November 9, 2020
In this issue you will find:
- AP Processing Update & Paying Bills Now
- Update Bill Approval Designee for your Chapter or District
- 90 Day Reimbursement Deadline Policy
- Document Meals Please
- Form 16: Reviewing Bills and Emails in Bill.com
- SCORE Chapter Accounting Policy and Procedures
- Chapter FY21 Budgets
- Weekly Webinar Schedule
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 November 10 covering the National Vendor accounts. Registration is below. SCORE HQ Accounting is working through the annual audit with our auditing firm WatsonRice, we expect the audit to be completed in January 2021. FY20 financials are closed except for any adjusting journal entries identified in the audit.
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 expense, accordingly, please have it to us by the 3rd business day after the month. Once our chapters are all open, we will go back to normal bill processing. Please check your chapter dashboard in Sage Intacct for Misc expense for bills documentation we still need.
As of the date of this bulletin, we are processing bills received November 6 and 9 for FY21. 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.
2. 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 add either the ADD or another district leader as the person who approves bills for their district account.
3. 90 Days Or Its Toast
All volunteer reimbursement requests for amounts over $25 are due within 30 days to the chapter to aid the chapter in their financial planning. (If you have outstanding reimbursements from FY20, please get those in ASAP before December 15) Reimbursement requests are to be made by filling out a Form 14 Expense Form. Please make sure you turn all Form 14s into your chapter in order to give them time to submit within 90 days of the oldest receipt to allow SCORE to honor your reimbursement request.
4. Meal Documentation Required for Using Restricted Funds
A reminder that all meal receipts need to be itemized with an attendee listing and an agenda or a detailed explanation of what was discussed to justify the use of restricted funds, this includes chapter meetings. No alcohol is allowed on a meal receipt. Food for workshops needs to be itemized but only requires the comment that it was for workshop attendees.
5. Form 16 Annual Chapter Review
Due to the questions we’ve received regarding reviewing bills and emails in Bill.com for Section 2 Financial Requirements of the Annual Chapter Review, we put together this video: https://tinyurl.com/sCOREBILLDOTCOM. The user ID for Bill.com is email@example.com. Please make sure you are using the most updated Bill.com password located in the Message Board on the Sage Intacct Accounting System dashboard.
6. 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.
- SOM contract requiring all contracts to be executed at HQ;
- additional documentation requirements for vendors being paid over $5,000 in the fiscal year;
- 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);
- Updated Allowable and Unallowable Cost examples are on page 27;
- Recommendations for transitioning Chapter Treasurers.
7. FY21 Chapter Budgets
Thank you for turning in your chapter budgets, all submitted by October 30 are now uploaded to your chapter’s dashboard. Any others submitted will be uploaded as time permits. Please review to ensure accuracy. If your chapter has a monthly budget, please see tips to review it here: https://tinyurl.com/SCOREBUDGET
8. 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.
National Vendor Accounts
National PayPal Account
Chapter Accounting Policies and Procedures
Intacct Report Writer Workshop
Submitting Bills Step by Step, Contract Requirements, Documentation
Thank you for all you do for SCORE and stay safe.
VP of Finance