Morning Judith,

 

You'll have to go into your bivio roster and change the new treasurer's access to "administrator" so they have access to everything on the websites.  Then you'll need to add them to the bank and/or broker accounts from instructions you receive from them. 

 

Next, you should create a job description for them, and walk her through the new month together.  Don't forget about the "Getting Started" manual on bivio's homepage.  It was very helpful to me. 

 

Finally, here's an excerpt from my club's documents.  I hope you find it useful.

 

Lynn Ostrem

Crow River Investment Club

 

 

TREASURER: The Treasurer's duty is to keep accurate records of the Club's transactions. This includes receipts and disbursements and partners' interests in the Club, deposits, accounts payable activities and the purchase and sale of securities. The Treasurer will prepare the Club's monthly valuation statements, track individual partners' capital accounts, and see that the needed tax information is compiled and filed with the government. The Treasurer is also responsible for storing the bank & broker statements and withdrawal reports for the current year. Previous years' documents, including tax returns are stored at Lynn's home.

 

Club Deposits:

1. First and foremost, always write the member names and amounts in the check register for each deposit.  The bank does not return our checks or slips. 

 

2. Deposit the dues within 24 hours, or enlist another member to make a timely deposit.

 

 

Before Each Meeting:

1. Balance the checkbook with the bank statement.

Also, staple deposit slips and expense receipts to the back of the bank statement.

When finished, punch holes in the statement and place it in the Treasurer's Book.

 

2. Enter all checkbook entries into the Bivio accounting system.
1. Dues are "payments" entered under Accounting|Members.
2. Misc. expenses are entered under Accounting|Accounts|Highland.
3. A transfer of funds is entered under Accounting|Accounts|Highland or Firstrade.
4. New Member fees are entered under Accounting|Members.
5. Verify that the bank account balance on Bivio matches the checkbook & bank statement.

 

3. Go to the broker website at www.firstrade.com, enter user ID/password.
1. Click on Holdings in the top ribbon.
2. Click on E-Documents; print and review the current statement.
3. Transfers should have already been handled with the checkbook transfer entries in Bivio.
4. Enter any purchases or sales under the Accounting|Investment section of Bivio.
5. Enter any dividends under the Accounting|Investment section of Bivio.
6. On Firstrade, click on Balances in the top ribbon.
7. Verify that the broker's cash balance and the Bivio broker account match.
8. Print the monthly broker report (E-Document) and place in Treasurer's book.

 

4. Using the ending balance from last month's minutes, add the transactions and calculate a new ending balance for both the checking and broker accounts.  Send this in an email message to the secretary to ensure he/she has correct numbers, in advance of the meeting.

 

5. Inspect the Valuation Statement and Member Status Reports on Bivio.  Do they look OK?  If so, print enough for members and guests.  Print the Valuation Statement on one side and the Member Status Report on the other. 

 

After Each Meeting:

1.      Deposit members dues at Highland Bank (or enlist someone else to do it);

2.      Update Bivio accounting with monthly dues receipts;

3.      Transfer funds to/from broker account, as necessary;

4.      Purchase/sell stocks, per club's instructions;

5.      Update Bivio with any stock holding changes, from buy/sell to dividends received;

6.      Write checks for any club authorized expenses;

7.      Keep checkbook up-to-date with deposits/withdrawals.

 

Withdrawals:

A withdrawal can be performed as soon as the closing prices are in for the departing member's valuation date--provided there is enough money in the account to perform the transaction.  The withdrawal must be completed and paid 15 days after the departing member's valuation date.

 

In order to do an all-cash withdrawal, go to Accounting|Members an click on withdrawal.  Follow the directions.

 

If the member is taking stocks and cash, follow the above procedure.  However, understand that the value of the stock and remaining cash will be based on the valuation date.  So, you need to complete the stock transfer first.  Firstrade has a form that must be completed by the treasurer or other officer, and notarized.  Then it has to be snail-mailed.  It takes 4-6 days to get the stock transferred, provided the departing member has an account there.  If not, contact Firstrade for other forms--prior to the valuation date.  A check for the balance can be cut and mailed, along with the Withdrawal Statement after the valuation date.

 

If you have to delete a withdrawal at Bivio, go to the bottom of the Accounting|Members page and make sure the "show Withdrawn Members" box is checked. Select the "transactions" link next to the withdrawn member and delete the withdrawal by selecting the check box in the Delete column.  Then press Delete at the bottom of the page.

 

Year-End Audit:

Every year, we ask for 2 volunteers to help audit the books with the treasurer.  All broker and bank transactions through December 31st must be posted before the audit can take place.  Before the meeting, the treasurer runs the following reports:

 

Itemized bank report

Itemized broker report

Valuation statement

Year-end Reports (as listed on the Bivio reports page)

A downloaded copy of the State of MN partnership return

Verification of the IRS mailing address

 

The treasurer will bring all original monthly bank and broker statement, and the checkbook register.

We will need the social security numbers for all members during the year. Most are in the previous year's tax file. We will also need 5-1/2 x 8 envelopes for the IRS and State returns.

 

At the meeting, one member performs a line-by-line, check-off audit between the bank statements and the bank register, then the itemized bank report on Bivio.  Another member performs the same audit between the Bivio broker report and broker's original statements.  That includes buys, sales, dividends and service fees. Another member audits the members' payments to make sure they were all properly recorded on Bivio. 

 

When finished, we make any corrections and each member initials off on all 3 reports.  Then we run the computerized IRS tax return and all the attachments from Bivio.  We will need 3 copies:  One for the IRS, the State and our records.  We will need an extra copy of the K-1 for each member.  These are now in PDF format and can be emailed at the end of the audit meeting.

 

The State return must be completed by hand.  The header information is all that we need to retrieve.  We typically use the previous year's return to guide us.  Any partnership earning less than $25,000 can simply "zero out" all the lines.  That's what we've been doing.  A copy of all IRS documents must be attached and mailed to the state with the state's return.

 

Succession:

Broker: Immediately upon the resignation (or removal) of the treasurer, the co-signer must change the password and suspend the account. A letter of instruction must be mailed, along with new forms for the new treasurer.  Contact Firstrade for the current documents to be faxed.  The suspension will be lifted after the succession process is complete.  This is a matter of days.

 

Bank: The successor and co-signer must go to the bank and complete a new application, signature cards and resolution.  They can go together or separately.

 

The former treasurer will turn over all current year statements and reports, and be available to assist the new Treasurer for the first 3 months.