Association of Diabetes Care & Education Specialists

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Volunteer Leader Financial Overview

Mar 16, 2018

All AADE volunteer leaders have a fiduciary responsibility in safeguarding AADE assets and reviewing the financial records at both the state and local level.

AADE serves as the central financial and accounting department for all CB/LNG financial activity. AADE will provide standard accounting and financial services, revenue collections, bill payments, bank reconciliations, monthly financial reports and tax returns.

Expense Reimbursement

When it comes to expense reimbursements, an AADE expense report must be used and can be found on the MY AADE NETWORK. It is highly recommended to complete this form electronically and not by hand, as it will automatically calculate the mileage and the total. AADE requests that expense reports and invoices be submitted within 2 weeks of event or expense. If the expense is for a CB, please list the CB on the form in the upper right-hand corner. If the expense if for an LNG, please list the LNG on the form, but please do not list both.

AADE turns around expense reimbursements in a timely manner, usually in less than the 7 to 10 business days. However, this is all dependent on the form being filled out correctly, having the appropriate CB leader approval and all required documentation, including receipts, W9, etc., included.

Revenues

There are several sources of revenue for the CB and LNGs. Every active CB receives an allocation of AADE member dues of $20 per member. This allocation is designated to each CB at the time a member joins or renews. Other sources of revenue include registration fees, sponsorships, grants and advertising from programs and activities.  AADE highly recommends using MY AADE NETWORK for all programs and activities, as the funds are automatically allocated to the appropriate CB and/or LNG and reduces the risk of revenue being coded incorrectly.

Financial Reports

All financial reports are uploaded to MY AADE NETWORK for CB and LNGs on a monthly basis. All CB leaders have access to the reports and the CB finance leaders should distribute the monthly LNG financial statements to the appropriate contact at the LNG.

The first tab on your monthly financial reports is your statement of activity, which provides a summary of the revenue and expenses along with your fund balance. The report includes the current months actual along with the year-to-date actual. 

The second tab includes the detail for all the transactions. The revenue items will not include any descriptions, but will show the amount recorded for each revenue account by month. The expense items will include a description of each transaction for each account by month.

Taxes

All CBs and LNGs are covered under AADE’s tax ID and will be included in AADE’s annual tax return. The CB/LNGs are not required to complete tax returns. AADE is a 501c6 tax-exempt organization, which means AADE is exempt from paying federal income taxes. It should be noted that 501c6 organizations do not qualify for not-for-profit mailing rates, nor do they qualify for state sales tax exemptions.

Financial Summary Reports

A new report that was provided to all CB leaders in 2017 was the three-year financial summary. These reports were created by staff at the request of the Board to ensure that CB’s were aware of their financial activity and to monitor the balances that were brought over from the former chapter model so those funds are not depleted.

The financial summary report provides a historical view of how your CB is financially over the past three years along with a summary of how the average CB’s expenses are allocated.

CB/LNG Annual Financial Plans

We are also strongly encouraging, albeit has been required since the new model was introduced, that each CB and LNG provide an annual financial plan. These plans are due on September 1 of each year and you will receive several reminders once the date is closer. There is a sample form along with some additional instructions and guidelines on how to put together a budget that can be found on MY AADE NETWORK. These plans are important to AADE, and although each CB and LNG has a separate general ledger account within AADE, they are ultimately part of AADE’s financials and can have an effect on the overall financial wellbeing of AADE.

If you should ever have any financial related questions, please do not hesitate to reach out to the AADE staff.

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