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2012 Annual Report - Association Finances

Overview: There are four parts to the financial recording/reporting process.

• 1. Recording each Donation/Membership "amount" in the dBase, in the appplicable year.
• 2. Recording each Donation/Membership "amount" on the Bank Deposit Slip (Yr.-Mo. - Date).
• 3. Reporting the financial performance of the Association to the membership at year end.
• 4. Reconciling the Bank Statements with our own financial records.

Prior to 2010, it was a simple procedure. It was straight forward and easy to reconcile the "books".
When the Association opted for the "Tax Receipt" procedure for donations, as offered by the RCAFA Trust Funds in 2010, it presented us with a possible reconciliation quandary at year end:

example: John Doe donates $100.00 to the Association by sending a cheque to the RCAFA Trust (desiring a tax receipt). His cheque is dated Dec. 28, 2012 and he expects to be given a tax receipt for the tax year 2012. The RCAFA Trust receives the cheque on Jan 4, 2013 but still issues the Tax Receipt for the year 2012. They then send a cheque to our Association dated Jan. 4, 2013 which I receive several days later i.e. 7/1/2013.

And here's the problem:

• I record the Donation in the dBase as a 2012 Donation. Which was the intent of the donor.
• I record the Donation on the Deposit Slip on the date in which I make the deposit 7/1/2013.
• The Financial Report for 2012 will not agree with the bank statements for year 2012.

Another quirk in the process is that our bank "Monthly Statements" are dated usually around the 24/ 25th of each month and thus the reconciliation dilemma increases.

As Treasurer, I have chosen the following procedure:

• I will record all donations in the dBase in the year for which they were intended (not received).
• I will record all donations on the Deposit Slips consistent with the date of deposit. (required).
• I will report the financial data annually which will give a true and accurate account of the
     financial transactions which were intended for that time period but may not necessarily be
     reconcilable with the Bank Statements for that period. In such a case I will annotate the
     Financial Report with an appropriate explanation.
• I will retain in my file a statement of reconciliation between the bank statements and our records.

Respectfully submitted,

Sask Wilford
427 Squadron Association
Treasurer - Membership