Monetary Officers Obligations and Obligations How to Get Them Finished.


63 views
Uploaded on:
Description
Make the Financial Officer a monetarily wise person. General Responsibilities ... The Officers, specialists, shop stewards, workers or different delegates of the Local who ...
Transcripts
Slide 1

AFGE Financial Officers Duties & Responsibilities How to Get Them Accomplished

Slide 2

Who Are The Financial Officers ? President Vice-President Treasurer Executive Board Or people that settle on monetary choices or surveys for the Local Audit Committee Budget Committee

Slide 3

Goals of this Class To keep the Financial Officers out of Jail !! Make the Financial Officer a fiscally keen individual

Slide 4

General Responsibilities A Local\'s Financial Officer must have a solid awareness of other\'s expectations. He or she is endowed by the Membership with the dependable execution of fundamental obligations: Safeguarding the property of the Local and its Members Collecting and dispensing Local finances Accurately recording every single monetary exchange Reporting to Federal & State Government Agencies Reporting to AFGE National

Slide 5

Fiduciary Responsibilities Local Officers oversee and handle reserves which have a place with the Local and its Members, they hold positions of trust known as "Trustee Positions". "Guardian Duties" are forced upon Union Officers by law: These Federally-forced "Trustee Duties" are put forward in Section 501 of the Labor-Management Reporting and Disclosure Act of 1959 (LMRDA), which gives that Union Officers must:

Slide 6

Fiduciary Responsibilities Under Section 501 of the Labor-Management Reporting and Disclosure Act of 1959 (LMRDA) Hold Union\'s cash and property exclusively for the advantage of the Union and its Members. Oversee, contribute, and dispense assets and property just as approved by the Union\'s Constitution and By-Laws or by legitimate determination of its Membership. Forgo money related or individual premiums which struggle with those of the Union; record to the Union and pay to the Union any benefits got from executing Union business. Union authorities who disregard these governmentally made guardian obligations are liable to common claims in elected or state court for cash harms or other fitting alleviation. Furthermore, there are criminal punishments for stealing or taking Local property—fines up to $10,000, detainment for up to five years, or both.

Slide 7

AFGE Articles that Govern the Financial Officers AFGE National Constitution

Slide 8

Article II Section 3 Independent Local The Local is a self-sufficient association. Article IV Section 1 Dues & Initiation Fees Dues might be set up and balanced as might be important to guarantee that they permit satisfactory assets for the installment of Per Capita Tax and adequate assets for the working costs of the Local.

Slide 9

Article V Section 2 Check Signing The Treasurer might sign and the President should slogan checks covering appropriate uses for the Local. Without these Officers, such different Officers as characterized by the Local\'s Bylaws may sign. Article V Section 3 Bonding The Officers, operators, shop stewards, workers or different delegates of the Local who handle assets or property of the Local should be reinforced.

Slide 10

Article V Section 4 Annual Audits all together for the bond to be powerful, the Local might document an Annual Audit Report (to incorporate a duplicate of the DOL LM Form and an affirmed Annual Budget) with the National Secretary Treasurer (NST). Article V Section 5 Open Records All books, records, and budgetary records should be interested in the investigation of the National Executive Council or any properly approved delegate.

Slide 11

Article VI Section 1(a) Local Officers The general Officers might be chosen by the aggregate Membership and should constitute the Executive Board and should comprise of the President, Treasurer, Secretary and others as the Local\'s standing rules may recommend.

Slide 12

Article VI Section 3 Presidents Duties The President should be the Executive Officer of the Local. He/she might practice general supervision over the undertakings of the Local and guarantee that every other Officer conform to their obligations and sacred obligations. Article VI Section 3 Filling in for the President If the President can\'t play out his or her obligations. The President will appoint the duties of the workplace in light of the Local\'s Bylaws.

Slide 13

Article VI Section 5 Treasurer\'s Duties The Treasurer should keep up a Bookkeeping System as endorsed by the National Secretary-Treasurer . The Treasurer must make a money related report at every standard meeting; stay up with the latest move of the Membership; roll out month to month Membership improvements (includes & drops); roll out location improvements and report such to the NST. Play out extra money related obligations as doled out.

