[GNC] Book keeping/accounting of club project funds

[Roderick Anderson]

Thanks Rich.

Yeah still in Idaho so and because our assets are so small we have only 
an Annual Report.  At least that's what the Secretary of State says.  :-)

Federal tax reporting is just a simple.

Somewhere/when the decision must have been made to not carry hardware on 
the books.  Feels odd to me but I don't buck it.  More work for a 
volunteer position.

I'm still looking for a CPA that will help us pro bono.  Right now the 
great people on this list are my resource.  :-)

Again thanks for the thoughts.


Rod
-- 
On 5/2/19 4:06 PM, Rich Shepard wrote:
> On Thu, 2 May 2019, Roderick Anderson wrote:
> 
>> Cryptic enough? :-)
> 
> Hey Rod!
> 
>> How should I make entries for club project funds. I am the treasurer 
>> for a
>> small 501(c)(3). Our income is mainly memberships (dues), cash donations,
>> and an annual swap meet like event.
> 
> First, I'd check with a CPA for financial reporting requirements where you
> are (still Idaho?)
> 
>> First off I have almost no experience in accounting and mostly on-the-job
>> learning. I inherited a Quick Books system that I imported into GNUCash.
>> I've made some modifications to that account structure.
> 
> Accounting experience not required, only the ability to keep books 
> properly.
> 
>> I am using three Asset accounts. Checking, Savings, and Petty cash.
> 
>> I've been asked to track the funding(?) for the clubs main project, HAM
>> radio repeaters. We paid for them out of checking. Some of it before I
>> became treasurer. We are now needing to enhance those systems so we've
>> asked for donations specifically for this purpose - a Repeater fund.
> 
> Create income and expense accounts for repeater purchases. Perhaps a
> separate expense account for delivery charges.
> 
> Also have income accounts for membership dues, refunds (to you from 
> returned
> purchases), bank interest, and other (infrequent and incidental revenues).
> If you have bank charges, you need an expense account for bank interest
> charges, you might want an expense account for postage, office supplies,
> computer equipment, etc.
> 
> Go for it!
> 
> Best regards,
> 
> Rich
> 
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