MONEY MANAGER for CO-SIGNERS SELF STUDY Girl Scouts of Central Texas

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1 MONEY MANAGER for CO-SIGNERS SELF STUDY Girl Scouts of Central Texas MANAGING TROOP FINANCES This training includes the procedures for: Opening Girl Scout bank accounts Changing banks or account signers Closing bank accounts Troop Separation Guidance Completing Troop Financial Report Soliciting sponsorships Basic Money Earning Information Using sales tax-exemption forms GSCTX consists of a volunteer support system that is there to assist you with your Troop and Service Unit needs. Service Unit Treasurer (SUT) Manages Service Unit funds and bank accounts Submits Troop Bank Account Requests (TBAR) Works with Troops to open Troop bank account Is a signer on all Troop bank accounts Collects, reviews and submits Troop Financial Reports to GSCTX Completes and submits Service Unit Financial Report to GSCTX Troop Treasurer (TT) Submit TBAR to SUT to process through GSCTX for approval to open Troop bank account Manages Troop bank account Reconciles Troop bank account Completes and submits Troop Financial Report to SUT Submit additional money management forms to SUT as necessary NON-PROFIT STATUS GSCTX is a 501 (c) (3) non-profit organization. As such, Troops and SU s are required to report all bank accounts and financial activities to GSCTX. To assist in this process, you will be required to complete one Finance Report for every Girl Scout bank account that you manage. Our Girl Scouts learn many valuable skills over the years, so please include them in the money management process as much as possible. When age appropriate, girls can even assist in document preparation and money handling. SALES TAX EXEMPTIONS Sales tax exemption allows registered members to purchase items on a tax-free basis. Contact your Service Unit Registrar to obtain a sales tax-exempt card for your Troop. How to properly use sales tax-exempt card: Submit to retailers prior to all Troop/Service Unit purchases as some retailers have their own form to complete Do not alter the sales tax-exempt card provided Do not provide the GSCTX tax ID number to non-members Use sales tax-exempt cards wisely and never for personal purchases Use Troop/Service Unit bank account for sales tax-exempt purchases Using the sales tax-exempt card for personal purchases is considered class C misdemeanor

2 HOW TO OPEN A NEW ACCOUNT Troops must open a bank account to handle all financial transactions for the troop money. Below are the steps to follow: 1. Select 3 adult Troop/Service Unit members: a) Must be non related or living in the same household b) Must be a registered Girl Scout c) Must have a current cleared Criminal Background Check (CBC) on file d) One of the 3 co-signers MUST be a Service Unit Treasurer or Service Unit Director 2. Take the Money Manager Course and score a 70 percent or above on the quiz 3. Submit your MM Course completion certificate and a signed Co-Signer agreement form to your SUT 4. Upon receipt, your SUT will assist you in completing a Troop Bank Account Request (TBAR) 5. SUT will submit TBAR to GSCTX for approval 6. Once GSCTX Staff has approved, SUT will contact you to discuss which banks the Service Unit recommends 7. SUT will work with the bank to open bank account 8. After bank account is open: a) SUT will coordinate signing signature cards (some banks may require all signers to meet at the bank) b) Statements must be addressed to an account signer, not GSCTX c) Legal names must be used on bank accounts d) Checks must indicate Girl Scouts Central Texas, Troop e) One debit card is allowed per bank account MAKING CHANGES TO BANK ACCOUNT There may come a time when you need to make changes Here are the steps: 1. Contact the SUT and provide your account information, Service Unit, Troop and the changes required. 2. If changing signers: The SUT will complete a Troop Bank Account Request form and submit (with the new signers co-signer agreement and MM Course certificate) to GSCTX Staff for approval. Once approved SUT will work with new signers and bank to coordinate signing signature cards. 3. If changing banks: complete the appropriate closure process and then follow the new account procedures. The Troop Bank Account Request form can be found at under forms. *See TBAR example on the next page. HOW TO CLOSE BANK ACCOUNT Complete Service Unit or Troop Bank Account Request: There may come a time when you need to make changes or close accounts. Here are the steps: 1. Contact the SUT and provide your account information, Service Unit, Troop and the changes required. 2. The SUT will complete a Troop Bank Account Closure form. Once checks and debits have cleared the bank, submit Troop Bank Account Closure form to the bank to close the account 3. The TT will gather bank statements, receipts, unused checks and complete a final Troop Financial Report for submission to SUT within 30 days (this report will show how the funds were used) 4. If changing banks: complete the appropriate closure process and then follow the new account procedures. 5. If you have questions or concerns, please direct them to our Finance Department at Please refer to the Service Unit or Troop Bank Account Request Bank Account Closure form found in at under forms.

