Treasurer

Cindy Hyatt Treasurer

Hey there Region X Treasurers and fellow chapter members!

The 2011-2012 ASHRAE year has officially begun and I couldn’t be happier to be working with all of you for my fourth year as your regional treasurer. I think I’m finally getting the swing of things! This year I’m truly excited and honored to serve the Region not only as your Treasurer, but as your YEA Regional Coordinator (please stop by the YEA page on the Region X website for more about that). But back to finances; I am pleased to report that the Region had a successful 2010-2011 fiscal year thanks to the diligence of each of our chapters in remitting their chapter dues and a very special thank you to the Northern Nevada chapter for hosting a stellar CRC in August of 2010, for which the profits were split with the Region, thus helping us to close out the year with a positive financial growth for our Regional account. Likewise, I would like to extend our gratitude to all of the employers of our Regional officers who have helped cover the expenses of our Regional officers’ travel expenses. The support of our membership, chapter volunteers, regional volunteers and each of our employers has kept our Region strong and I sincerely thank you all.

Congratulations to each of the Region X Chapter Treasurers that worked so diligently to close-out their 2010-2011 fiscal years and complete their annual audits. If you have not had a chance to complete your audit yet, please try to do so by September 30th and send a copy of the Audit report to myself and our DRC, Mr. Michael Burgess, upon completion. You all did a fantastic job managing your finances last year and I am excited to be working with a new group of treasurers in the upcoming year.

Welcome 2011-2012 Treasurers!

Thank you all for volunteering to play a pivotal role in the best professional organization around. We have a great responsibility to ASHRAE to manage our chapters effectively and promote the growth of our individual chapters. Our chapters contain the most important part of ASHRAE – our membership – and without key players such as you we could not exist. So give yourself a thumbs up and gear up for an awesome year!

Our first task in the new year is to complete a budget for your chapter as soon as possible. Ideally, budgets should be completed and submitted to our DRC, Mike Burgess, during the planning stages of the upcoming year. This helps the Regional officers to plan chapter visits and assess which chapters may need some assistance in various areas of planning. If you have not completed your chapter budget at this time, please do so prior to September 30th.

The 2011-2012 year will prove to busy for all of us with activities taking place within our chapters, our region, and at the Society level. Along with the fun, there are several responsibilities that each of us must handle as a part of or fiduciary duties. Please note the following dates as listed below, for both important events and guidelines/deadlines for us to remember. As always, please feel free to contact me at any time should you have any questions regarding materials included on this page (or anything else I may be able to assist with).

And last, but not least, I have also included a copy of my objectives (below) for the year to help our Region X team have a better understanding of what your regional officers are doing to keep our region running smoothly. Thanks again to each of you for your support and volunteerism on behalf of ASHRAE!

View Budget

View 2010 CRC Chapter Finances Workshop

Region X, ASHRAE Guidelines for Regional Finance
1.1 Region Finance
1.2 Reports
1.3 CRC Reserve Fund
1.4 Record Keeping
1.5 Budget
1.6 Chapter Assessment

1.1 Region Finance
The fiscal year of the region is considered as extending from July 1 of the current year to June 30 of the following year. This coincides with the fiscal year of Society. The Regional Treasurer is responsible for the receipt, safekeeping and disbursement of the of region funds and for keeping proper records. These records should be sufficiently detailed to facilitate necessary comparisons with the region's budget at intervals and to form the basis for a new regional-operating budget each year.

The purpose of these funds is to enable the region to carry out the constitutional objectives of Society, and it is the responsibility of the regional officers to carry on the work of the region in such manner that expenses can be met. The Regional Leadership Committee (RLC) should approve expenditure of region funds. The Regional Chapters Committee (RCC) shall be given a report of the financial activities at the Chapters Regional Conference (CRC)

Region X has better control of its expenses if it prepares a budget for its own use for comparison and control purposes. Preparing the budget is one of the most important administrative activities the region can do because it represents a concise written statement of the region's goals and intentions for the coming year. More than a financial base, it is a map of the current philosophy of the RCC. The Regional Treasurer should maintain a file with the notes and calculations used in determining budget line items for future reference. This will be invaluable when comparing actual versus estimated income and expenses and when preparing the next year's budget. Budgets should be designed to balance, i.e., estimated expenses should equal estimated income. Furthermore, budgets should be conservative, with over-estimated expenses and under-estimated income.

The RLC shall establish the arrangements for the safekeeping of the regions funds and withdrawal of said funds. The RCC shall have be notified of the arrangements when they occur. One satisfactory method is the use of a checking account, subject to withdrawal by the signature of the Regional Treasurer and another officer, usually the Director and Regional Chair (DRC).

In establishing the account, local banking requirements must be complied with. The account should be carried in the name of “Region 10, American Society of Heating, Refrigerating and Air-Conditioning Engineers” to avoid possible misidentification with Society funds.

