The SCORE Accounting staff, along with a group of volunteer treasurers, are currently working on revising and strengthening the Chapter Accounting Policies and Procedures documents. With the centralization of accounting, many of the past policies and procedures are no longer applicable or outdated.
One area being updated is the use of debit cards. Both the audit firms of BDO, the firm SCORE engaged to assist with consolidation, and DHG, SCORES’ auditors, have commented on the chapters' use of debit cards. Both firms had recommended SCORE eliminate the use of these cards, which aligns with the best practices of the non-profit industry. To be in full compliance with the federal grant, we need copies of all receipts, invoices, contracts, and other supporting documentation for all expenses paid. It is incumbent on SCORE to examine all expenditures to see if they are allowable or unallowable. This examination requires original receipts (not statements) for all transactions.
SCORE recognizes that from time to time, a chapter volunteer may bear a high volume of expense related to the chapter's operations. Currently, the policy states chapter leaders cannot hold Credit Cards in the name of SCORE or a chapter. SCORE is exploring options and is currently working with a small number of chapters to test solutions to this issue. SCORE remains committed to keeping the processing time for Form 14s at four business days.
Please look for the updated SCORE Chapter Accounting Policies and Procedures in June of 2020.