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NC Wing Proposal to Consolidate All Unit Finances Into Wing Finances

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The Wing writes the checks based on disbursement orders from the Squadrons' ... Work load will actually decrease because of automatic reporting in QuickBooks ... – PowerPoint PPT presentation

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Title: NC Wing Proposal to Consolidate All Unit Finances Into Wing Finances


1
NC Wing Proposal to Consolidate All Unit Finances
Into Wing Finances
  • Larry J. Ragland, Col., CAP
  • Commander
  • Rich London, Capt., CAP
  • Finance Officer

2
At the Unit
  • Current Situation
  • Units maintain own bank accounts and finance
    records
  • Units submit own financial reports to Wing
  • Units operate iaw CAPR 173-1 on cash basis
  • Units depend on volunteer finance officer
  • Problem
  • Poor compliance because of misunderstandings of
    requirements and inadequate time and training

3
At the Wing
  • Situation
  • Wing operates iaw CAPR 173-2 on accrual basis
  • Wing consolidates all unit financial reports
  • Wing subject to audit each year
  • Wing has Administrative Assistant to help on
    daily basis
  • Problem
  • Inconsistency and inaccuracy in unit reports

4
At National
  • Situation
  • National operates on accrual basis
  • National consolidates Wing reports
  • National subject to audit and Congressional
    reporting
  • Problem
  • Qualified audit opinion because units not audited
    and not on accrual basis

5
NC Wing Proposal
  • Bring all unit financial
  • transactions to Wing
  • Receiving and disbursing of funds
  • Accounting
  • Reporting

6
Methodology at the Unit
  • Each unit writes a check to Wing for its entire
    bank balance and then closes bank account(s)
  • Each unit closes its books and submits its report
    for the year on CAPF 173
  • Thence each unit forwards bills, payment
    vouchers, and receipts to Wing as received
  • Units can be provided with deposit slips in order
    to make deposit and then must provide detail to
    Wing finance officer

7
Methodology at the Wing
  • Unit funds deposited in separate bank account
    from main Wing account(s)
  • May be at the same bank that Wing uses
  • Wing classes each transaction with unit
    designator in Quickbooks Pro
  • Wing processes all unit transactions
  • Units forward all bills and receipts to Wing
  • Wing pays all bills from consolidated bank
    account and provides squadrons with report of
    transactions
  • Wing makes all reports and is audited

8
Who Controls the Money?
  • The Squadron does.
  • The Wing writes the checks based on disbursement
    orders from the Squadrons Finance Officer,
    Commander and/or Finance Committee.

9
Advantages
  • Unit
  • Out of the accounting and reporting business
  • Still manage own funds by determining own
    expenditures and instructing Wing
  • Wing
  • All accounting and reporting accomplished by Wing
    iaw CAPR 173-2 in lieu of units using CAPR 173-1
  • National
  • As close to accrual accounting for units as you
    can get
  • Wing audit includes all unit transactions
  • Unqualified opinion in Wing audit
  • Step toward unqualified opinion in national audit

10
Discussion Point
  • Bringing unit finances to Wing will increase
    Wings work load
  • NC Wing has a very capable Administrative
    Assistant working full time who processes
    incoming transactions on a daily basis
  • Work load will actually decrease because of
    automatic reporting in QuickBooks that is a
    natural byproduct of handling all transactions at
    Wing.

11
Timing
  • In order for this to work, it must be implemented
    at the beginning of the fiscal year
  • Time is of the essence if we are to start on
    October 1, 2006 for FY07

12
Timing
  • National is moving to have all Wings centralize
    their finances.
  • NC Wing should show their leadership by becoming
    the next Wing in CAP to improve financial
    reporting by consolidating finances at the Wing
    level.

13
Questions?
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