BCS Membership Board Treasurers day 10th February 2015 Ian Sunley INTRODUCTION AND AGENDA Presentation to insert name here 2 Agenda Morning 10.30 to 11:30 Unconcious Bias Training Morning 11:30 13:00 Introduction objectives of the day.(IS) The current financial position of both the Institute and Membership Board(IS) Report on Changes from Last year. Accounting requirements and Financial rules (HA) The budget process for FY 2014-2015 Questions and Answers Afternoon 13:45 to 15:30 What Swindon can offer to Treasurers
Introduction to 3 topics for SPEED networking Presentations from Groups Final Discussion and Close Presentation to insert name here 3 Rebecca George. UNCONSCIOUS BIAS TRAINING Presentation to insert name here 4 Ian Sunley OBJECTIVES FOR THE REST OF THE DAY Presentation to insert name here 5 Objectives for the day 1.
To make it easier for Treasurers and MB Finance Committee to work together 2. To explain the budget process for the Financial Year 2015-2016 3. To keep you up to date with financial processes and guidelines. 1. To get your input into the processes we use. Presentation to insert name here 6 Governance and MB Finance Committee BCS, The Chartered Institute for IT
STRUCTURE OF BOARDS & COMMITTEES December 2013 COUNCIL Professionalism Board TRUSTEE BOARD Policy and Public Affairs Board BCS Academy of Computing Membership Board Academic Accreditation Committee Academy Awards Committee Policy Committee Finance Committee Best Practice Committee Government Relations Group Membership Committee Policy Hub Security Community of Expertise
Inclusion Community of Expertise Internet of Things Community of Expertise Working / expert groups Nominations Committee Audit and Risk Committee Registration Standards Committee Remuneration Committee Presentation to insert name here 7 MB Finance Committee Terms of Reference Purpose Responsible to Membership Board for financial rules, processes and procedures for Member groups Establish administer and allocate the budget for all membership functions
Optimise the use and take up of funds through review and reallocation Responsibilities Consult over changes Define and agree levels of authority Define and agree internal auditing controls to monitor compliance with internal policies Ensure the budget process is handled smoothly in a timely fashion Presentation to insert name here 8 Finance Committee & Current position Presentation to insert name here 9 Members of Finance Committee at 21st January 2015 Ian Sunley Chair Terence Freedman Helen Fletcher Dan Hayton
Andy Cox Judith Taylor We need 2 new members if anyone is interested With support from Helen Axam Karen Myatt. Presentation to insert name here 10 Year end results 13/14 Figures at end of August 2014 Net Budget Net Spend Balance
Branches 107,965 92,049 15,916 Specialist Groups 76,528 45,206 31,322 International Sections 40,000 35,279 4,721
Governance & Conventions 11,400 14,310 (2,910) SFR - Pot B 87,000 322,893 186,844 49,049 65,000 30,634 34,366 387,893
217,478 83,415 BCS Health 65000 Grand Total Presentation to insert name here 11 Current results 13/14 To end December 2014 Net Budget Actual Spend Actual Income Net Spend
Spend Budgeted Income Branches 130,935 Specialist Groups BCS Health 47,000 Sub Total A Sub Total B SFR - Pot B Grand Total 0 0 Helen Axam 11th January 2014
Supplementary Funding - Tracking Sheet Summary:Pot B Funding Allocated to date Balance remaining 87,000 29,799 57,201 29,799 Cross check at month end Presentation to insert name here 12 Current results 13/14 End Dec. (4 months) Branches spend 29K SGs spend 16K. NOTE. Because we have corrected for Income this year then the comparison
is offset by around 8% Presentation to insert name here 13 Institute Year End Figures Because these figures are yet to be finalised I cannot publish them on a slide. Presentation to insert name here 14 Report on Changes from Last year Each budget allocation for 2014-15 gave a reason for the figures that were allocated. The result was that we had a lot less misunderstandings in September. The Finance Committee attempted to create a document that would make the decision for many of the SFRs quicker. The result is that there are a number of key elements that must be filled in before we will discuss an SFR. In particular a breakdown of the required funding, whether other sponsorship has been obtained and how the Institutes objectives are met. These items are dealt with by the members groups team before submission to the Finance Committee.
