Job Responsibilities
Treasurer
The Treasurer is bonded yearly and requires a 3 year commitment (1 year as treasurerelect, 2 years as treasurer). It is expected that the outgoing treasurer will be available for
consultation as the new treasurer takes over the responsibilities.
Responsibilities include:
Tracking expenses, checking bills for accuracy, and paying bills in a timely manner
Receiving payments, crediting the appropriate budget categories, and depositing checks
Reconciling bank statements monthly
Managing money with approval of the Board
Generating balance statements and current income/expense records for Board Meetings
Within 2 months of the end of the fiscal year, writing an annual financial report and
submitting to the Board and to the webmaster for inclusion on the website.
Attending OTAC Board meetings as scheduled
Assisting the OTAC Board in making decisions by researching and reporting on the
financial ramifications of proposed activities
Making sure annual reports to the IRS and Secretary of State are filed in a timely manner
Filing quarterly reports for the raffle license (if applicable)
Making sure appropriate sales tax reports are filed in a timely manner
Completing other financial-related reports and duties as needed
Submitting an article for each issue of the newsletter
Familiarity with Quicken (or willingness to learn) is essential for this position.
Updated October, 2005
Treasurer’s Calendar
January
1st - Pay Betsy Clark Murray 1st installment of contract and miscellaneous fees
31st - Submit Quarterly raffle report to Secretary of State
Write check from OTAC checking and deposit into money market to avoid dormant fee
Get Sales Tax license for Northglenn if conference will be held there this year
Send check to Aubrey Lande for OTAC phone line
Pay P.O. Box fee when we receive the bill from Mary Darlington
Submit article to newsletter about OTAC’s income and expenses for previous year
February
Send info to accountant to have taxes prepared (after receiving January interest
statements from Banks)
Submit annual report to Board
March
31st -Report of a Corporation of Limited Liability Company due to Secretary of State
Send check to Aubrey Lande for OTAC phone line
April
1st- Pay 2nd installment to Betsy Clark Murray
30th - Submit quarterly raffle report to Secretary of State (if new raffle license is
purchased before March 31)
May
Send check to Aubrey Lande for OTAC phone line
June
1st – Pay 3rd installment to Betsy Clark Murray
July
31st - Submit quarterly raffle report to Secretary of State
Send check to Aubrey Lande for OTAC phone line
August
Payment due for Fidelity Bond
September
Send check to Aubrey Lande for OTAC phone line
October
31st - Submit quarterly raffle report to Secretary of State
At conference, take receipt book (for merchandise sales) and sales tax license to display.
November
1st – Pay final installment to Betsy Clark Murray. Should receive new contract from her
for next year
20th – Submit Tax Return and payment to City of Northglenn for items sold at State
Conference (if conference is in October, and is in Northglenn)
Submit proposed budget to the Board for review
Send check to Aubrey Lande for OTAC phone line
Check and revise Treasurer’s job description on website
Change signatures on bank accounts, have new President/Treasurer fill out forms for
Fidelity Bond if needed.
December
Miscellaneous –
Submit an article to the newsletter each issue (in January, I usually do one about OTAC’s
income and expenditures).
Let Mary Darlington know when there are changes in personnel (e-mail her a copy of the
Board List so she’ll have e-mail addresses) and when the changes become effective, so
she can direct mail to the correct people.
Also let Mary know if you are expecting a change in mail volume – ex., when conference
brochures go out, or when the membership drive begins. She also has been great about
checking the PO Box extra times if I’m expecting something important (like tax returns).
Deadlines and Information for
The OTAC Treasurer
Employer ID #84-0723925
1. Income Taxes
Contact Mary Bennett (e-mail mary@hpfsinc.com)
Rocky Mountain Tax/High Plains Financial Services, Inc.
320 East 128th Ave.
Thornton, CO 80241.
303-450-7605
Fax 303-453-0282
Send the information in to Mary ASAP in February. Be sure to wait until you
have received all the bank statements that would reflect any interest received
during the fiscal year before you print and send the reports to Mary.
