Financial Fast Facts
Fax Number for Chapter Financial Coordinator
- The correct number to use when faxing to the Chapter Financial Coordinator is (949) 448-5535.
- This is a dedicated, secure fax in the Chapter Financial Coordinator’s office.
- Please be sure to check your records to ensure you have this current fax number
- Questions regarding your financial reports should be directed to the Chapter Financial Coordinator at (800) 394-5995, x 367, or by email to ChapterFinancials@aacn.org.
AACN’s Tax ID Number
All chapters fall under AACN’s Federal Tax ID Number: 95-2706905.
1099 Reporting (Non-Employee Compensation Form) & W9 Forms
- Why do chapter’s need to complete a Non-Employee Compensation Form at the end of every calendar year?
- AACN is required by law to complete 1099-M Forms for any nonemployee that received money for any type of service rendered during a calendar year (Jan-Dec).
- Tips for obtaining information required to complete the Non-Employee Compensation & W9 Forms:
- Have anyone being paid for a service complete a W9 form before your chapter pays them.
- This ensures that you have obtained the proper information from the individual to complete the Non-Employee Compensation Form at year-end.
- Please make sure that only people being paid for a service are being added to the Non-Employee Compensation Form. Any money being paid to an individual as “reimbursement” for expenses accrued should not be placed on your Non-Employee Compensation Form.
- Inform individuals that you need their information entered exactly the way the IRS has them on file. (i.e., if the individual is married, but still files with their maiden name to the IRS, that is how they need to enter the information on the W9 Form).
Recording Donations, Grants, Scholarships, etc.
- AACN needs detailed information on all donations, grants and scholarships that a chapter receives/disperses.
- National AACN uses this information on its annual tax return.
- Please make sure to obtain the following information when receiving or distributing any donations, grants, or scholarships:
- Complete name of the individual and/or organization that is receiving/giving any donation, scholarship, or grant.
- The total amount of the donation, grant, or scholarship.
- The date that the donation, scholarship, or grant was received or dispersed.
- Please enter all the required information on the Cash Receipt or Disbursement Record.
- If there is no room you can use an additional page to record the information.
Completion of a Quarterly Financial Report
- AACN is on a fiscal year running July 1 – June 30.
- Chapters are responsible for submitting Quarterly Financial Reports to National AACN 4 times a year.
- The following is the Quarterly Financial Report schedule:
- Quarter 1 (July-Sept) - Due 11/15
- Quarter 2 (Oct-Dec) - Due 2/15
- Quarter 3 (Jan-Mar) - Due 5/15
- Quarter 4 (Apr-June) - Due 8/15
- A Quarterly Financial Report consists of the following:
- Bank Statements from all accounts that the chapter currently has open for the three months of the quarter being submitted.
- Cash Receipt Record – A record of all money received by a chapter for a given quarter.
- Please make a point to “code” all deposits on the Cash Receipt Record as accurately as you can.
- Please refer to the Chapter Chart of Accounts, located within the Cash Receipts Record or in the Document / Resource Library, for both account numbers and descriptions of what each account should be used for.
- Cash Disbursement Record – A record of all money spent by the chapter for a given quarter.
- Just like the Cash Receipts Record, please make sure to accurately “code” all payments with proper account codes.
- These account codes and descriptions are also found on the Chapter Chart of Accounts.
- Bank Reconciliation Form – An online form used to reconcile any outstanding checks or deposits against your bank statements.
- This form is located on the “Forms” page, in the Chapters area of the website.
- Tips for completing Quarterly Financial Reports:
- Use the online forms!
- If the only account activity that takes place in a given quarter is the accrual of interest or a bank service charge debit, there is no need for you to submit the Cash Receipts/Disbursement Records.
- The only requirement is to submit the Bank Reconciliation Form and the bank statements for the months of the given quarter.
- Don’t wait until the last minute to complete the report.
- It is much easier to reconcile your accounts monthly and keep them in a file to submit at the end of the quarter, instead of waiting until the end of a quarter to complete your report.
- For reference, review the Quarterly Finanncial Report webinar and the written instructions.
- A list of the financial reporting requirements with due dates and links to the reporting forms is located online in the chapter’s Good Standing grid on the Chapter Officers Home Page at www.aacn.org/chapters (sign in to view your Good Standing grid).
Recording Assets for Depreciation
Whenever a chapter makes any type of depreciable purchase (i.e., laptop computer, printer, projector, etc.) that is equal to or greater than $1000, it needs to be documented, so National can depreciate the item annually. You can use the cash disbursement record to add the additional information.