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Responsibilities of Financial Assistant
Report Provide
financial input to the Officers and
Board Members (to include changes of Treasurer)
Monthly Reconciliations/Annual Audit Reviews
Prepare for the approval of the Executive Committee Federal/State Tax
Reports (if required)
Formal Transfer of Records to Successor within 15 days after completion
of the term of office or upon resignation or removal.
Complete
and detailed financial statement presented at each Board of Director’s
meeting.
Prepare
financial aspects of quarterly reports, in conjunction with the grant
administrator,
to the US Coast Guard or other grantors related to grant activities.
Quarterly
reports to US Coast Guard or other grantors related to grant activities.
C. OVERVIEW
The Congress’ Fiscal Year is established as
January 1 through December 31.
It is recognized that formal transfers often take place with the change
of Congress
officers in late spring and at other times throughout the year.
The treasurer is
required to conduct a full independent audit at year-end and when
Treasurers
change.
Operating
and Special Accounts
There
are a great many different types of financial accounts available for use by
the Congress. These accounts include regular checking and savings accounts,
special endowments, investments in various forms (certificates of deposits,
etc.) and large special funds, and scholarships.
Short-term special purpose accounts may be formed to support specific
program efforts such as grants. US
Coast Guard grant moneys may not be held in an interest bearing account.
It is suggested that $5,000 should be considered a ceiling for checking
accounts
used for everyday operating expenses. When special purpose accounts are
established, particularly when they will earn interest or dividends,
the purpose and
rules governing disbursements must be clearly defined to ensure the
tax-exempt
status of income is safeguarded.
(Revision
approved NWSC Officers and Board of Directors; November 3, 1998)
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