Helen clarified the revised Members Financial Regulations to keep them in with those of the Institute. Revised Capital Expenditure limit down to 250, as the cost of Laptops and Pads fell some groups were wishing to buy them for their committee hopefully this has stopped that. We looked at last years speed networking and have highlighted several key points that the Finance committee are tackling 2014-15. Presentation to insert name here 15 2014-15 Action Plan Clear guidelines and clarification in a document on website of donation and sponsorship and process for both. The Guidelines already exist but will be pulled together and added to the Financial Guidelines. Official handover procedures for Treasurers. - To be discussed this afternoon More online forms that are not PDF format but fillable on line and online submission forms and history of submission.
Agreed buy Finance Committee but as a new software system is being commissioned this will have to wait. The new system should make this easy. What should be bid for in budgets capital expenditure. Guidance on what is permissible expenditure and personal expenses. - To be discussed this afternoon. Is there a Treasurers forum and mentor scheme. Checklist of what is and what is not available centrally e.g. hotel bookings. Is there an escalation process if MBFC decision not agreed with by the SG/Branches To be discussed this afternoon Presentation to insert name here 16 Helen Axam HOW HEADQUARTERS AND THE TREASURERS WORK TOGETHER Presentation to insert name here 17 Interactive Session
The aim of todays session is to Cover the salient points of the Guidelines For Treasurers Cover the daily / weekly / monthly / annual tasks How HQ finance supports the treasurers How you can help HQ and yourselves Cover the completion of various forms VAT income and expenditure Monthly financial statement Presentation to insert name here 18 Treasurers Guidelines EXPENDITURE What do you class as Expenditure? Presentation to insert name here 19 Treasurers Guidelines EXPENDITURE
What do you class as Expenditure? A purchase invoice. Presentation to insert name here 20 Treasurers Guidelines EXPENDITURE What do you class as Expenditure? A purchase invoice. An expense claim. Presentation to insert name here 21 Treasurers Guidelines EXPENDITURE What do you class as Expenditure? A purchase invoice. An expense claim. A cheque raised at HQ for e.g. a Student Prize
Presentation to insert name here 22 Treasurers Guidelines EXPENDITURE What do you class as Expenditure? A purchase invoice. An expense claim. A cheque raised at HQ for e.g. a Student Prize Bank charges associated with paying an invoice or claim overseas Presentation to insert name here 23 Treasurers Guidelines INCOME What do you class as Income? Presentation to insert name here
24 Treasurers Guidelines INCOME What do you class as Income? Event Income net of VAT (before VAT is added on) All chargeable events must go through the BCS Event Booking System. To assist with this a completed budget proforma will be required by the Member Groups Team (MGT). This will ensure that the income (net of VAT) will correctly be posted to your monthly accounts Please note I examine the income earned each month and hold it in a balance sheet account called Income in Advance, until the actual month the event happens Presentation to insert name here 25 Treasurers Guidelines INCOME What do you class as Income?
Event Income net of VAT (before VAT is added on) Sponsorship Income net of VAT, by external parties If you are successful in securing Sponsorship, please contact me so that I can help you with the details required to raise an invoice from HQ to your Sponsor. We need to get the invoicing details correct at the start to avoid non-payment of invoices. This will ensure that the Income is posted to your accounts correctly Not to be confused with Donations. Presentation to insert name here 26 Treasurers Guidelines INCOME What do you class as Income? Event Income net of VAT (before VAT is added on) Sponsorship Income net of VAT, by external parties Donations (exempt of VAT) Definition of a Donation Donations are given without return consideration. Presentation to insert name here
27 Routines daily/weekly/monthly/annually DAILY / WEEKLY Monitor emails and post for financial information Preferred for invoices and claims to come to Swindon Finance first. Scan in expense claims with receipts, as and when received Scan in invoices as and when received Why? So they dont get lost or forgotten or build up and so HQ can arrange payment in a timely manner MONTHLY Approaching month end, ensure that all of the above have been submitted Review monthly accounts (more on this later) Presentation to insert name here 28 Routines daily/weekly/monthly/annually