Slide 14

Article VIII Section 2 Executive Board Duties It should be the obligation of the Executive Board to devise and start activities that might be essential in the meantime between the Local\'s gatherings. All activities should be liable to Local endorsement. Article VIII Section 3 Expenditures by the E-Board in abundance of $500 every month must have earlier endorsement of the Membership, or be an affirmed spending thing.. Any expenditure authhorized by the E-Board must be accounted for in composing at the following Membership meeting

Slide 15

Article VIII Section 4 Annual Budget The Executive Board of the Local should set up an Annual Budget (subject to the Membership\'s endorsement) safeguarding that incomes are adequate to meet its monetary commitments.

Slide 16

What Agencies and Individuals must Financial Officers report to? Interior Revenue Service (IRS) Department of Labor (DOL) Your Local Membership & AFGE Headquarters

Slide 17

IRS Requirements AFGE Locals are absolved from government wage charges by the Internal Revenue Service by being a 501c (5) association. AFGE\'s Group Exemption Number is 0194. By and large AFGE Locals are not excluded from Sales Taxes. Local people must pay vocation charges on compensations, lost time or yearly leave repayments paid to their officers or individuals. The individuals getting these sorts of installments must report the pay and pay charges. Local people must report all pay to the Internal Revenue Service whether it is assessable or not. The exception from expense does not reach out to a wide range of Local salary. Certain sorts of pay are assessable and must be accounted for to the IRS on structure 990T.

Slide 18

When do I need to answer to the IRS ? A Local with Annual Gross Receipts over $25,000 must record a "Yearly Informational Return" with the IRS. In the event that your gross receipts are less then $100,000 you are required to document a Form 990EZ If your gross receipts are more prominent than $100,000 you are required to record a Form 990 If they are less then $25,000 you require NOT FILE

Slide 19

When are the Form 990s Due ? You should record the 990 or 990EZ Form by the 15 th day of the 5 th month , after your Local\'s Year End. For a logbook year you will provide details regarding 5/15. A Penalty of $20 @ day up to $10,000 might be charged if the Form is recorded late or an inadequate return is submitted. You can get an augmentation of 3 months by presenting an IRS "Expansion to File Form" 8868

Slide 20

Where do I get the IRS Forms? You can get the structures from the IRS Web Site at : http://www.irs.gov/formspubs/index.html When on the Web Site enter the Form you are searching for in the "Hunt Box" at the highest point of the screen. Illustration 990 or 990EZ or 8868 You may likewise go to the AFGE Web Site under NST Financial Officers Resources and get the Forms

Slide 21

When is the Local an Employer and when must you pay Payroll Taxes? Keep in mind the Local is an Employer when it makes installments to Officers, Stewards, Staff or others to perform obligations or administrations for the Local: Salaries Payment for Lost Time (LWOP) Annual Leave Reimbursements Stipends

Slide 22

IRS\'s Description of an Employee Here are a few variables having a tendency to show that an individual is a representative under expense law (one and only need exist) : The part\'s pay is measured by the hour, week, or month as opposed to by the occupation. The part is required to play out the administrations by and by, without the capacity to appoint the errand to another person. There is a keeping working relationship between the part and the Local. The Local supplies materials or offices utilized by the part as a part of playing out the administrations, for example, an office, office supplies, a phone, and so on. The Local gives directions or preparing to the part; and the part plays out the administrations being referred to exclusively for the Local (and not for others).

Slide 23

Labor Department Reporting The LMRDA obliges Locals to record a "Yearly Financial Report" with the U. S. Bureau of Labor. On the off chance that your Local has Gross Receipts of: More than $250,000, you should document a LM-2 Report Less than $250,000 and all the more then $10,000, you should record a LM-3 Report Less than $10,000, you should record a LM-4 Report DC Government Locals are not required to record a LM Report with DOL

Slide 24

When are the Labor Department Reports Due? The LM Forms are expected 90 Days after the Local\'s Year End If you are on a Calendar Year this is 3/31 If you are on a Fiscal Year, it is 90 days from the end of your Year End

Slide 25

Where do I get Labor Department Forms ? The best place is the Labor Department Web Site at : http://www.dol.gov/esa/olms_org.htm

Slide 26

Reporting to your Local Membership The Financial Officers have an obligation to keep the Membership educated of: All Income got by the Local (Dues and Other Income) All Expenditures and Payments made in the interest of the Local All Assets and Accounts hung for the benefit of the Local The making and reporting of Budget things designated by the Local

Slide 27

Other

Recommended
View more...