WING FYXXYEAR-END CHECKLIST
□14 September – Cut-off date to submit in WMIRS for all non-emergency mission flying paid with prior year funding.
□30 September – Obtain values on or at 30 Sept for any certificates of deposit, including those held by units. You may have to visit the bank on 1 October or download it from your on-line access on 30 Sept or 1 Oct. Make sure any accrued interest is listed or that there is enough information to calculate the accrued interest (rate, maturity date, etc).
□1 October –Budgets for wing and units must be finalized and loaded into e-Accounting. CAPR 173-1 paragraphs 9a(4) and 9b(8)
□1 October – Financial Management Procedures (FMP) for Wing and Units are not required to be renewed, unless there has been a change in command. However, verify that the existing FMP is accurate.
□1 November – All CAPF 171 (Unit Financial Disclosure) are due to wing. These must be signed by the unit commander. This is also the due date for the units to complete the contributed facilities form which is referenced in the financial disclosure. All units are required to respond.
□15 November – Last date for missions to be submitted (with CC approval) in WMIRS for NHQ payment. Any missions approved by the wing commander 45 days after the end of the mission will only be paid if funding is available at year end (this cannot be determined until December).
□31 December -- TheCAPF 172 (Wing Authorization to be Included in the FY 10 IRS Form 990 and audit)must be signed by the commander and submitted to your WFA. A listing of Units Included must also be attached. Copies of these documents are attached and can be found on the Financial Management website.
□January 15 (following year) -- If the wing has paid any person or business, other than a corporation, for services which totaled over $600 in a calendar year, please provide that information to NHQ via your WFA so that NHQ may issue an IRS Form 1099 to that person or organization. Be sure the payee has completed an IRS Form W-9. Note that the $600 limit runs for the calendar year from January to December. A spreadsheet is attached that will need to be completed for this and submitted to your WFA. Sample services are listed to guide you. (NOTE: Changes in the health care reform law will change the rules for IRS Form 1099 recipients in FY 11 and FY 12)
ADDITIONAL HELPFUL ITEMS
□Watch invoice and bill dates! September member flying invoices should be dated 30 September. Fourth quarter or September consolidated maintenance draftback bills should be dated 30 September. Rebates and contributions from NHQ for September should be dated 30 September. Bill dates should be entered using the date of service. By following these rules, your receivables and payables will accrue in the correct fiscal year.
□Proficiency flying – A list of all proficiency flying for FY 10 that is not paid by 9/30 must be detailed for the audit. At a minimum, this will include September proficiency payments. Enter these as invoices (accounts receivable) in QuickBooks.
□All FY 10 minor maintenance payments from members or units should be received by the 15th of September. Wings that elect to draft these funds from their units have until the 31st of October to do so.
□If the wing or any squadron is using a donated building or any other donated facilities, a value must be placed on the use. If there are donated utilities, tie-downs, telephone, etc., a value must be placed on these also. Please contact your base/post/airport contact person to see if they have established a value for this. Most military bases and airports do. You will need to know the square footage of the facility as soon as possible so that a value may be determined. If this facility is near other rented facilities, like an airport, or office complex, you could ask the property manager what the rental value is for other facilities. Otherwise, you can research rental rates for the area through realtor websites. Your WFA can help you with this valuation. Attached is a form to assist with this.
□For any owned facilities (unit or wing) not listed on your Balance Sheet, obtain original cost values of all buildings the units own so that these can be added to the wing financial statements. Also add this value to CATS/ORMS.
□Create a list of all non-cash donations received by the wing, i.e., vehicles, trailers, equipment, aviation fuel, etc. These non-cash donations must still be reported.
□Make sure all your cash accounts, including investments, are reconciled through 30 September and 31 October. Void or write off any stale checks (older than 6 months) prior to reconciling the 30 September bank statement. Make sure a member of the finance committee other than the person who performed the reconciliation signs the reconciliation. Save all reconciliations and statements to e-Accounting.
□The verification of fixed assets at the wing must be signed by the wing commander and submitted to NHQ. Please notate any assets obtained during the fiscal year which were purchased or valued over $5,000 with acquisition date, amount/value, and a description of the asset which is clear enough to allow anyone to identify the asset. Often the description is “generator” when there are already 5 at the wing. Please identify the asset in a manner that will distinguish one generator from another. Please also notate any disposals, including the date, proceeds, and method of disposal. Copies of any paperwork relating to the acquisition or disposal of any asset over $5,000 must accompany the fixed asset verification form. NHQ will e-mail this report to each wing.
□Perform the Quarterly Internal Financial Review for the last quarter of FY10 by 15 November. Please make sure you are using the new form whichhas been posted on the NHQ website under CAPR 173-1. Bank reconciliations need to be reviewed at least quarterly and signed by a member of the finance committee other than the person who performed the reconciliation. It is recommended that the person performing the Internal Financial Review also review and sign any bank reconciliations. A copy of the Internal Financial Review must be saved to e-Accounting.
□The finance committee should have met at least once per quarter and documented with written, detailed minutes. Save these minutes to e-Accounting.
□Review all payables and receivables weekly. Any receivables over 90 daysold should be investigated as these may no longer be collectible. Any payables over 30 days should be reviewed.
□All personal member reimbursements have to be submitted for payment within 60 days of the expense. If the unit or wing does not have funds to remit payment at the time of submission, that is OK. We still need to make sure it is entered into QB as a payable.
□Ensure there are no deposits in transit. Depositall funds on hand on September 29 before the bank’s close of business time (sometimes noon, or 2:00 pm. Check with your bank) to ensure this does not happen.
□All signatories on the bank signature cards must be members of the finance committee, other than activity accounts which requires at least two finance committee members in addition to the non members. Make sure these signature cards are current. Also verify the EIN on these accounts is 75-6037853.
□Make sure all voided checks are entered in QuickBooks. You can run a “Missing Check” report to verify there are no checks missing in your QuickBooks registers. Under “Reports” choose “Banking” and then “Missing Checks.” You can run this report for each checking account. Research and enter into QB any missing checks.
□If not under consolidated maintenance: All aircraft minor maintenance must be separated from fuel when entering invoices and bills and must be classed to an aircraft tail number. You can run a report that will help you determine whether everything has been classed correctly. Under “Reports” select “Company and Financial” and then “Profit and Loss Unclassified.” You can then click on any amounts that should have obviously been classed to aircraft such as any aircraft minor maintenance income accounts and the aircraft maintenance expense account.
□All activity accounts must be listed in QuickBooks, including encampment accounts, and must be current in their reconciliations. These reconciliations must also be signed by a member of the finance committee and saved to e-Accounting.
□A copy of the state MOU or agreement must be given to the WFA during the audit. This can also be saved to e-Accounting for access to everyone.
□A copy of any leases, including equipment leases, and any contracts must be given to the WFA during the audit.
□Reconcile account 6400000 and its subaccounts against account 9436000, 9467000 and their subaccounts. Be sure that all amounts received by wing from units below are offset by expenditures with regions and wings and all amounts received by units from wing are offset by expenditures with units below. Only receipts from regions or other wings and expenditures with regions or other wings should remain unmatched.
Following this checklist and helpful hints should make your year-end audit visit go much more smoothly. We appreciate all your hard work and dedication to Civil Air Patrol.