ANNUALLY With the July accounts, I will send you a Year End Return Form Keep this safe for the year end date of 31st August _______________________________ Member Group 2014/15 Year-end Return Transactions relating to the 12 months ended 31 August 2015. Please tick one box All the transactions for the Branch/SG have already been completed. The attached claims/invoices are the last for the Branch/SG. In addition to claims/invoices already sent to you, the following expenditures should be taken into account. Creditors: Goods and services to be received by 31 August 2015 for which invoices have not yet been received or an expenses claim submitted. Presentation to insert name here 29 Supporting each other
HOW HQ SUPPORTS YOU Seeking your approval for expenditure Processing documents in a timely fashion Paying suppliers and expense claimants in a timely fashion Publishing monthly financial statements Here to help any questions, big or small, we answer them all HOW YOU CAN HELP HQ AND YOURSELVES Respond as soon as possible to any communication from either finance or the Member Groups Team. Please let us know about holidays A simple thing please enter the name of your member group in the subject field of all emails Presentation to insert name here 30 Completion of forms Expense claim forms (sample of areas to be completed follows) Overseas claimants need to provide us with different bank details please ask me in advance for a relevant form I can send you
Signature forms of officers (Treasurer, Chair and Secretary) After your AGM, if there is a change in officers then the signature form for the next f/yr must be completed. If I do not have sample signatures for the officers, they cannot sign off any documents (KPMG Audit Rules). If no change, then a quick email from the treasurer can let me know this Year end forms Chargeable Event Proformas contact [email protected] Supplementary Funding Requests (SFRs) contact [email protected] A bit on this later All available on www.volunteer.bcs.org various sections Presentation to insert name here 31 Completion of an Expense Claim Form Presentation to insert name here
32 VAT WHY DO WE ALWAYS REFER TO NET OF VAT? BCS is VAT registered. This means that we are obliged to charge VAT on all income (except Donations). VAT on income we invoice is called Output VAT. Any supplier who is VAT registered themselves, will charge us VAT on expenditure that we buy. VAT on expenditure is called Input VAT. The VAT on income is paid to HMRC The VAT on invoices can be claimed back from HMRC. Full VAT if relating to a chargeable event, partial VAT if not. No VAT can be claimed back on submitted expenses (HMRC rules). Hence net of VAT. All of this is actioned by HQ Example follows Presentation to insert name here 33 VAT Example
Presentation to insert name here 34 Monthly Financial Statements INCOME AND EXPENDITURE STATEMENT This is an overall summary of the member groups financial activities each month. It will show you any income earned (in the correct month) It will show you any expenditure (in the correct month) You can see the individual months figures You can see the year-to-date accumulative figures You MUST monitor your income and especially expenditure against your approved annual allocation. Do not allow the member group to overspend. Example follows Presentation to insert name here 35 Sample of monthly financial statement showing Income
YR 14/15 Dec Management Accounts Report Period Period Period YTD Period YTD Full Year Budget Period Actual Period Budget YTD Actual YTD Budget Full Year Budget INCOME 150 100
200 400 600 150 100 200 400 600 14 33 14 133
400 0 3 0 10 30 30 33 50 133 400 0 11
0 43 128 274 52 314 208 623 4290: Subs to Other Bodies 0 1 0
Income EXPENSE 3010: Travel/Subsistence (Other) 4100: Postage 4110: Room Hire 4130: Speakers expenses 4150: Catering Expenditure Presentation to insert name here 36 Monthly Financial Statements EXPENDITURE TRANSACTIONS This tab shows you what youve spent your budget allocation on! This is a summary of invoices, expense claims, cheques raised at HQ etc. and is presented as year-to-date. Presentation to insert name here
37 Expenditure TRANSACTION REPORT Expenditure, Dec YTD 14/15 Account Name TOTAL Date 527.23 Amount Ref. 5102: Student Prizes & Membership 29 Sep 2013 150.00 270267 5102: Student Prizes & Membership
30 Sep 2013 150.00 SEP020 4150: Catering 30 Oct 2013 37.50 271204 4150: Catering 30 Oct 2013 2.70 271204 5102: Student Prizes & Membership 31 Oct 2013 -150.00 OCT020 4150: Catering 05 Nov 2013 40.00 270555
