In this issue you will find: 

1.  AP Processing Update & Paying Bills Now

2.  In-Kind Contributions

3.  Bought Equipment? Add it to your Inventory List

4.  Assess to Sage Intacct Accounting

5.  SCORE Chapter Accounting Policy and Procedures

6.  Chapter FY21 Budgets

7.  Weekly Webinar Schedule

8.  Activity Codes

9.  Vendors over $5,000 & Contracts

Thank you for stepping up or continuing on as chapter leadership!

We appreciate all that you do for your volunteers and your community through SCORE.  Please plan to attend one or more Treasurer Tuesday calls with the next one being on October 13 on Making Deposits and Submitting Bills and on October 20 for the annual review on proper use of Federal Grant and Program funds covering Restricted vs. Unrestricted revenue and Allowable vs. Unallowable expenses.  Registration is below.  October 1 was the start of the new fiscal year, FY21. We are looking forward to our second year on Centralized Accounting and supporting you and your chapter.

1. Accounts Payable Processing Update

Bills being mailed to HQ are now being picked up at the post office regularly

We are still paying telephone & internet bills in advance until we are back in our office here at Headquarters.  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 bill accordingly.  Once our chapters are all open, we will go back to normal bill processing.  PLEASE CHECK YOUR CHAPTER DASHBOARD IN INTACCT FOR MISC EXPENSE for bills documentation we still need. 

As of the date of this bulletin, we are processing bills received October 9 and 12 for FY20 and FY21. 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 accounting@score.org.  FY20 bills arriving late will be coded to 59900 Misc out of unrestricted chapters funds.

2. FY20 In-Kind Contributions

In-Kind Contributions:  Has your chapter or any branches received $1,000 or more in donated product, services, or office/meeting space?  We need to book that if we haven’t already done so. Please check your Intacct Dashboard to see if we are booking the SBA/GSA office space correctly. Is your chapter still in a government space?  Are we booking a value for that space? Please contact Erin Schultz to report any In-kind contributions to your chapter October 1, 2019 through September 30, 2020 or  if you have questions.

Soft close of FY20 is October 30 but we’ll book year-end adjusting journal entries as we work on the audit with final entries completed by January 2021.

3. Did Your Chapter Buy Equipment in FY20?

Please make sure it is added to the chapter equipment inventory list.  Chapters should keep an inventory with serial numbers of any equipment with a value greater than $1,000 and with an estimated life greater than one year.

4. Sage Intacct

Does your Chapter Chair/ Co-Chair and Treasurer have access to the Sage Intacct Accounting System?  Please reach out if you don’t to get assistance form Erin Schultz.  Remember that the dashboards will show activity for As of today in FY21 unless it is set back to FY21 date.  Outgoing treasurers normally share User IDs and passwords with incoming treasurers, but Erin will help when that isn’t an option.

5. SCORE Chapter Accounting Policy and Procedure is now online. 

The Chapter Accounting Policies and Procedures (CAPP for Short) is now on the Support center at https://tinyurl.com/SCORE1CAPP. The CAPP needed extensive revision to be updated to reflect the treasurer role with centralized accounting; to be brought into alignment with the SCORE Operating Manual; and to define greater federal grant compliance.

Specific Changes: 

a.  SOM contract requiring all contracts to be executed at HQ;

b. additional documentation requirements for vendors being paid over $5,000 in the fiscal year, see below;

c. Meeting Meals need itemized receipts, a detailed agenda, and attendees listing to use restricted funds.  (Alcohol is still required to be on a separate receipt);

d. Updated Allowable and Unallowable Cost examples are on page 27;

e. Recommendations for transitioning Chapter Treasurers.

6. FY21 Chapter Budgets

Please work with your district director to finalize your budget before it is submitted following your district director’s instructions.  You may want to check out the updated FY21 Chart of Accounts for more classification options, available here. Your chapter may choose whether to have an annual budget or a monthly budget in Sage Intacct, please fill out the appropriate tab on the template available here.  Budgets may be submitted at any time during the year, but our goal is to get the files by October 30 so that we can upload them for you by November 9. Chapters may wait until the national allocation is finalized before submitting.  We will upload the budgets periodically as received.

7. Weekly Webinars

Our Tech Tuesday calls every Tuesday at 2pm Eastern on Zoom are starting up with some sessions focusing on SCORE incoming Treasurers, hence the new title “Treasurer Tuesday”. Register for one or more sessions at: https://tinyurl.com/SCOREACCT9.

Schedule

8. Sage Intacct Tip of the Month – Activity Codes

Work with us to set up an Activity Code in Sage Intacct to help your chapter track financial information of any special event or business segment.  Activity Codes act like sticky notes flagging specific transactions. Your chapter can then run financial reports for that specific event to see total revenue and specific expenses related to that event, program, or business segment.  Examples of things tracked by other chapters:  Chapter Recognition Banquet; specific diversity outreach events or conferences; Business Expo; CEO Forum; SBA Awards Event; fundraising events; and local grant spending.  If you have questions regarding using Intacct, please contact Erin Schultz.

9. Did we mention CONTRACTS?

Reminder, all contracts need to be reviewed and executed by HQ staff whether donors or vendors.  Send these to Rick Peluso to review. 

All vendors expected to be paid from restricted funds over $5,000 during the fiscal year will require 3 quotes or an approved sole source justification before the chapter incurs any liability.  This is a federal grant requirement.  If you have questions, please reach out to me or Erin Schultz.

Thank you for all you do for SCORE and stay safe.

Rick Peluso

VP of Finance