The identification number on the account should be the region's Employer Identification Number (EIN). It is not appropriate to have any individual's Social Security Number (SSN) on this account. The arrangement should be such that when new officers are installed, the bank may easily be authorized to honor the new signatures.

All disbursements should be by check, with receipts obtained wherever practicable. Postage, entertaining a speaker, invited guest, etc., should be borne by the individual or committee charged with this function. The Regional Treasurer should reimburse this individual or committee upon written request, and should obtain a receipt.

1.2 Reports
The Regional Treasurer shall send a mid-year report to the RLC no later than two weeks prior to the Regional Planning Meeting, detailing receipts and expenditures. This report should contain three principal elements.

• Budget Comparisons - Compare actual versus estimated figures for both this period and the year to date. Comment at the meeting as to any inordinate discrepancies, plus or minus.
• Status of Principal Accounts - This will include the operating account, CRC emergency fund or any other fund.
• Disposition of Assets - For each of the principal accounts, how are the assets invested? How much are they earning? How secure are they?

1.2.1 Finance Audit Committee
At the Regional Planning Committee meeting, the DRC shall announce the designated independent financial professional who, along with a committee of three members selected by the DRC from the pool of former DRC's and past Regional Officers plus the Regional Treasurer will perform the audit of the immediate past Regional Fiscal Year. This committee shall be known as the Finance Audit Committee. The incoming Regional Leadership Committee shall approve of and contract with the professional independent auditor. This auditor shall be a member of the Finance Audit Committee.

This auditor shall prepare and report to the committee after reviewing and documenting the status of the regional finances. The incoming Regional Treasurer shall prepare an annual financial report for the previous Regional Fiscal Year (RFY) accompanied by all records and receipts for the auditor to use in the preparation of the audit. The Treasurer shall also transmit this information to the Finance Audit Committee.

The Audit and comments by the Finance Audit Committee shall be submitted to the DRC no later than September 1 of the current RFY. The DRC shall send this report to all current Regional Officers for record purposes. The Audit report shall be sent to the delegates no later than one week prior to the Chapters Regional Conference (CRC). It shall be included in the CRC Business Meeting as an agenda item.

1.3 CRC Reserve Fund
If it is determined that a CRC Reserve Fund is needed, it will be established and accounted for as a separate fund from the general fund in the accounts list in Quickboooks but will be deposited in the same bank account. Based on the recommendation from the RLC as presented by the DRC at the CRC, a motion from the RCC shall establish the amount. Any disbursement or addition from the CRC Reserve Fund shall be subject to a majority vote by the RLC and shall be used only for deficiencies in CRC funding due to unforeseen and catastrophic events. Only the necessary increase or decrease in the fund shall be considered in the budgetary process.

1.4 Record Keeping
It is recommended that the following permanent financial records be kept by the Region:

• All Regional Treasurers' reports
• Old financial statements (banks, investments, etc.)
• All final audit reports

The Regional Historian should assist with the permanent filing of these records at the end of each fiscal year.

1.5 Budget
Once the Finance Audit Committee has reviewed the annual financial report, it will provide its comments and corrections to the DRC. The DRC shall transmit it to the Regional Officers. Using this information the RLC will prepare for the new fiscal year. The Chapter Delegates will receive the audit report no later than one week prior to the CRC meeting. The RLC will discuss and approve the budget prior to the CRC. During the Business Meeting at CRC and following the presentation of the Audit Committee report, Chapter Delegates will be given the opportunity to comment on possible changes to the operation of the Region and its finance through the parliamentary process. Any actions approved by the RCC shall be implemented in the following year. The approved budget will determine the funding requirement, which corresponds to the total budgeted amount plus the Region funds balance minus the current recommended year-end balance as established by the RCC (suggest $10,000 year-end balance).

1.6 Chapter Assessments
After the Regional Leadership Committee determines the funding requirements for the current RFY, the Regional Treasurer will calculate the chapter assessments using:

• Chapter Dues-Paid membership as published by Society at the end of the prior Society Fiscal Year (June 30) shall be the basis for the calculation. Life members and Student members shall not be used in the Chapter assessment.
• Communicating the Chapter Assessment to each Chapter President shall be the responsibility of the DRC. Collecting chapter assessment is the responsibility of the Regional Treasurer and must be completed no later than December 15th of each year.
• The Regional Treasurer will be responsible to collect the chapter assessments and to follow-up on chapter assessments that are not paid. All Chapter Assessments shall be paid in full by the closing of business on May 31st of each year.

Notes:

1. Regional Chapters Committee consists of DRC as chairperson and chapter delegates and alternates as members in Region X.
2. Regional Leadership Committee consists of all elected and appointed Regional Officers.