0 $0 Meetings (Local, Regional, National) Assumed same as last year's actual ($1,000) ($634) $366 $2,000 $0 ($2,000) Awards $0 $0 $0 $0 $0 $0 Prof'l Development/Seminars (Events) Est. PD $350 x 9 mo ($3,150) ($679) $2,471 $4,600 $0 ($4,600) Speakers' Fee & Expenses Speaker if funds available (purchase new speaker gifts) ($200) $0 $200 $0 $0 $0 Printing Assumed basic amount (other) ($100) $0 $100 $200 $0 ($200) Postage & Delivery Recognition cards (donated) $0 $0 $0 $0 $0 $0 Donation to IABC Foundation $0 $0 $0 $0 $0 $0 Travel Assumed same as last year's actual ($1,500) ($607) $893 $0 $0 $0 Bank Charges No fees if maintain minium balances $0 $0 $0 $0 $0 $0 Publications/Newsletters (Online) Constant Contact $35 x 12 = $420 ($420) ($175) $245 $845 $0 ($845) Office expenses Name tags, etc. $270 Recognition Cards (donated) PO Box Rental Annual $180 ($450) ($210) $240 $200 $0 ($200) Equipment & Computer Charges $0 $0 $0 $0 $0 $0 Website/Web Hosting Survey Monkey Renew $250 ($250) $0 $250 $200 $0 ($200) Grants/Scholarships $0 $0 $0 $0 $0 $0 Other Member Recruitment/Recognition New Member Coffee $150 University Recruitment $400 Annual Board Recognition $800 ($1,450) $0 $1,450 $1,300 $0 ($1,300) Annual Board Retreat $400 PR & Marketing Local Advertising $500 Branding / Marketing $400 Mingle Bells Donation $100 ($1,000) ($100) $900 $1,000 $0 ($1,000) Other Accreditation $0 $0 $0 $100 $0 ($100) Other World Conference $0 $0 $0 $0 $0 $0 Total Expenses ($9,520) ($2,405) $7,115 $10,445 $0 ($10,445) Net Profit (Loss) $2,000 $1,250 ($750) ($55) $0 $55

17 Category: Financial Management Exhibit D) Specific Event Analysis for July 2011 November 2012

18 IABC-San Diego Board Finacial Report Specific Event Analysis July June /27/2012 PD EVENTS Ticket Sales Expenses Profit Averages FY 7/12 6/13 Non $50Mbr $30Std $20A ttendeesrevenue Lunch Online Fee Expenses Net $ Rev. Exp. $ Profit July 2012 (No Event) August 2012 (No Event) September 2012 (Achieve Speaking R $640 ($411) ($55) ($466) $229 $32 ($23) $11 October 2012 (Crises Management) $290 ($268) ($25) ($293) $22 $29 ($29) $2 November $710 ($350) ($60) ($410) $360 $32 ($19) $16 December 2012 (Mingle Bells) 0 $0 $0 $0 January $0 $0 $0 February $0 $0 $0 March $0 $0 $0 April $0 $0 $0 May $0 $0 $0 June $0 $0 $0 Total PD Events $1,640 ($1,029) ($140) ($1,169) $611 FY 7/11 6/12: $5,200 ($3,012) ($386) ($3,398) $2,188 $34 ($23) $10 Jul Oct June May April March February January DecemberN ovembeoctober Sept August July MEMBER DUES Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Current: July 2012 June 2013 $2,000 $580 $300 $640 $200 $280 Prior: July 2011 June 2012 $4,060 $370 $310 $430 $290 $320 $120 $400 $770 $370 $330 $100 $250 $1,820 Prior: July 2010 June 2011 $5,093