4110: Room Hire 05 Nov 2013 20.00 270555 4110: Room Hire 16 Nov 2013 30.00 271228 4150: Catering 16 Nov 2013 30.00 271228 3010: Travel/Subsistence (Other) 16 Nov 2013 13.50 271228
4150: Catering 26 Nov 2013 37.50 271254 4150: Catering 26 Nov 2013 2.70 271254 4150: Catering 28 Nov 2013 163.33 270920 Description Supplier EXP-PG-29/9 PROF P M DONALD
Provide accrual AXAM001 exps in hand not yet posted Not Applicable SMIN023773 ROBERT WHITE UNIVERSITY SMIN023773 ROBERT WHITE UNIVERSITY Reverse accrual AXAM001 exps in hand now posted Not Applicable EXPS PG 5/11 PROF P M DONALD EXPS PG 5/11 PROF P M DONALD
EXPS JEMT 16/11 DR J E M TATE EXPS JEMT 16/11 DR J E M TATE EXPS JEMT 16/11 DR J E M TATE SMIN 023888 ROBERT WHITE UNIVERSITY SMIN 023888 ROBERT WHITE UNIVERSITY BCS-BRANCH 13/12 SPORTSMAN'S CLUB, THE Presentation to insert name here
38 Monthly Financial Statements It is the Treasurers responsibility to ensure that the financial statement is circulated to the Chair and Secretary each month and that the accounts are discussed at each committee meeting It is the Treasurers responsibility to examine the transactions each month and to report back to me any queries or changes i.e. to re-code transactions to a different cost code. For example, if your member group earns event income, we can identify specific costs linked to the events by using code 5104: MG Income Related Expenditure. Presentation to insert name here 39 Before submitting an SFR, think about your financial statement IMPORTANT POINT Before your member group considers putting in a Supplementary
Funding Request, the Committee must review the most up-to-date financial statement to see if there are sufficient unallocated funds available from running costs to cover the expense first; e.g. an SFR for 100 can be funded by the MG, if they have only spent 217 against an annual allocation of 1,500. Your first port of call can always be www.volunteer.bcs.org More detail can be found in the documents you are emailed when you are welcomed to BCS as Treasurer good point of reference. Presentation to insert name here 40 Treasurer supporting documents Each treasurer receives the following documents when they are appointed: Member Groups Financial Guidelines BCS Accounting Service Authorised Signatory Form to be completed as a new officer Member Groups Monthly Financial Statements and Example Report
Expense Claim Forms to circulated and be used by all The above documents have been reviewed and updated, so if any of you would like to receive any of the above again, please drop me an email request to [email protected] - Thank you all for your kind attention. - Any questions? Presentation to insert name here 41 Treasurers Day 2015 Budget process for FY2015-2016 Timetable for 2015 Action By Date Prepare budget bid Member Group Treasurers
31 March Presentation to insert name here 43 Timetable for 2015 Action By Date Prepare budget bid Member Group Treasurer 31 March Review and prepare bids for MBFC Member Group Team
10 April Presentation to insert name here 44 Timetable for 2015 Action By Date Prepare budget bid Member Group Treasurer 31 March Review and prepare bids for MBFC Member Group Team
10 April Consider bids and suggest revisions MB Finance Committee with Member Groups 15 April Prepare Consolidated bid MB Finance Committee for approval by (chair) Membership Board 4 May Presentation to insert name here 45 Timetable for 2015 Action By
Date Prepare budget bid Member Group Treasurer 31 March Review and prepare bids for MBFC Member Group Team 10 April Consider bids and suggest revisions MB Finance Committee with Member Groups 16 April
Prepare Consolidated bid MB Finance Committee for approval by (chair) Membership Board 4 May Review and approve bid 6 May Membership Board Presentation to insert name here 46 Timetable for 2015 Action By Date Prepare budget bid
Member Group Treasurer 31 March Review and prepare bids for MBFC Member Group Team 10 April Consider bids and suggest revisions MB Finance Committee with Member Groups 16 April Prepare Consolidated bid MB Finance Committee for approval by (chair) Membership Board
4 May Review and approve bid Membership Board 6 May Review bid and give Q1 commitment Trustee Board 3 June Presentation to insert name here 47 Timetable for 2015 part 2 Action By
Date Review bid and give Q1 commitment Trustee Board 3 June Inform Member Groups of Q1 commitment Member Group Team 14 June Sign off budget for 20152016 Trustee Board 15 July Presentation to insert name here 48
Timetable for 2015 part 2 Action By Date Review bid and give Q1 commitment Trustee Board Inform Member Groups of Q1 commitment Member Group Team 14 June Sign off budget for 20132014 Trustee Board 15 July
