All AADE volunteer leaders have a fiduciary responsibility in safeguarding AADE assets and reviewing the financial records at both the state and local level, while the AADE national office 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 reconciliation, monthly financial reports, and tax returns.
When it comes to expense reimbursements, an AADE expense report must be used and can be found on MY AADE NETWORK. It is highly recommended you complete this form electronically and not by hand, as it will automatically calculate the mileage along with the total for you. AADE requests that expense reports and invoices be submitted within 2 weeks of the event or the expense occurrence. If the expense is for a CB, please list the name of the CB on the form in the upper right corner. If the expense is for an LNG, please list the name of the LNG on the form; however, please do not list both. AADE turns around expense reimbursements in a timely manner, usually in less than the 7-10 business days. This is all dependent on the form being filled out correctly, having the appropriate CB leader approval, and all required documentation, including receipts, W9s, etc.
There are several sources of revenue for the CB and LNGs. Every CB will receive an allocation of AADE member dues of $20 per member and this allocation is made 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 allocated to the appropriate CB and/or LNG automatically. This also reduces the risk of revenue being coded incorrectly.
All financial reports are uploaded to MY AADE NETWORK for CB and LNGs no later than the 22nd day of the following month. 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 month’s 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.
All CBs and LNGs are covered under AADE’s tax ID and will be included in AADE’s annual tax return. CBs and 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.
If you should ever have any financial related questions, please do not hesitate to reach out to the AADE staff.