3 BANK ACCOUNT GUIDELINES Cash withdrawals are not permitted. o However, if it is absolutely necessary for a trip or activity, exceptions may be made with the approval of SUT, SUD or MDE. o All receipts must be reconciled with withdrawal amount and any leftover monies returned to troop bank account. Troops may not process wire transfers or overdrafts. Only GSCTX Staff has the authority to process wire transfers into and out of Troop Bank Accounts. Signers cannot reimburse themselves. Please have a co-signer write the reimbursement check. SELECTING A BANK Consider the following when selecting a bank: Which bank(s) are recommended by your Service unit Is there a branch convenient to you? Does the bank offer incentives for non-profit organizations? Bank Incentives include: No account set up fees No monthly charges No inactivity fees No fees for counting large amounts of cash Debit cards Free online access Free online printing of bank statements For more information, contact your Service Unit Treasurer (SUT)

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5 TROOP SEPARATION In all money matters with Girl Scouts the First Guiding Principle is ALWAYS that Troop funds are collected and earned by the girls for the troop, belonging to the troop. The funds never belong to one individual. A girl will never be allowed to receive a direct benefit from the funds in the troop account. While she may set aside funds for individual goals (Higher award, Destination, Extended Travel, etc.) she may never receive personal payment (i.e. cash gift, gift cards, check made out to her, etc.). All payments for personal goals will be made toward the goal (i.e. payment for flight to Europe, purchasing supplies to complete the Gold Award project, etc.) SPLITTING TROOPS When a troop splits, what happens to the funds? It should be a positive experience for the leadership and the girls. The troop number will remain with the original troop. Troop funds are collected and earned by the girls for the troop, belonging to the troop never any one individual. Troop funds will be split equally according to the number of registered girls in the troop at the time of the split An equal portion of the total troop treasury divided by the number of girls will be distributed to the troops that the splitting girls transfer to In the case of older girls working on GS Higher awards (Gold and Silver) or planning to attend Destinations or Extended Travel the amount each girl has saved for the activity minus any nonrefundable deposits will be transferred to her new troop. SUD, SUT and MDE should be aware of how the funds are being tracked. DISBANDING TROOP FUNDS When a troop disbands, what happens to the funds? Since Troop funds do not belong to individual members, a meeting should be held to determine the best way to disburse the funds before closing the account. After all, the Troop worked hard to raise the money and should have the ability to decide how the funds are spent. Steps to handling Troop Disbandment: 1. SUD, SUT or Service Unit Registrar completes a Troop Disbandment Report and Treasurer Worksheet 2. If girls are joining another Troop then a portion of the money will follow them to the new troop. The amount is determined by the amount of money in the bank account divided by the number of girls registered in the troop at the time the troop disbands. 3. Funds can never be disbursed directly to troop members in the form of cash or gift cards. 4. SUT will disburse funds according to the worksheet 5. Any unused funds left in the account will be deposited in the Service Unit bank account. Suggestions for appropriate uses for funds before disbanding: A final troop trip or campout Donation to the GSCTX FoGS Campaign Donate to the Service Unit Troop Disbandment Worksheet form found at under forms.

6 TROOP DISBANDMENT WORKSHEET TRACKING TROOP FINANCES Tracking the flow of funds and transactions on the troop account is essential for good accounting of the money that belongs to the troop. Tips for Managing Income o Deposit all money in troop bank account o Document the income in some format (check register, excel, quicken, etc.) o Keep all deposit slips o Indicate on deposit slip where money originated o Keep all bank receipts and any other income receipts for 5 years o Write receipt to parents for all monies received Tips for Managing Expenses o Document the expenses in some format (check register, excel, quicken, etc.) o Label all receipts for expenses o Use memo line on checks to indicate nature of transaction o Keep all receipts for purchases for 5 years. o Document any reimbursements, always provide receipts Reporting o Reconcile checkbook with bank account statement monthly o Keep track of ALL money in and out of bank account. o Each May, Troops are responsible for completing a Troop Financial Report and submitting to Service Unit Treasurer.

