PABC–FINANCIAL REPORTING WORKBOOK
OPERATING PROCEDURES

 

The PABC continues to grow and expand its outreach to all Student Athletes within the school district.  Through the combined efforts of the Operating Boards, the standing Committees and the Sport Clubs, our collective net contribution now exceeds $500,000 a year.  This tremendous level of support for “Excellence in Athletics” compounds and adds complexity to our obligation to ensure adequate fiscal control over all funds entrusted to the organization.  The number of current accounts alone, dictates a need for standardization of financial reporting to allow for and simplify consolidated IRS reporting, OHSAA compliance review, and, above all, to clearly demonstrate and document the organization’s commitment to fiduciary concerns ... for the benefit of all.

 

To meet these important obligations, we have developed a Microsoft Excel Workbook to be used for every account held by any part of the organization.  This Workbook is the heart of our new financial reporting process and will present each account’s activities in a standard format which can easily be consolidated to meet regulatory reporting.

 

The following procedures will outline how to use this Workbook.  It really is quite easy.  All the responsible Treasurer needs to do is keep a checkbook Register and assign categories to every transaction.  The Workbook will automatically create an up to the minute report in the standard format.  The Workbook also has prompts to help you through proper entry and formats.

 

1. GENERAL RULES:

 

ü                  A separate Workbook is required for each bank account.  Remember that all accounts held within PABC must be at Fairfield Federal, the account name must start with “PABC”, and the account record must contain the PABC TIN number.

ü                  All reporting must be completed by fiscal year and for the entire fiscal year, regardless of athletic seasons or periods of account activity.

ü                  The PABC fiscal year always runs from July 1 to June 30 and corresponds with the school year.  For example, our fiscal year for the 2004 - 2005 school year is July 1, 2004 to June 30, 2005. 

ü                  The opening balance for a new fiscal year must be the “official” ending balance from the preceding fiscal year.  Adjustments may have been made due to reporting issues.  Verify and reconcile to your “official” opening balance.

ü                  All year end reporting and your fiscal year ending balance are based upon your June account statement reconciled for outstanding checks and/or deposits.

ü                  Both sides of all transfers between PABC accounts must be recorded in the same fiscal year.

ü                  Most cells in the Workbook are protected to ensure consistency and to support the embedded formulas.  You may only enter data in cells that are highlighted in purple or in columns with a purple header.

 

 

 

 

 

2. SETTING UP A NEW FISCAL YEAR:

 

  1. Enter the club name in the prescribed format of school name and sport.  For example:   North - Boys Volleyball, Central – Football.
  2. Enter the Fairfield Federal Account Number.
  3. Enter the Fiscal Year for this copy of the Workbook.
  4. Enter the name and telephone number of the Treasurer responsible for the account.
  5. Verify and enter the “official” beginning balance for this fiscal year.
  6. Enter the name and telephone number of the accounts advisor (Coach or AD)

 

 

 

3. ENTERING OUTSTANDING ITEMS FROM THE PRIOR FISCAL YEAR:

 

Your account may have outstanding (uncleared) checks or deposits that were included in the previous fiscal year’s reporting, but had not been processed by the bank by the date of your June statement.  To balance to your statement and ensure proper reporting, do the following:

 

  1. Using your June statement, identify all outstanding checks or deposits that were part of the previous fiscal year’s reporting.
  2. Enter outstanding items in the gray area of the Register using the expense category “Uncleared Chk from Prior Yr” or the income category “Uncleared Dep from Prior Yr”
  3. The Workbook will automatically adjust the account balance to correspond to your June bank statement.

 

 

 

 

 

 

 

 

 

4. ENTERING TRANSACTIONS:

 

The Workbook reporting process is all based upon a simple check Register, not unlike the paper Register in your checkbook.  By using some simple standard formats and categories, the Workbook can automatically create an up to the minute report.  Enter Register data in columns with purple headings below the gray area.  Your account balance will be automatically updated after every transaction.

 

Checks / Debits:

 

  1. Enter transaction date: MMDDYY
  2. Enter check number
  3. Enter Payee for checks written       
  4. Enter check amount
  5. Select an appropriate Expense Category from the list provided
  6. Add a memo to define the purpose for the check
  7. Select “No” under the “CLEARED” column to show the check is now outstanding

 

Deposits / Credits

 

  1. Enter transaction date: MMDDYY
  2. Enter deposit amount
  3. Select an appropriate Income Category from the list provided
  4. Add a memo to define the source for the deposit
  5. Select “No” under the “CLEARED” column to show the deposit is now outstanding

 

 

 

 

 

 

5. RECONCILING YOUR BANK STATEMENT:

 

Every time you receive a bank statement, take a couple minutes to update your Register and reconcile your Workbook to the bank’s records.

 

  1. Update your Register by adding any bank generated transactions such as service fees or interest. 
  2. Change the “CLEARED” column on the Register from “No” to “Yes” for all transactions listed on the bank statement.
  3. Go to the “RECONCILE” tab of the Workbook and enter the ending balance from your bank statement.
  4. The Workbook will calculate the total checks and deposits outstanding and will show any difference between your Register and the bank statement.
  5. If there is a difference, ensure all items on the bank statement have been entered on the Register, double check dollar amounts for all transactions and/or double check the “CLEARED” column.

 

 

 

6. GENERATE REPORT:

 

If you have kept the Register up to date and reconciled your bank statement, the standard PABC YTD Report will be automatically produced for you on the “YTD REPORT” tab of the Workbook.  Feel free to add comments at the bottom. 

 

As periodic and year-end reports are due, simply print the report and send it in.