Updated
As we begin a new financial year it is important that we all understand the financial practices that surround the income and expenses of the 4-H program. This information is vital for anyone who handles finances at the county level in our program.
New chart of accounts
Starting in October, the county budget will be utilizing a new chart of accounts to track and code our finances into Quickbooks. Our new account codes will be consistent with Minnesota 4-H statewide and provide an easier transition for submitting year-end financials to the IRA. Local 4-H clubs do not need to make any changes or use these account codes in their club finances.
When submitting income or expenses to the county office, please first select the chart of account code and then designate if necessary the class listing you want it assigned to. If you do not know the account code, simply leave it blank, give a description and we will complete it at the office.
Example 1: Membership fees for a local 4-H event - Designate under "Program Revenue - Registration Fees" and then select the corresponding class (Shootings Sports, STEM)
Example 2: Cheese fundraiser revenue - Designate under "Fundraising Income" and then the corresponding class (Fundraisers - Cheese Sales)
Income
Whether income is received at the office or at the site of a 4-H activity, funds received should be handled as outlined below.
If an individual pays by check, follow these steps:
- Have checks made payable to the 4-H club/federation/council raising the funds.
- Complete a receipt if requested.
- Endorse checks immediately with the words "for deposit only" and the name of the 4-H federation/council (or club).
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Complete an income transaction form, request from the office
If an individual pays by cash, follow these steps:
- Count cash received in the presence of the individual paying by cash.
- Complete a receipt.
- Give the original receipt to the individual who gave you the cash.
- Leave a copy of the receipt in the receipt book.
- Complete the income transaction form and attach the third receipt (or a copy of the receipt if using only a duplicate receipt book) to the form.
Expenses
Federation/councils - Payments and bills must be deducted from the checking account using any of the following methods of payment if possible.
- A federation/council check.
- Arrange with the business to bill the federation/council and pay from the invoice.
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When submitting expenses to be reimbursed please attach an Expense transaction form and indicate the corresponding account and class listing for the purchase to be applied towards. The Expense transaction form can be obtained by contacting the office.
Thank you for your attention to these important matters in our program. If you have any questions, feel free to contact Jeremy Freeman, 4-H Program Coordinator by email or phone 651-277-0150