December 14, 2020
In this issue you will find:
- Chapter Cash Balance may be Overstated
- AP Bill Processing Status
- Update Bill Approval Designee for your Chapter or District
- 90 Day Reimbursement Deadline Policy
- Document Meals Please
- SCORE Chapter Accounting Policy and Procedures
- Treasurer Tuesday Winter Break
We appreciate all that you do for your volunteers and your community through SCORE. SCORE HQ Accounting is working through the annual audit with our auditing firm WatsonRice, we expect the audit to be completed in January 2021. The FY18 SBA exam is fully concluded and we are finalizing the field work for the FY19 SBA exam. A special thank you out to those chapters, who were selected to be part of the SBA FY19 Exam, for pulling together the source documents at such short notice.
1. Chapter Cash on the Dashboard may be Overstated
In preparation for the FY20 SBA Exam and as part of the FY20 annual audit, the staff are working in the back-office within Sage Intacct, this is causing some chapters cash balances to be temporarily overstated.
Is your chapter affected? Take a look on the Chapter Dashboard in Sage Intacct at the SOFP (balance sheet) on the right. If the Total Chapter Assets does not equal Total Chapter Liability and Net Assets, then your cash is overstated by the difference. (We covered this in last week’s Treasurer Tuesday Call.)
Thank you for your patience while we work through this. Everything is expected to be back to normal by end of next week. Please watch your chapter’s Intacct Dashboard for messages for updates. There is no need to notify us if your chapter is affected at this time. Once the corrections are made, please review the balances for normalcy.
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 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 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 December 11 and 14. 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 email@example.com.
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. It's 90 Days or It's 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 so that SCORE can honor your reimbursement request.
5. Meal Documentation Required for Using Restricted Funds
A reminder that all meal receipts, including meal receipts for chapter meetings, 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
Our Treasurer Tuesday calls every Tuesday at 2pm Eastern on Zoom are going to be taking a winter break. The next one is December 15 about submitting bills to HQ, Contract Requirements, and adequate documentation. Then we will start up again January 19. Do you have a topic you would like to have covered? Please email Erin Schultz. To register for one or more please visit: https://tinyurl.com/SCOREACCT9.
Thank you for all you do for SCORE and stay safe during the holiday season.
VP of Finance