January 11, 2021
In this issue you will find:
- Chapter Cash Balance is Now Corrected
- AP Bill Processing Status
- Update Bill Approval Designee for your Chapter or District
- Unidentified Deposits
- Document Meals Please
- SCORE Chapter Accounting Policy and Procedures
- Treasurer Tuesday Schedule
- Welcome Brent Ramsey, Compliance Manager
Happy New Year.
We appreciate all that you do for your volunteers and your community through SCORE. SCORE HQ Accounting has just completed all documentation for our auditors Watson Rice, we expect the audit report to be finalized this month. We believe we have provided all documentation required for the FY19 SBA review and are waiting on the final report. SCORE’s federal funding for FY21 is included in the FY2021 Omnibus Appropriations Bill signed on December 27, 2020.
1. Chapter Cash on the Dashboard is Now Accurate
All chapter cash balances should now reflect actual cash balances, thank you for your patience during our FY20 year-end adjustments for the audit. If you have any questions, please contact Erin Schultz.
2. AP Bill Processing Status – Up to Date
Bills being mailed to HQ are now being picked up at the post office regularly.
We are still paying telephone & internet bills in advance. For chapters whose bills do NOT come directly to HQ, we will pay the bill out of local unrestricted funds coded to 59900. Once the bill is provided to us as back-up, we will reclassify the expense, accordingly, please have it to us by the 3rd business day after the month. Once the chapters are all open, we will go back to normal bill processing. Please check your chapter dashboard in Sage Intacct for 59900 Misc expense for bills documentation we still need.
As of the date of this bulletin, we are processing bills received January 8. Any expenses from FY20 are now being coded to 59900 against chapter unrestricted funds. If you do not see a bill submitted earlier on your chapter's bills register in Sage Intacct Accounting system on your chapter’s Bills Register, please let us know. Please contact your accounts payable person directly or send an email to firstname.lastname@example.org.
3. Please Update Bill Approval Designees
Chapter Chairs and Co-Chairs: Please take the time to help us update who may submit and approve bills for your chapter or district by filling out this survey: https://tinyurl.com/SCOREDesignee
Only Chapter Chairs and Co-Chairs may approve chapter bills unless they appoint a designee either by the position or by the name of the person. This designation lasts until revoked by the Chapter Chair. District Directors can use this form to appoint either the ADD or another district leader as the person who approves bills for their district account.
4. Unidentified Deposits
There have been a few deposits into Bank of America by chapters that have not been identified to HQ staff for us to post accurately. If your chapter makes a deposit, please send information to email@example.com within 24 hours to tell us who the funds are from and for what purpose. Until we are able to identify the deposit, we are not able to recognize it as income to your chapter, we will set it up as a liability called Deferred Revenue on your chapter’s SOFP (Statement of Financial Position aka Balance Sheet) on your chapter’s Sage Intacct Dashboard. Once we receive adequate documentation, then we are able to recognize it properly as income to your chapter. If you have questions, please contact Shawn Little.
5. Meal Documentation Required for Using Restricted Funds
A reminder that all meal receipts, including meal receipts for chapter meetings and events, must be itemized with 1) an attendee list; and 2) an agenda or a detailed explanation of what was discussed at the event. SCORE requires this documentation in order to justify the use of restricted funds. No alcohol is allowed on a meal receipt. Food for workshops must also be itemized, however SCORE only requires an emailed comment stating that the receipts are for workshop attendees.
6. CAPP & SOM - Independent Contractors
SCORE must comply with all federal guidelines regarding who qualifies as an independent contractor and who must be paid through a paycheck. Please see the Independent Contractor sections of either the SCORE Operating Manual (SOM) Chapter 7 and the Chapter Accounting Policies and Procedures (CAPP) Page 31 for SCORE’s policy for who qualifies as an independent contractor.
In most cases, paid administrative help for chapters are to be hired through The Panther Group, please reach out to your District Director and your RVP for more information.
7. Weekly Webinars – Treasurer Tuesday
The next Treasurer Tuesday is January 19 at 2pm Eastern Time to cover several topics including how we record bills and the usage of restricted vs unrestricted funds now with the FY19 SBA review. January 26 will be a refresher on Sage Intacct Accounting system and February 2 will be Open Discussion - Have a question, comment or concern? Join other Chapter Chairs and Treasurers at one of our Treasurer Tuesdays. To register for one or more please visit: https://tinyurl.com/SCOREACCT9.
8. Please welcome Brent Ramsey, Compliance Manager
Brent is the newest member of the SCORE team, having started his position as our new Compliance Manager in November of 2020. Brent comes to SCORE with an extensive grants management background from another non-profit. He is also an active member of the National Grants Management Association. Brent will be a resource to SCORE headquarters staff as well as field volunteers on all questions involving our SBA grant compliance. He is looking forward to helping SCORE employees and volunteers navigate the complexities of contracting and procurement.
If you have any questions about contracts, leases, or compliance in general please feel free to contact him at (202) 301-3253 or by email at Brent.Ramsey@score.org
Fun Fact: Brent is also a board big board game enthusiast. He has a collection of over 80 board games and is happy to make recommendations!
Thank you for all you do for SCORE.
VP of Finance