7 EXAMPLES OF INCOME MANAGEMENT TOOLS: CHECK REGISTER EXCEL SPREADSHEET

8 RECONCILE ACCOUNTS MONTHLY What does it mean to reconcile? o A reconciliation compares the income and expenses that the troop has recorded in checkbook, excel, or other bookkeeping system to what the bank has reflected Why should I reconcile? o If the bank makes a mistake on the account, catching it quickly will ensure the best outcome o It is imperative to know which transactions have cleared the bank and which ones have not cleared the bank account to avoid overdrawing bank account o Bank account balances should be available at regularly scheduled meetings or if requested How do I reconcile? o To reconcile start with the ending balance on the bank statement o Match transactions (highlight or check mark) in the troops financial records to the transactions that have CLEARED the bank (listed on the bank statement) o Take the ending balance on the bank statement and add deposits that have NOT cleared the bank and subtract checks that have NOT cleared the bank. The total reflected should match the balance on the Troop check register HOW TO RECONCILE BANK ACCOUNT

9 MONTHLY BANK RECONCILIATION WORKSHEET A tool for use in reconciliation

10 TROOP FINANCIAL REPORT (TFR) The girls work very hard to earn money through product sales and other money-earning activities each year. We want to make sure their money is safe and that they have a say in how their funds are spent. It is important to remember that Troop Financial Reports are made available for review to Troop, Service Unit and GSCTX staff members upon request. These reports will be on file at the Kodosky Program Center for five years after submission to GSCTX. The Troop Financial Report is completed annually and due to the Service Unit Treasurer by May 1. The Troop Financial Report serves two purposes: 1. To ensure GSCTX s compliance with IRS regulations 2. Provides Troop, Group and Service Unit members with clarity and knowledge regarding income and expenses All TFR submissions must have three (3) things: 1. The completed, printed and signed TFR 2. Actual current bank statement 3. TFR ending balance must match ending balance on bank statement STEPS FOR SUBMITTING THE FINANCE REPORT: Print 3 copies of report and save a copy o One copy for your records o Two copies to SUT (one for SU and one for GSCTX) Sign and date in the appropriate area of the report. Electronic signatures are allowed. Attach copies of March ending bank statement with balance matching total balance on TFR Staple Submit to SUT or SUD Be sure to retain the original signed report for your Troop or Service Unit records. Records are kept for 5 years. Troop Financial Report must be submitted to SUT by May 1 REMINDERS WHEN COMPLETING A TROOP FINANCIAL REPORT FOR EACH TROOP / SERVICE UNIT BANK ACCOUNT Deposit all monies prior to the end of reporting period (February) If your Service Unit doesn t have a current SUT, submit the report to your SUD or MDE if no SUD is available. The beginning balance on the report must be the ending balance from the previous report The balance on the March ending bank statement must agree to the ending balance on the Troop Financial Report Troop Financial Report is a report of banking activity for a specified period of time If closing a bank account, final reports must be submitted within 30 days The report must be neat, accurate and complete AFTER COMPLETING THE FINANCE REPORT: Failure to correctly complete and submit this report by the stated deadline may result in freezing and/or closing the bank account and forfeiture of cookie bonus. In addition, failure to turn in annual Financial Report may result in Troop/Group/Service Unit losing eligibility to participate in Product Sales. The Troop Financial Report form found at under forms.