Review outcome for Member Groups MB Finance Committee ASAP 3 June Presentation to insert name here 49 Timetable for 2015 part 2 Action By Date Review bid and give Q1 commitment Trustee Board
3 June Inform Member Groups of Q1 commitment Member Group Team 14 June Sign off budget for 20132014 Trustee Board 15 July Review outcome for Member Groups MB Finance Committee ASAP Inform Member Groups of final budget
Member Group Team ASAP hopefully Early August Presentation to insert name here 50 Points to consider when preparing your bid Include how much you are hoping to spend Include how what you are planning to do lines up with BCS objectives (the five pillars) If your bid is significantly different from last year, say why Remember to include all regular events that you support Do not include any extra for contingency MBFC hold contingency funds centrally Presentation to insert name here 51
Treasurers Day 2014 Questions & Answers Treasurers Day 2015 Lunch until 13:45 Presentation to insert name here 53 Karen Myatt WHAT MEMBERS GROUP TEAM CAN OFFER TREASURERS Presentation to insert name here 54 Pre-event planning and support Planned events within annual budget submission or have agreed supplementary funding
Chargeable events submit a budget with costs excluding VAT which prompts necessary codes for online booking system we will put the event on to the BCS Calendar. Event Booking system must be used for those holding events in the London Office and for those who have chargeable events. Charges should reflect BCS Members should pay a reduced fee as should affiliated organisations members of other 55 Pre-event planning and support Joint events with external partners Supported by Memorandum of Understanding signed by a BCS staff member Group Secretary books rooms made payment via group administrator not individuals personal expenses.
MGT have list of providers where invoicing arrangements have been Time scales < 50 delegates, ideally at least 6 weeks 50 - 150, ideally 8-12 weeks 56 Support from MGT MGT can arrange: Catering 5 working days notice for BCS London events 10 working days external events booked by MGT Alcohol ONLY available for evening events, agreed limits Publicity Brochures, posters, flyers published in-house Group to provide content for these and the calendar Lead-in time 2 months from initial instruction Delegate packs - BCS encourage groups to be paper light but packs can be provided if requested at budget submission time Branded freebies are also available and speaker gifts Badges Stickers available for free events Badge holders for chargeable events Delegate lists - available from your administrator and within your group secure area Events booking system - is monitored and rooms reduced if necessary, with prior notice
57 Committees responsibilities Setting the content and format of event confirming speakers obtaining Bios collating speakers presentations after-dinner speakers and entertainment Sourcing sponsors and external exhibition stand bookings, invoicing by BCS requesting BCS stands and podiums etc Identify member of committee to be present at set up and close down MGT will not necessarily attend actual event (6 weeks notice) External Premises should have a risk assessment in place 58 On the day Staff can man registration for 50+ paying delegates Liaise with venue in relation to AV requirements etc Committee to remove event from web pages hosted outside of BCS 59
BCS London Maximum capacity 120 Bookings up to 1 year in advance Prior agreement for posters etc No access to kitchen or staff area All printing and stationery requested prior and through Swindon Large events may require committee member to act as a door man No catering from non-approved suppliers permitted 60 DISCUSSION TOPICS Presentation to insert name here 61 New Ideas for Discussion You have 15 minutes on each topic, one person should take the notes and each group will present their ideas at the end. The 3 topics are:
To review the papers on Handover Process for Treasurers and the Policy for Appealing against a Finance Committee decision. To review the document on what expenses can be claimed with opinions, changes etc. The outcome of this will become practice. How can we help treasurers more. What else can we offer. This will be used to drive our goals for 2025-16. Presentation to insert name here 62 Presentations Presentation to insert name here 63 Summing up Are their any questions about the day? Presentation to insert name here 64 Thank you for giving up your time.
There is refreshments outside if you wish to continue networking for a while. Presentation to insert name here 65
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