The SCORE Association is on a fiscal year starting October 1 and ending September 30 of the following calendar year. The fiscal year follows this naming convention: FY21 ends September 30, 2021.
LEGAL NAME AND TAX ID (EIN)
The SCORE Association’s legal name is Service Corps of Retired Executives Association as established by an act of Congress in 1964. All SCORE chapters receive their federal tax-exempt status under the umbrella of The Service Corps of Retired Executives Association tax ID 52-1067290. In this document, the names SCORE and The SCORE Association, trade names used by our organization, refer to The Service Corps of Retired Executives Association.
The SCORE Foundation is a separate entity that supports SCORE’s mission through private funding.
RELATIONSHIP TO SBA
SCORE, as a resource partner of the United States Small Business Administration (SBA), receives a federal award (aka grant) every fiscal year through a cooperative agreement with the U.S. Small Business Administration (SBA) which it administers. A large portion of these funds are allocated directly to the field (chapters, districts, & regions) through the National Allocation, and occasionally for specific proposals through “Field Grants”. The amount allocated to each chapter is determined by SCORE Headquarters (HQ) in coordination with Field Leadership. The federal award also pays for all the services provided to the chapters through SCORE Headquarters (HQ).
SCORE has a centralized accounting system which includes Bank of America centralized banking, a National PayPal account to process credit card receipts, a bill payment system through Bill.com, and the Sage Intacct Accounting system.
SCORE BANKING AND ACCOUNTING SYSTEMS
All banking is through Bank of America, with which each chapter has its own subaccount to capture deposits. Chapters may collect workshop fees using the National PayPal account to secure credit card payments through Engage, PayPal Buttons, Constant Contact, Zoom or directly in PayPal. SCORE uses the cloud-based Accounting system to record all transactions and provide financial reporting. All transactions are entered by SCORE Headquarters staff into the accounting system. All bills are processed and paid by HQ staff through a bill payment vendor called Bill.com which is integrated with Sage Intacct to update the financial data every 15 minutes.
Chapters have view-only access to its financial transactions in the cloud-based Sage Intacct accounting software through a chapter USER ID and to bill images and payment history in Bill.com using a view-only access account. For more information on Sage Intacct accounting system, please see training and documents on the Welcome Incoming Treasurers Page on the Support Center and the Procedures for Chapter Use of Intacct.
A Visual Overview of Centralized Accounting
Chapters and vendors submit bills to email@example.com. HQ staff enter bills into Bill.com payment processing system which updates the Sage Intacct Accounting system hourly. Bill.com mails checks to vendors and pulls funds from Bank of America.
Field leadership has access to all financial information in Sage Intacct.