How to wrap up your year as treasurer

It’s near the end of the year for many homeschool nonprofit organizations.

Here’s a list of tasks for a treasurer to do to finish the year:

• Enter all transactions and check to ensure that your bank reconciliations are up-to-date for the entire year.
• Fill out the IRS 990/990EZ or 990N if required. As the Treasurer, you are the most appropriate person to fill out this annual IRS form.
• Give a year end summary to your board. My free webinar Financial Reports for Homeschool Nonprofits will show you good, bad and ugly financial reports.
• Make a list of any items that you or the next treasurer needs to address that might be out of the norm like outstanding checks.
• Change authorized banking signatures, if needed. Change names on state registrations and the IRS EIN too. How to change responsible party name on EIN.
• Put together a list of important deadlines like insurance renewal, Form 990 dues date, state registration deadlines, etc. If you are the next year’s treasurer, put these dates on your calendar.
• Review the next year’s budget with the incoming treasurer. Don’t have a budget? This should help How do I create a budget for my homeschool group?
  
• Train the incoming treasurer. My Board Manual  can serve as a board training guide.
  

My book Money Management in a Homeschool Organization is a guide for treasurers of homeschool organizations. If you don’t have a copy, buy one today. Maybe you’ll say like Mara, a homeschool treasurer in Washington did, “I was also pleased to learn that we are doing many things right!”

Carol Topp, CPA