Post Trustees Report of Audit
Information Sheet
This Information Sheet will hopefully help all Post Quartermasters and Trustees to complete the POST TRUSTEES’ REPORT OF AUDIT. At the same time, we hope to answer some questions concerning the By-Laws and Procedures.
First of all, for the sake of presenting a COMPLETE PICTURE of where your Post is at a certain point in time, it is IMPORTANT that you complete ALL areas of the Audit to the best of your ability! (See sample in Post Quartermasters Operations Manual.)
FUND BALANCES DURING QUARTER:
National and Department Dues - During the accounting period, all Dues received from members (this will be $18.00 as of January 1, 2007) MUST be recorded in the Receipts column. Under the Expenditures column, you MUST record Per Capita paid to National/Department for ALL paying members. At the end of the Membership year (June 30th) this Fund should be zero.
Admissions Fees - For every New member that your Post signs up, you should record $1.00 under receipts and when that member is transmitted, $1.00 should be expended. Again, this Fund should zero at the end of the year (June 30th). If your Post pays the $1.00 Admission fee… do not show any activity in this Fund.
Post General Fund - This Fund is used to record ALL transactions that are NOT pre-designated. Again, all income under Receipts and all expense under Expenditures.
Post Relief Fund - According to National By-Laws, Section 218 & 704, each Post SHALL maintain a Post Relief Fund. Generally, the capital generated for this Fund comes from the sale of VFW Buddy Poppies. Some Posts allow their Auxiliary to operate or carryout the Poppy Sale and keep the Net Receipts for their Relief Fund. Some Posts help needy Veterans and families from their Charitable Gaming. In these cases, the Post Quartermaster should transfer monies from the General Fund to the Relief Fund to satisfy the By-Laws. Of SPECIAL NOTE: A Post can help needy Veterans and their families, donate to the National Home, donate to Patriotic Youth Programs like the Voice of Democracy and pay the Dues of needy Veterans from the Relief Fund. (If you have any questions on how the Relief Fund can be used, please contact Department Headquarters.)
Post Dues Reserve Fund - According to National By-Laws, each Post Quartermaster is REQUIRED to maintain a Post Dues Reserve Fund. To this Fund, the Quartermaster MUST record AT LEAST one-half of the Post’s share of a member’s dues. (i.e. - Post Dues Reserve and balance usually goes to the General Fund.) This Fund should be divisible by the number of regular PAYING members and at least one-half of the Life Member Per Capita received from National Headquarters. (i.e. - 10 paying members times $1.25 = $12.50 and 10 Life Member Per Capita at $2.75 your Dues Reserve should be $40.) After the close of your Membership year books (June 30th) the balance in the Dues Reserve Fund is transferred to the General Fund or another designated Fund. According to the By-Laws, this is done after July - and during the September Quarterly accounting period.
Post Home or Building Fund - This Fund can be used for your Post Building Fund and could be part of your checking account and/or savings account.
Post Canteen or Club Fund - If your Post has a Clubroom, you MUST record the cash flow through that account. In most cases, the Club Fund is a separate checking account.
Other - Any other accounts and/or funds that your Post might create for accountable purposes, can be recorded on these blank lines. This would include Gambling cash flow and Gambling savings accounts.
IT IS IMPORTANT that you record ALL Funds and monies that your Post, Club, Gambling, etc. has under their control. Any Subordinate Unit that functions under or through your Post MUST be Accountable to the Quartermaster. At minimum, the Quartermaster should receive a monthly report from the Gambling Manager (these reports should be part of his records) and All these Funds WILL be audited by the Post Trustees.
RECONCILIATION OF FUND BALANCES:
In this area of the Audit, you MUST record ALL checking and savings account balances, Cash on Hand and Investments. This area of the Audit is a reflection of your Bank Balances and the Total of the Reconciliation MUST equal the Total of the Net Cash Balances at the End of the Quarter.
CLUB OR CANTEEN OPERATION:
If your Post has a Club Operation, ALL questions in this area MUST be answered!
TRUSTEES’ AND COMMANDER’S CERTIFICATE OF AUDIT:
ALL blanks MUST be filled and/or answered. At least TWO Trustees and the Commander MUST sign the Audit where indicated. Current Bonding Information MUST be reported.
PROPERTY OWNED AND SUMMARY OF POST MEMBERSHIP:
These areas should be completed to the best of your knowledge and reflect that point in time. As with all the above items, this information will give your membership an idea where your Post stands at the end of that particular accounting period, both financially and membership wise.
Please keep this INFORMATION SHEET with your VFW Uniform
Bookkeeping System and/or Quarterly Audits. Use it to help new Trustees
and/or Quartermasters to learn how to complete the Trustees’ Report of
Audit.
POST TRUSTEES CHECKLIST
Post Trustees, should look for and have on hand the following items when conducting an Audit of the Post, Club, Gambling or Subordinate Unit books:
DON’T HESITATE to ask the Post Officers for that material!
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