Each Chapter will have a set of financial statements, i.e., an Income Statement and a Balance Sheet. These financial statements will display the monies raised from donors and expenses incurred for chapter-related purchases. Each month, after the monthly Chapter Goals Progress Reports have been received from all chapters, the Treasurer of each chapter will be sent a copy of their chapter's Income Statement and Balance Sheet. The Treasurer will report the chapter's financial position to the members at the chapter meeting immediately following receipt of the chapters financial statements.
Income Statement
The Income Statement will contain the Revenues and Expenses of your chapter.
Revenue - The revenue account will only contain "Contribution Revenue".
Expenses - The expense side of your chapter income statement will generally consist of the following accounts:
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Balance Sheet
The Balance Sheet will generally list the Assets and Liabilities & Net Assets of the chapter.
Assets - The assets side of the balance sheet should generally contain cash from donations received and pledges of donations receiveable.
Liabilities - The Liabilities section of the balance sheet contains the accounts and amounts owed by the chapter to pay for commitments such as the annual subscription for the Bloomberg Pro data feed.
Net Assets - The Net Assets section shows the net difference between Assets and Liabilities, e.g., if total assets is $100 and total liabilities is $40 then Net Assets = A - L = $100 - $40 = $60.
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Incurring Expenses
Chapters have full spending discretion on all donation revenue in excess of the cost of the annual Bloomberg Pro subscription obligation and related indirect if any.
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