Provide her with a list of the OTAC officers for that year and an Itemized
Categories Report that shows all income and spending for the year. Also send her
any 1099NT forms (year-end interest income forms) we have received from the
banks. It usually costs approx. $100.00 to prepare OTAC’s taxes.
We also need to let her know if we paid any individual more than $599.00 during
the year. This would include Betsy Clark Murray, our lobbyist, and Mary
Darlington, our office person. Mary needs to file a 1099-Misc for each of them,
at a cost of $15.00 each.
Keep the receipts and tax info for at least 7 years – returns indefinitely (I think)
2. Report of a Corporation of Limited Liability Company
Has to be filed with the Secretary of State annually (used to be bi-annually).
Colorado Dept. of State
1560 Broadway, Suite 200
Denver, CO 80202
303-894-2200
www.sos.state.co.us
Due by March 31. In February, 2003, we put $50.00 into an account with the
SOS so we can file the paperwork on-line and pay for it using the amount in the
account. The cost for filing electronically was $.99 when I filed in January, 2005.
You should receive a notice when the report is due, but if you haven’t by the end
of January, I would just go on-line and do the report. The Filing ID# is
19871338980. The Account # is 48002112003. The Prepaid Account Customer
Reference Data is OTCOLORADO (this is case sensitive). Change the officers
and addresses.
Last paid 1/15/05 ($29.01 remaining in pre-paid account).
3. Raffle – if we have a raffle license (which has to be renewed at the beginning of
the calendar year – the OTAC secretary has been taking care of this), we have to
file quarterly reports for the rest of the calendar year whether we have activity
during that quarter or not. Funds from the raffle have to go into its own account,
and proceeds cannot be used for political purposes (so we can’t pay our lobbyist
out of these funds). Funds are supposed to be used within a year.
Due Dates for quarterly reports: April 30 (covers the period from Jan 1 –
March 31); July 31 (covers April 1 – June 30); October 31 (covers July 1 – Sept
30); January 31 (covers Oct 1 – Dec 31).
Office of the Secretary of State
1560 Broadway, Suite 200
Denver, CO 80202
You can call Norman Adams at the SOS at 303-860-6932 if you have questions
on how to fill out the quarterly reports.
4. Fidelity Bond – To insure OTAC in case of crime (embezzlement). We have
anyone who can sign on the bank accounts (currently the Treasurer and President)
covered.
Bill Pardy, agent
State Farm Fire and Casualty Co.
5231 S. Santa Fe Dr., Suite 208
Littleton, CO 80120
303-798-4770
Effective 8/15/2002, to be renewed annually. Premium is $90.00. When there is
a change in officers, new paperwork will need to be completed and the outgoing
officers need to be removed.
5. Legislative Services – Betsy Clark Murray is our lobbyist, and she negotiates a
new contract with us at the beginning of the calendar year. She is paid 4 times per
year, and usually gives us envelopes and statements at the beginning of the year.
Pay January, April, June and November.
Betsy Clark Murray
689 S. Gilpin St.
Denver, CO 80209
303-478-1207
SSN 514-56-5968
In January, we also pay a room and parking fee for the year (it has been $400.00
for the time I’ve been writing checks). This should be written as a separate check,
and shouldn’t be counted as part of her income when we report payments to the
accountant at the end of the year.
6. Checking Accounts - I print out a Budget Report for each Board Meeting and add
on what the current Accounts Balance is for each account. I copy these and give
them to all those present at the meeting. I also print out one Itemized Categories
Report in case someone has a specific question about how expenses were paid out
(the report lists each check and who it was written to).
Mountain States Bank charges a $5.00 monthly fee if an account is dormant for
12 months. To avoid this, you can write a check from the OTAC checking
account to deposit into this account once during the year. Phone transfers do
not count as a transaction in this case. I did this 1/31/05.
