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Finance Committee

Mission Statement:

To provide support for the Treasurer while overseeing all aspects of the organizations finances including balancing accounts and budgets and ensuring compliance with all tax regulations.

Committee General Description:

The committee’s goal is to oversee all aspects of the organization’s finances.

Committee Requirements:

Members of this committee must be from the Professional, Active, Associate, or Student levels of membership and be in good standing.

Committee Chair Description:

GENERAL INFORMATION

The Finance Committee Chair is re-appointed annually by the current President with Board approval during the annual conference.
The Finance Committee Chair is expected to attend the annual meeting and attendance is preferred at the mid-year meeting.
The Finance Committee Chair will be expected to prepare a quarterly report as dictated by the President’s yearly calendar. Dates for these reports are usually Jan 31, Apr 30, Jul 31, & Oct 31. These reports will be submitted to the President and the Secretary using the form in the IMATA Policy Manual. With each 2^nd quarter (end fiscal year) and 4^th quarter (mid fiscal year) report the President should expect financial statements to be included with the Treasurer’s reports. For the Treasurer’s end fiscal year report, the Finance Chair should prepare financial statements that include:
- An expense spreadsheet for the fiscal year,
- A complete list of deposits and corrections,
- A budget analysis of what we spent versus what we had budgeted,
- An aid in creating the new budget that lists what we have spent the last three years and
- An asset sheet.
For the Treasurer’s mid fiscal year report, the financial statement only needs to include:
- A working expense spreadsheet
- Deposits
- A working budget analysis
IMATA compensates its Finance Committee Chair in the following ways: membership will be paid for each year served and conference registration fees are waived.

REQUIREMENTS

Be a professional or active member in good standing.

RESPONSIBILITIES

The Finance Committee Chair is responsible for overseeing the activities of the Finance Committee.
Bookkeeping
- Currently the Finance Chair is the bookkeeper. Each month the bookkeeper is provided with copies of the check register, breakdowns of expense categories for each reimbursement check, and copies of the bank statements. These are to be inputted into the Excel spreadsheets.
Accountant
- IMATA’s accountant is responsible for tax return preparations and an annual fiscal review. Each year an agreement letter is drafted by the accountant concerning the annual review and signed by the Treasurer and the President for that fiscal year. Generally the accountant has preferred the file California State and Federal tax returns at the same time he prepares the annual review. The Treasurer and the Finance Chair should be in close communication with the accountant during this process.
- Because of our non-profit status, tax returns are due 5 months after the close of the fiscal year, September. By June or July, the Treasurer and Finance Chair should provide the accountant with the following, and remember that all information requested will be from May 1 to April 30:
  - Original copies of the Bank statements
  - All financial reports from the bookkeeper
  - All Expense/Income envelopes & reimbursement receipts
  - Paid Invoices
  - Copies of the checkbook ledger
  - List of officers and their work addresses from that fiscal year
  - All conference financial information
  - Inventory list of all IMATA property (usually obtained at each Mid Year Meeting)
  - Inventory list of all merchandise, and
  - Membership numbers as of 30 April.
Conference Coordination
- The Treasurer will work closely with the Vice President, Secretary, Merchandise chair and Finance Chair concerning conference matters.
- Assist the Vice president in setting up the conference account, following the same format and requirements as with the general account. This includes adding this account to the merchant services.
- The Finance Chair will review the conference account statements as with the general account.
- Usually, the Treasurer will seed the registers for membership and merchandise, while the VP will seed registration and any raffles. Seed money usually is $100.00 and this is the only time a check should be written out to cash and not have supporting documentation.
- Sometime before the conference SAIC usually gives the Treasurer a check for $225. The Treasurer cashes the check and brings the cash, which will be used as prizes for the SAIC Photo Art Contest. Prizes consist of three $50 first place prizes and three $25 second place prizes. Outernet Technologies also gives cash rewards for their prizes and their money should be handled in exactly the same way. There should be a coordinator for both of these awards and the prize money can be given to them. If the Treasurer is not comfortable traveling with the cash, depending on the location of the conference, the check can be given to the 1^ST VP and exchanged for cash from the registration proceeds.
- During the conference, the Finance chair has usually worked in processing registrations.
- Daily income sheets/envelopes will need to be tallied at the end of each day (appendix H).
- The Finance Committee Chair will oversee all five areas of income generation, but the Treasurer will be responsible for assisting in counting everyday and storing money. In addition, the President will assign an additional board member or committee chair to assist each day (See appendix F).
- For security purposes, a safety deposit box at the hotel will be required to store receipts, seed money, and money earned each day. It is essential that the box have a sign in/sign out sheet to record access to the box. Only the Treasurer and the President will have keys to the box. In addition, no one person should ever count or transport money. An escort should be present whenever money is handled or moved. Likewise, an escort (usually the Finance Chair) will accompany the Treasurer to the bank to make deposits as necessary during the conference.
- There should always be two people at each table that handles money. These people should be trained to identify counterfeit currency and have technical means of checking it (i.e. special pen, etc.)
- Only persons with prior approval by the Board can handle money during the conference.
- All checks should be stamped immediately upon receiving them. If possible, cash should be taken to a local bank and exchanged for a money order made out to IMATA.
- All money at the end of the each day will be counted by two people and supervised by a third person who will be assigned by the President each day just before the money is to be counted. All board members should be rotated through this responsibility.
- All money will be deposited into the appropriate account immediately upon the end of the conference.
- The Vice President will submit a final conference report to the Finance Chair and will transfer the conference account balance to the Treasurer by April 1 following the conference. This will give the Treasurer, VP, and Finance chair adequate time to review details of the account.
- The Treasurer will only transfer seed money to the conference account. The Treasurer never pays for conference expenses. Likewise, the VP will never write a check for an expense that belongs to the general account. The two accounts are separate and should never have cross expenses or deposits. If there are any questions, ask the Finance Chair or the past bookkeeper.
The Finance Chair will be responsible for updating the job description when she or he leaves the position, or at a minimum of every two years. The job description should contain the following information:
- Position Title
- Revision Date
- Basic Job Description
- Responsibilities
- Annual Timeline/Flow Chart

Committee Chair:	TRACI BELTING Seattle Aquarium finance@imata.org
Committee Openings:	None at this time

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