Treasurer

Provide Quicken reports to each Board meeting which detail income and expenses encompassing the following time periods:

The constitution of MCDS states that the purpose of the society, among other things, is to “cultivate the science and art of dentistry”, and to “promote among themselves mutual improvement, social intercourse, good will and self protection. To this end a Treasurer is elected each year to assist in recognizing these goals.

The Treasurer position is filled by nominations from MCDS Board of Trustees and must be approved by a vote from the MCDS general membership. The Treasurer position is a 2 year term; it is filled in an alternating fashion, along with the Secretary position every other year.

It is the responsibility of the Treasurer to make sure that the society is fiscally responsible.  This includes paying all monies owed on time, making deposits to the society’s bank accounts, correctly categorizing all financial transactions, making monthly financial statements to be presented to the general membership, making sure the society’s taxes are filed on time, and submitting the appropriate financial records to the budget committee, to ensure the next year’s budget is properly formulated.

The following is a check list to assist the Treasurer in running the day to day operations efficiently and in an orderly manner.

• The summer preceding the start of the Treasurer’s term, the incoming treasurer should meet with the outgoing treasurer.  In this meeting, the incoming treasurer should go to the bank and be given signature privileges for all bank accounts and make sure that all financial documents are being sent to the incoming treasurer’s address.  Also the outgoing treasurer should transfer all financial documents that are present on Quicken to the new treasurer’s computer with the appropriate backup devices.  The outgoing treasurer should at that time give the incoming treasurer an orientation on how to operate Quicken and properly categorize all transactions.  Also the outgoing treasurer can briefly explain to the incoming treasurer what their responsibilities will be for the coming term.  Lastly the incoming treasurer should receive the checkbook and related financial documents from the outgoing treasurer.
• Each month, upon receipt of the bank statements, all bank accounts should be reconciled.  After this reconciliation is complete, a financial statement should be made indicating all bank accounts with their month’s end balance and a categorized summary of deposits and expenses.  This financial statement is made from reports done by Quicken and should be shown to the treasurer in their orientation meeting with the outgoing treasurer in the summer.  Please note that during the summer; since the society does not meet, one financial statement is made for the months of May through August and it is presented to the membership in September.  Also since the society does not meet in December, one financial statement is done combining the months of November and December and it is presented in January.
• Give a brief report of the society’s current financial situation at each board meeting, which occurs the 2nd Tuesday of each month.
• Upon receipt of all bills and expenses from the executive secretary or any society member that has incurred society expenses, payments should be made promptly and be categorized appropriately on Quicken.  Also all checks written should be written with knowledge of the proper funds being available in the society’s checking account.  If not, proper transfers should be made in advance of writing these checks.
• All deposits should be made into the bank in a reasonable amount of time and categorized appropriately in Quicken as well.
• A yearly financial statement is submitted to the Budget Committee in October so that a budget can be made for the coming year.
• Once all tax documents are received for the preceding year, they are forwarded to the society’s accountant for completion of our tax forms.  Please make sure the accountant receives all of our tax documents by the last week in February, so he has the proper time to prepare our taxes.  Taxes must be filed by May 15th, since we are a non-profit corporation.  Along with the tax documents; the accountant requires a list of the names of the preceding year’s officers and a financial statement for the whole year, this is done on Quicken.  The accountant’s name is John Sessa, CPA.  He is located at 142 Washington Street, Bloomfield, NJ 07003.  His telephone number is 973-748-5710.
• As always the society has many members with years of knowledge and experience, including many past treasurers.  If you are having trouble with a task that is required, just ask one of the many members of the society and they can help you with whatever difficulty you may be having.

After each CE course that results in funds being deposited into our Paypay account, the money should be transfered to our checking account, so that those funds can be accounted for as being attributed to that course.

To issue a refund in PayPal

Log onto our Paypal account.
Click on the All Activity link.
Select the date range of the transaction.
Click on the details link on the transaction line.
At the bottom of the page, there is a issue a refund link. Click on this.
Confirm the refund amount (it may be a partial refund if they registered multiple people in the transaction and they are asking for a refund for only one of them).
Submit the refund.