Mountain States Bank
(1635 E. Colfax, @ Gilpin)
Accounts:
P.O. Box 18248
Checking (primary) #147264
Denver, CO 80218-9978
Checking (raffle) #1255157
303-388-3641
Money Market # 8009060
Phone transfer password is ADLS
Wells Fargo Bank
P.O. Box 5247
Denver, CO 80274
800-225-5935
Account:
Money Market #10 0300937
In February, 2005, we started receiving letters asking whether we were
aware we had this account since it had been so long without activity, and saying
that the funds in the account would be sent to Colorado’s unclaimed property unit
if we didn’t let them know we still wanted the account. I sent a letter, made a
phone call, and transferred some money into this account in February 2005 to
make sure we didn’t lose it.
When it’s time to change payees on the accounts, you should check with the bank
to see if the new payees come in person – it changes from one time to the next.
Last time, they said if we sent in copies of the Driver’s licenses and social
security numbers on the forms they gave us, we didn’t need to go in person. To
delete a signer, you should send a letter to the bank detailing all the changes to be
made. They may then send a signature card that has to be signed by all the
current signers. There’s no limit on the number of people who can be signers on
the account, so you may just want to delete the old signers when you’re signing
up new signers.
7. Web Site – Payment due in August of each year. Brett has set it up so his credit
card will be billed. He will let us know what the charge is so we can reimburse
him.
8. Sales Tax License – I attended a class offered by the Colorado Department of
Revenue (www.revenue.state.co.us) on July 24, 2003, and was told that if we sold
less than $25,000.00 worth of goods and sold on fewer than 12 days per year, we
did not need to get a State sales tax license or pay state sales tax. Individual cities
may have require us to pay taxes, though. There is no tax collected on website
sales. The site to download tax forms and info for Northglenn is
www.northglenn.org.
9. OTAC website – We can get to the Board Only portion using a username and
password. DO NOT GIVE THESE OUT TO ANYONE NOT ON THE BOARD.
As of November, 2003, the current username is otacboard. The current password
is otacotac.
10. Mary Darlington takes care of collecting our mail from the PO Box and
distributing it to the proper people. She bills by the hour. She may need a 1099Misc if we pay her more than $599.00 for her bookkeeping time (don’t count
postage or copy charges). Mary’s info for the 1099 is:
Mary E. Darlington
Darlington Business Services
3971 Montclair Lane
Boulder, CO 80301
SS# 026-50-0692
Mary will also send us a bill or request for payment in January to pay for
½ the P.O. Box, which we share with Belle Curve Records (which Aubrey
Lande is associated with).
Let Mary know when there are changes in personnel (e-mail her a copy of the
Board List so she’ll have e-mail addresses) and when the changes become
effective, so she can direct mail to the correct people.
Also let Mary know if you are expecting a change in mail volume – ex., when
conference brochures go out, or when the membership drive begins. She also has
been great about checking the PO Box extra times if I’m expecting something
important (like tax returns).
11. Aubrey Lande, a former OTAC V-P, maintains a phone line for OTAC. In
return, OTAC reimburses her $30.00 a month for the cost of the phone line. I
usually send her a check for $60.00 every 2 months, just to cut down on some of
the work for both of us. Send the check to Aubrey at Therapeutic Services, 2841
10th Street, Boulder, 80304.
12. Info you may find helpful – OTAC was incorporated January, 1978. We are
classified as a 501 (c ) (6) – a non-profit, but not charitable organization. So, we
don’t have to pay income tax, but we don’t qualify for a sales tax exclusion.
13. In November of each year, check the job description for Treasurer on the website.
If there are any updates, send them to Brett Berg (the webmaster) as well as to the
President and nominations chair so they can update their records.
14. When we have a change in President (or whoever is going to be an alternate
signer on the accounts) and/or Treasurer, make sure to go to the banks (you have
to go in person) and fill out the forms to be added as a signer a month or so before
the person takes office (especially for the Treasurer). Also contact Bill Pardy at
State Farm (303-798-4770) to add the President and/or Treasurer to the Fidelity
Bond.
Updated 8/05