Setting up a good system for organizing the information related to the Fund is really quite easy. It helps to have a number of pocket file folders for such things as bank records, paid and unpaid bills and the like. The Treasurer might also want to use a three-ring binder for storing reports. In addition, the Treasurer needs to devise a method for keeping copies of written receipts in order and that access to computer-generated receipts is available during the audit.

Useful Tips for Record Keeping

● You should consider keeping hard paper copies on file as backups.

● After checking the bank statement each month, bundle with the deposit slips and reconciliation form or printed computer reconciliation and file by date.

● Give receipts for all income, whether in the form of contributions (including anonymous contributions and contributed expenses or other income) and file them in an orderly manner .

● Write the check number and the date paid on each bill before filing. If your checks automatically make duplicates, the duplicates can be attached to the bills before filing.

● Keep a copy of all reports, budgets, policies and other information pertaining to the Fund.

● After setting up the files, use the following guidelines for how long to retain the Assembly’s documents:

Retention Period

Receipt stubs: 7 Years

Paid bills: 7 Years

Cash Journal: Indefinitely

Canceled checks, deposits, bank statements: 7 Years

Reports to Assemblies or Feasts: 5 Years

The Community’s Annual Report Indefinitely

Budget—working papers: 2 Years

Savings passbook: 7 Years After Closing Account

Insurance policies: 2 Years After Expiration

Equipment guarantees, service agreements: 2 Years After Expiration

Notes and contracts: 7 Years After Expiration

Stocks, bonds, property deeds and titles should be stored in a safety deposit box at a local bank. The box should be rented in the Assembly’s name and several members of the Assembly should have authorized access to it.

The community’s accounting books/ledger should be balanced every 19 days to ensure a seamless audit. Each Month, receipts should match up to the bank statement. Receipts should be labeled with the accurate line item.

Accounting In bookkeeping, a system must be adopted to ensure that earmarked funds are kept absolutely distinct from those that are at the free disposal of the Assembly, and there should be safeguards to prevent the inadvertent spending of earmarked funds on matters other than those for which they are intended.

The community’s accounting books/ledger should be balanced every 19 days to ensure a seamless audit.

Each Month, receipts should match up to the bank statement. Receipts should be labeled with the accurate line item.

Arrange in order by month all bank statements, deposit tickets and paid bills. Ensure that online access to the bank account is available for viewing of paid checks, if applicable.

Have the Assembly appoint two individuals, other than the Treasurer, to audit the Assembly’s financial records.