Final Exam Flashcards
(37 cards)
What’s the purpose of accounting?
Recording, Reporting, and Managing
How do we release financial information to the public or an individual donor?
Get approval from DHQ
What are the five responsibilities of the CO as listed in the Corps Accounting Guide?
- raising or securing adequate income to fund the Corps programs
- safeguard all income received
- Spending of all funds and resources must be done in conformity with the approved budget,
- Accounting records must be up-to-date and accurate at all times
- required reports to funding organizations and supervising headquarters can be submitted on a timely basis
How long do we maintain records?
Follow the retention manual
What is the accounting equation?
Assets = liability + fund balance
Difference between cash and accrual accounting?
Cash - what you have now.
accrual accounting - expenses are recorded when they are incurred; income is recorded when it is earned
Who is responsible for accounting?
The Corps Officer, Associate Officer, and the Assistant Officer
When is the fiscal year?
Oct 1 - Sept of the following year
What are board designated funds?
Programs that maintain their own funds
Examples of board designated funds…
women’s ministries, girl guards, explorers
Are board designated funds subject to support services?
Yes, with exceptions
Support Services - How much to you pay to DHQ?
10%
What income is exempt from support services?
world services
Gifts in Kind
DHQ grants
program service fee
What are the 5 types of donations?
- Unrestricted
- Restricted
- Conduit contributions
- Quid Pro Quo
- Gifts in Kind
What are gifts in kind?
A gift that is not money but material
What are contributed services?
Donated service - volunteer
What makes up world services income?
Harvest festival and self denial
At what dollar amount are you mandated by government to provide a receipt/letter for a donation?
250+
How many people should count money, especially cash?
2 with no relation to one another
How often do we issue cartridge receipts/listings to our soldiers and attendees?
At least yearly
How often do we make bank deposits?
at least once a week
How do we withdraw funds from our corps account?
Check
Can we use a statement as backup documentation?
No
Are volunteers reimbursed for meals and travel expenses?
Yes