11 Girl Scouts of Central Texas Troop Financial Report The purpose of this report is to fulfill the Girl Scouts of Central Texas obligation as a corporation to account for public funds and to provide other information required by Girl Scouts of the USA. Thank you for accepting your responsibility to submit this information. Your troop cash records should be attached to the troop copy of the report and kept on file for 5 years. Submit 2 copies to the SU Director or Treasurer with 2 copies of the most current bank account statement no later than May 1. Attach completed Troop Status Report to the SU copy. If disbanding, return all Troop supplies to SUD. TROOP BANK INFORMATION Service Unit Name: Troop #: Troop Leader Name: Best Phone #: Person Completing Report: Best Phone #: Bank Name & Branch: Checking Account #: Bank Name & Branch: Saving Account #: Names of the 3 Authorized Signers: BALANCE AND SUPPLIES BALANCE: If the troop has a balance, what will these funds be used for and when? _ SUPPLIES: List all troop equipment and supplies, and address where items are stored: TROOP INCOME AND EXPENSES: INCOME: EXPENSES: TOTALS: Council: Council: Membership Dues: $ Membership Dues $ Previous Year s Balance $ Friends of Girl Scouts (FoGS) $ FoGs $ Juliette Low World Donation to JLWFF $ This Year s Income: $ Friendship Fund (JLWFF) $ Council Shop $ Possibilities Events $ Possibilities Events $ SUBTOTAL: $ Product Sales: Product Sales: Fall Product Sales $ Fall Product ACH withdrawals $ This Year s Expenses: $ FP Magazine Profit $ Cookie ACH withdrawals $ Cookie Sales $ $ Cookie Bonus $ TOTAL BALANCE: $ Miscellaneous: Miscellaneous: As of Troop Dues $ Meeting Supplies $ Badges, Pins, Patches, etc. $ $ Events: Events: BANK ACCOUNT BALANCES: $ $ $ $ Checking Account. $ $ $ $ $ Savings Account: $ $ $ Other Income: Other Expenses: As of Savings Acct. $ $ Collegiate Concessions $ $ Money Earning Event(s) $ $ Donations $ $ TOTAL: $ TOTAL: $ REQUIRED TROOP SIGNATURE FINANCIAL REPORT PREPARER S SIGNATURE DATE ADDRESS

12 Steps to complete Troop Financial Report Council: Membership Dues Money collected for FOGs Money collected for JLWFF Possibilities Events Product Sales: Fall Product Sale FP Magazine Profit Cookie Sale Cookie Bonus MISC: Troop Dues (Total) Subtotal: Money Collected for badges, pins, patches, etc. EVENTS: Events: Membership dues collected from parents Money collected for Friends of Girl Scouting Money collected for Juliette Low World Friendship Fund Money collected by parents for Possibility Events Fall Product Sales deposits Money earned from Fall Product magazine sales Cooke Sales Deposits Cookie Bonus Deposits Total the above items Amount collect by parent's for troop dues TROOP INCOME Money collected from parents to purchase badges Payments collected from parents to pay for events. If not enough lines to list each event, combine events and combine the same events on the expense side as well. (thus comparing the same events to one another) OTHER INCOME Savings Account Concession Earning Money Earning Event Donations: Subtotal: TOTAL: Money deposited into savings account or interest earned in savings account Money earned working Concessions. Project must be approved Fund raising money earned, other than Fall Product and Cookie sales. Project must be approved Total the above items Total of the above 2 subtotals = "This Year's Income"

13 Steps to complete Troop Financial Report continued Council: Membership Dues FOGs Donation to JLWFF Council Shop Possibilities Events TROOP EXPENSES Troop paid membership registrations Money donated to FOGs Money collected for Juliette Low World Friendship Fund and then check written to JLWFF Items purchased in the shop: uniforms, badges, awards, guides, etc. Possibilities events registered through council, paid for with troop funds Product Sales: Fall Product Sale ACH withdrawals Cookie Sale ACH withdrawals Subtotal: Council ACH draft of Fall Product sales Council ACH draft of Cookie Sales Total the above items MISC: Meeting Supplies Events Craft supplies, snacks, paper goods, other items used for troop meetings Payments made to Service Unit to pay for events. If not enough lines to list each event, combine events and combine the same events on the income side as well. (thus comparing the same events to one another) OTHER EXPENSES Other Expenses: (Breakdown below) Subtotal: TOTAL: For Example: Checks, field trips, parties, etc. Total the above items Total of the above 2 subtotals = "This Year's Expenses" Previous Year's Balance TOTAL The Previous Year s Balance MUST match the Total Balance from the previous year s financial; which is the ending balance on the bank statement This Year's Income This Year's Expenses Use total from above SUBTOTAL Total of "Previous year + this year's income" Use total from above TOTAL BALANCE Total of "SUBTOTAL minus This Year's Expenses = TOTAL BALANCE" The "TOTAL BALANCE" must match ending balance on bank statement As of / / BANK ACCOUNT BALANCES: Checking Account: Savings Account: Checking account balance on bank statement Savings account balance on bank statement As of / /

14 SERVICE UNIT / TROOP MONEY ISSUES OR CONCERNS Occasionally issues arise with Troop or Service Unit finances that may need a more in depth look. If you ever feel that Troop finances need a closer look then follow these steps: Complete a Service Unit / Troop Money Issues or Concerns Resolution form and Submit the form to CFO with all documentation Collect as much information as possible as well as documents, statements, or other items that may assist in the investigation The Service Unit / Troop Money Issues or Concerns form may be found at under forms.

