Financial Management
Accounting
A majority, if not all, of your accounting can be done using the “Expense Summary” spreadsheet. It has space for you to track your initial funding, additional donations, how much funding you have awarded to each project, and your administrative expenses. These together can be used to calculate your remaining available funds.
The section on administrative expenses also has a place for you to note whether your board members who have paid these expenses have been reimbursed yet.
In order to be reimbursed, most fiscal sponsors require your original receipts as evidence of purchase. We recommend scanning your receipts into your computer immediately after each purchase to avoid losing receipts and forfeiting reimbursement.
We also recommend always keeping the Expense Summary up-to-date and available for your board members or outside organizations to see upon request, as this shows your program’s financial responsibility. Keeping your administrative expenses at 10% or less of your total yearly budget also helps build your program’s repute.
A majority, if not all, of your accounting can be done using the “Expense Summary” spreadsheet. It has space for you to track your initial funding, additional donations, how much funding you have awarded to each project, and your administrative expenses. These together can be used to calculate your remaining available funds.
The section on administrative expenses also has a place for you to note whether your board members who have paid these expenses have been reimbursed yet.
In order to be reimbursed, most fiscal sponsors require your original receipts as evidence of purchase. We recommend scanning your receipts into your computer immediately after each purchase to avoid losing receipts and forfeiting reimbursement.
We also recommend always keeping the Expense Summary up-to-date and available for your board members or outside organizations to see upon request, as this shows your program’s financial responsibility. Keeping your administrative expenses at 10% or less of your total yearly budget also helps build your program’s repute.
Expense Summary | |
File Size: | 74 kb |
File Type: | xls |