Thank you for all you have done this past fiscal year
Together we completed accounting centralization, adapted to the COVID shutdown and are now preparing to close a great year. The staff at HQ could not have done this without your dedication, diligence, and patience. It is an honor to support you while you support your volunteers and your clients. Thank you for all you do for SCORE.
1. Accounting Timeline
SEPT 30 Fiscal Year End
OCT 9 Last Day to submit FY20 bills to use FY20 funds
OCT 30 Chapters Intacct Budgets submitted for Nov 9 upload
2. 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. WE WILL NEED ALL MISSING COPIES BEFORE SEPTEMBER 30 in order to reclassify the bill. 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 Sept 11. 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. FY20 Fiscal Year-End is September 30, 2020
There will be no Form 3s, thanks to Centralization!
AP Cutoff: All bills and Form 14s that are received by HQ by October 9 will be entered and if allowable will be taken from Restricted Funds in FY20 if applicable. Please follow up with all your chapter’s volunteers to get Form 14s in as soon as possible before year-end.
Accruals: We realize that not all FY20 bills will be in before the October 9. We will process The Panther Group bills for September in FY20 that usually come in mid-October. For any other bills over $250, chapters may request them to be accrued after October 9th by noting in the submitting email or on the bill itself the general ledger account 25000 Accrued expenses. If we are able to honor the request, we will accrue it back to FY20. For all other bills associated with FY20 that do not make the deadlines, the bills will be charged against chapter unrestricted funds in FY21 and coded to 59900 Misc exp as an unallowable expense.
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.
4. 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.
5. Final Instructions for Using Your National Allocation
This is the final month of the fiscal year. As a reminder, this year’s National Allocation cannot be used for deposits on events or services for next fiscal year and the funds cannot be carried over. This stipulation is from the Uniform Guidance stating that expenses must be “Allocable” to the grant. (We receive a different grant every fiscal year.)
6. SCORE Operating Manual “Contract” Policy
The SOM states that Chapters are not legal entities and do not have the ability to enter into contracts or agreements that present any level of liability to SCORE. All contracts must be approved by the Vice President of Finance, or the Vice President of Field Operations, or the CEO.
For chapter contracts, relationships, or agreements in which the vendor will be paid over $5,000 during the fiscal year, the chapter will need to get approval from HQ and also submit three price quotes from qualified vendors. If the lowest quote isn’t chosen or if there are no other qualified vendors, these must be explained in the request. All documentation is needed before the chapter incurs the liability.
For FY 21 which starts October 1, please begin to review the services your chapter uses as you build your chapter budgets. Will a vendor surpass $5,000 and will they be paid from restricted funds? If so, please be prepared to solicit estimates from qualified vendors or document why the vendor is the only one qualified in order to be compliant with the SOM and the federal grant regulations. Please submit these directly to Rick Pelusoor contact him if you have questions.
7. Outgoing and Incoming Chapter Treasurers
Is your chapter switching treasurers? Please make sure the outgoing treasurer shares user IDs and passwords with the incoming treasurer for Sage Intacct, PayPal, and Constant Contact along with important records, deposit slips, and reports. For instructions on how to add or change access to Sage Intacct accounting system, please click here .
Please sign up for the September 22nd webinar to learn more about transitioning to an incoming treasurer, slides with notes are available here. Please make sure to add new chapter leadership to receive the Accounting Bulletin and other leadership emails by adding them here.
Incoming treasures may visit the Support Center here to review key procedure documents and instructions for using the Sage Intacct accounting system; submitting bills; and making & reporting deposits. Sign up for as many weekly webinars as you are able, September 29 is designed for both seasoned and incoming treasurers while October 6 is for anyone wanting a walkthrough of the chapter dashboard in the accounting system whether incoming treasurer, chapter chair, or district director.
If you have any questions regarding this, please contact Erin Schultz.
8. 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.
9. Weekly Webinars
Our Tech Tuesday calls every Tuesday at 2pm EDT 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 .
If you have questions regarding using Intacct before then, please contact Erin Schultz.
Thank you for all you do for SCORE and stay safe.