Finance
book
Michal Lubelec VP Finance 2013/2014 AIESEC Comenius University
January 2014
why ?
€
fINANCIAL sustainability
investment
In people
maintaining
legality
§
4
Budgeting
accounting
LC budget
Payments
Project budgeting
€ €
€
Invoicing OMEGA software
€
Paper accounting
€
Cash flow management
Filing / archive
5
finance 6 Legislative assemblies Contracts Authorities
Grants
Internal audit 2% tax
%
Office management
Legality Fundraising
7
accounting
4
transactions
All transactions must be based on a legal document ( i n vo i c e , ba n k statement, etc.)
Accounting = tracking of transactions €
€
Invoice received
Excel sheet of transactions
€
OMEGA software
Payment
Archive
Create invoice and send
€
€
€
€
Invoice sent
Excel sheet of transactions
OMEGA software
Collect receivable * Pohľadávka
€
Bank statement
€
Internet banking
€
Excel sheet of transactions
€
Excel sheet of transactions
€
Other transaction
OMEGA software
OMEGA software
Archive
Príjmový pokl. doklad Výdavkový pokl. doklad
Cash register
Archive
Issue a paper document
€
OMEGA software
Interný doklad
€
Issue a paper document
Archive
Archive
Budgeting Budget: Re v e n u e s a n d cost are recorded in time period they occured
Revenues
Costs
5
budget vs. cash-flow Cash-flow: Inflows and outflows are recorded based on cash moves
Budgeting = tracking of finance plan
Period of delivery
Area of revenue
* Month / year
* Functional area
Period of delivery
e.g. New EP is raised in April, EP pays in June. Revenue is in April; in OGX.
e.g. Phone bill for Januar y is received, it is paid in February. Cost occurs in January; in GM.
Area of cost
* GM = General mngt
€
Cash inflow
Period of cash inflow
Area of inflow
€
Cash outflow
Period of cash outflow
Area of outflow
e.g. New EP is raised in April, EP pays in June. Inflow is in June; area is O G X.
e.g. Phone bill for Januar y is received, it is paid in February. Outflow is in February; in GM.
Fundraising
6
external sources of income Secure more sources of income from government and private funds
* Official, but simple language Communicate with donor Plan ahead (bureaucracy) Lobby - use contacts
* e.g. Project you want to get grant for
* e.g. Deadlines, documents, field of work, grant aim, etc.
Grant target
Requirements
Grant application
Grant pool
Grant selection
Documentation
* Ask your MCVPF about national grant pool
% 2% of taxes
* Final report Final budget Related invoices, receipts... Other requirements
You will need these documents: Stanovy Registrácia IČO Zápisnica - LCP Ministerstvo vnútra Sociálna poisťovňa Potv. o vedení účtu
DDL: 15th of December more at: rozhodni.sk
Registration at notary
Promotion * Both companies and members’ parents
Legality
7
Internal and external legality Exchange legality and organization documents
Internal audit done by MCVPF
€
€
Contract proposed
Prepare contract
LCP signs
Spreadsheet of contracts
Invoicing and payment
Archive
Minutes completion
Archive
Prepare
Change in legality
Inform fullmembers
Chair, minuteman Site, time Proxy Voting tickets Minutes * Zápisnica
* e.g. Elections
Exchange legality: Upon LCP change:
Communication with authorities
:
Inform tax bureau Inform ministry of interior Bank account ownership
;
Contracts with EPs / TNs EP ANs (+Svk), TN Ans JQ, DZ, passports, visa + Tracking in spreadsheet
Archive
Audit sections:
Internal audit
One week in advance send pre-requirements
Office management
:
Accounting Financial sustainability Legality Transparency
Within two weeks correct missing files
Lists at office:
Office equipment:
List of software + phones List of abbreviations List of fullmembers Pricelist + R&R
Printers, toner, paper Phones, Pcs Material - markers, pins, etc. Post, filing of documents
;