15 MONEY EARNING Girls earn money for goals they set and use the money earning process as a tool for learning money management, decision making, people skills, business ethics, and goal setting. Girls can earn money in 2 distinct ways: o Girl Scout Cookie Program and Fall Product Program o Troop/Group money earning Written approval from SUD or MDE must be obtained prior to each one-time money-earning event. Collegiate concession ME events also require GSCTX CFO approval. Adult raise money in the following ways: o Sponsorships o Fundraising o Special Fund Raising Event o Friends of Girl Scouting (FOGS) o Volunteer Service Match Programs o Concessions o Corporate Financial Match Programs o Profit Share Suggested ways girl can accomplish their money earning goals: Collections/Drives: Cell phones for refurbishment Used ink cartridges turned in for money Christmas tree recycling Food/Meal Events: Lunch box auction (prepared lunch or meal auctioned off) Themed meals, like high tea, Indian meal, Mexican dinner (if girls are earning money for travel, tie the meal to their destination) Service(s): Service-a-thon (people sponsor a girl doing service; funds go to support trip) Babysitting for holiday (New Year s Eve) or council events Raking leaves, weeding, cutting grass, shoveling snow, walking pets Cooking class or other specialty class For more information regarding money earning: Refer to Volunteer Essentials Chapter 5 found at Ask your Service Unit Director Contact your MDE to locate more Money Earning information Find the following Fund Raising and Money Earning Forms at Money Earning Application Financial Sponsorship Form Concession Money Earning Application In Kind Donation Request Form Corporate Volunteer Match Form

16 SPONSORSHIPS Sponsors help Girl Scout councils ensure that all girls in the community have an opportunity to participate in Girl Scouting. Community organizations, businesses, religious organizations, and individuals may be sponsors and may provide group meeting places, volunteer their time, offer in-kind donations, provide activity materials, or loan equipment. The sponsor s contribution can then be recognized by arranging for the girls to send thank-you cards, inviting the sponsor to a meeting or ceremony, or working together on a Take Action project. Girls are not allowed to solicit cash, service or gifts in-kind. SPONSORSHIPS (VALUED AT $250 OR MORE) The Resource Development Department of GSCTX must approve all sponsorships prior to asking. Why? The donor organization may already have a relationship with GSCTX that could be jeopardized by asking for additional giving The donor organization may require an In-kind Receipt form that needs to be prepared by GSCTX The donor organization may need to send the donation to GSCTX before it can be distributed to the Troop / Service Unit GSCTX must report donations to the IRS To ensure that the request is appropriate and presented in a way that is consistent with Girl Scout messaging How? Complete a Financial Sponsorship Form Submit to your Membership Development Executive (MDE) WHAT YOU NEED TO KNOW ABOUT SPONSORSHIPS Once approved, in-kind (non-monetary) donations can be given directly to the requesting Troop/Service Unit Monetary donations of less than $250 can be accepted by the Troop/Service Unit All monetary donations need to be reported as income on Troop Financial Report (TFR) Sponsorships should be used in conjunction with product sales and money-earning projects Volunteers families may not personally benefit from donations Assets collected are property of the Troop/Service Unit DENIED SPONSORSHIPS Here are some reasons that a sponsorship request may be denied: No current Troop Financial Report on file with GSCTX Did not actively participate in Fall Product and Cookie sales Failure to submit a report and receipts for previously solicited monies GSCTX already has a donor relationship with the organization The request or the donor organization is not an appropriate partnership for GSCTX Troop/Service Unit members are not currently registered The Sponsorship Request Form is not properly completed

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18 TRAINING IS COMPLETE NEXT STEPS 1. Take the summary quiz for this course (Money Manager Quiz)* a. You will receive a certificate of completion and the co-signer agreement 2. Submit a copy of the certificate and the agreement to your SUT RESOURCES GSCTX website: The GSCTX website contains most financial information that you may need to manage the finances in your troop, group and/or Service unit Forms such as those in this packet and other forms not displayed Volunteer Essentials (Chapter 5) Managing Group Finances Safety Checkpoints Don t forget your SUT is available to assist and answer questions. Link to Money Manager Quiz -

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