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Guidelines for Managing Finances Fall 2013

Guidelines for Managing Finances Fall 2013

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Guidelines for Managing Finances Fall 2013
Guidelines for Managing Finances Fall 2013

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Published by: Talis Apud Hendricks on Aug 08, 2013
Copyright:Attribution Non-commercial


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As a student-run nonprofit social enterprise, ensuring transparent financial practices is a cornerstone of building credibility and trust with your community of supporters. Here are some guidelines for managing your chapter’s finances to make this possible!

DO: Strive to ensure 100% of your deli donations go to your partner organization,
CHOICE Humanitarian or The Hunger Project.

DO: Obtain a cash box to safely store your deli donations and cash on hand. Also, be
sure to record how much money you have in the cash box before and after each deli day so you can track your donations effectively.

DO: Set-up a bank account through your University! If you can’t, contact FeelGood World
to set up an account through them.

DO: Keep track of your total income and expenses each week at your deli. DO: Have a plan in place to hand off all financial account information annually when new
leadership is elected. This might include changing/updating account information wherever your account is held.

DON’T: Store the cash you’ve collected at your deli through donations in your donation
jar once your deli is over.

DON’T: Keep more than $100 cash on hand in your cash box! Be sure to deposit cash
from your deli into your chapter account within 24 hours.

DON’T: Use FeelGood World’s Employer Identification Number (EIN) to set up a bank

FGW then becomes responsible for reporting taxes and keeping track of all the money your chapter spends - we don’t have the capacity to do this!

DON’T: Get your own EIN or TIN (other than one provided by your university) to set up a
bank account or open a bank account tied personally to an individual leader.
• •

You will be responsible for filing a Form 990 with the IRS, reporting taxes (federal & state), and keeping close track of every cent spent! FGW has witnessed issues transitioning the bank account between chapter members

CONSIDER: Obtaining a FeelGood World subsidiary bank account if your school
allows it.

This ensures access to a secure bank account where you can directly deposit the funds you raise to FeelGood World, who will then invest 100% of the money you submit in your partner organization (THP or CHOICE Humanitarian) Please note you cannot withdraw money from this account. For chapters who need access to an account that permits withdrawals as well as deposits, please read below.

CONSIDER: Taking credit cards at your deli by using Square
• •

Contact FeelGood World at changemaker@feelgoodworld.org and we will assign you a ‘Staff’ id for your chapter and invite you to our Square account. We will also share the login information to the FeelGood Square account so you can keep track of how much money your chapter has collected via credit card sales.

CONSIDER: Using Cheese Points as an alternative to a savings account

If you cannot set up a bank account through your university that allows you to withdraw funds for expenditures and you need this kind of access to your chapter’s money, FeelGood World can convert your funding (from a grant, private donor, or other source) into Cheese Points. Then you can access that funding through the cash-out procedure by using the “Request a Prize” function.

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