Money 101 2019 PAC Conference March 30, 2019 Background Owner of - PowerPoint PPT Presentation

Money 101 2019 PAC Conference March 30, 2019

Background • Owner of Green Mountain Financial • CPA and MBA • Experience in corporate finance and accounting • Treasurer of Bixler PAC • Treasurer of Hyde Park Youth Symphony

What is the role of a PAC Treasurer? Manage PAC Reporting Manage PAC Finances Form 990 and 501(c)3 Filings Cash Deposits and Expenses Fiscal Sponsor Filings Financial Statements PAC Annual Budget Donor Acknowledgement Park District Reports PAC Project and Event Budgets 2019 Park Advisory Council Conference March 30, 2019

Park District Requirements Complete Coordinate Maintain financial Volunteer fundraising records of Application and strategies with the fundraising Background Check CPD Report in-kind No PAC Salary No PAC Political donations Payments! Donations! 2019 Park Advisory Council Conference March 30, 2019

PAC Legal Structure Options 501 (c) 3 Fiscal Sponsorship Partnership with an Tax-exempt established tax-exempt What is it? organization organization Independence and Cost savings Pros control Expensive and Lack of independence Cons significant paperwork 2019 Park Advisory Council Conference March 30, 2019

PAC Filing Requirements 501 (c) 3 Fiscal Sponsorship PAC reports financial PAC files Form 990, IL information to fiscal Form 990, other state Government sponsor. Sponsor files level filings government forms. Chicago Park Annual Report Annual Report District 2019 Park Advisory Council Conference March 30, 2019

Donations and Donor Acknowledgement • IRS requires PAC to acknowledge cash and in- kind donations of $250 or more Best Practice – ALL donations, including services • Acknowledgement must be written and include: • value of donation • tax exempt organization number • acknowledgement that no goods or services were given in exchange 2019 Park Advisory Council Conference March 30, 2019

PAC Bookkeeping Ideas Many software options for PACs of different size and structure: Spreadsheet Traditional Software Type of Fewer financial More financial PAC transactions transactions Excel, Google Examples QuickBooks, Wave Sheets 2019 Park Advisory Council Conference March 30, 2019

Questions? 2019 Park Advisory Council Conference March 30, 2019