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Update: SCORE Centralized Accounting Project
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We remain committed to centralizing all of our accounting and finance systems nationwide to reduce the burden on SCORE chapter chairs and treasurers moving forward, related to reporting requirements and bookkeeping and clerical duties. Chapters maintain control over how, when, and where they spend and raise their monies.
The development of uniform policy and procedures for chapter treasury operations will provide consistent onboarding and training of treasurers, reduce risk for the overall organization, and improve insights into financials of the organization to better support accounting and fundraising.
We will continue to send this Accounting Bulletin, to be sent on the 2nd Wednesday of each month.
In October, we started to work with the SCORE Washington DC chapter as the first chapter to be onboarded to our new accounting system.
Timeline Update: In order to make sure we provide you with a smooth, turnkey transition process, we are taking the time to refine the roll-out tools, training and step-by-step guidance for all chapters. This will result in a slight revision of the original timeline, and once we have a concrete understanding of when your chapter will begin the move to the new system, we will communicate this. We will keep you posted via this newsletter.
DO NOT
- Do not enter into any new CD contracts (Chapters will have to absorb any penalties for early termination if purchased after August 9, 2018)
- Do not rollover any existing CD's
- Add Debit** or Credit Cards.
- Add any direct vendor payments directly out of the chapter's bank account.
TO DO
- Consolidate bank accounts into a single account.
- Stay current on Chapter Form 14's to SCORE HQ, 90 day rule will be enforced.
- Update administrator name on any PayPal or other credit card processing services the chapter is using. (This will ease the repointing of the accounts to the new Bank of America account)
- Update administrator name on any Vendor accounts.
- Document any recurring bills that are being paid out of the chapter's current bank account. (Vendor Name, Account Number, Remittance Address, Monthly Payment Amount and Date payment is made)
- Stop use of Debit cards one month before your chapter's scheduled migration.**
- Identify purchase procedures for the future: For vendors that the chapter currently pays with a debit card, either find alternative vendors or identify a chapter member to assume payments for these vendors.
**Why No Debit Cards
- SCORE must be the best steward of our funds. We cannot accurately keep track of spending with debit cards.
- We do have several ways to pay vendors as quickly as possible. They include:
- Prepay directly to the vendor whenever the chapter has the information
- Setup automatic reoccurring payments
- Typically, vendors will be paid in 3-7 days
- Personal reimbursement still available
- Creation of national accounts (i.e. Office Depot, HiPer, Vistaprint) to avoid these issues
Thank you for all you do.
John Fuqua
Vice President of Finance
SCORE
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