Financial Officer

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What the constitution says

From the SLSA Constitution we have:
1.5.1. Financial Officer – appointed, director only. Is responsible to oversee all aspects of financial areas. Duties include: making payments, collecting receipts, and keeping an accurate record of all transactions and the current balance of SLSA funds. A financial Officer must keep other directors apprised of financial payments. Only the Financial officer may make payments on behalf of the SLSA.

How to do those things

So the SLSA Constitution pretty much sums up what has to be done .. this wiki page describes one way to do it. (Don't be afraid to innovate if you know a better way)
But first a word about where the money goes.

The SLSA 'Bank Account' Avatars

SLSA Group funds are kept by two Avatars that are not owned by a single person. Each Director and the Directors only have access to those avatars, and their passwords are changed after each Director Election. The two Avatars are

When you are a new director you will be given the password for these two avatars. Do NOT share that password with anyone else (other than another current director)!
When you are logged in as either Surf Rang or Salsa Waverider, be sure to have IM and nearby chat logging switched on. (To record financial transaction messages).

Surf Rang (the little bulldog avatar) is the avatar that keeps Linden Dollars (L$) that the SLSA uses for funding surfing competitions and season awards. Funds for the SLSA come from a number of sources, primarily Season Sponsors, but also from Donation bins, and other fund raising activities. Payments from this account go to:

  • competition event staff
  • competition prize winners
  • season prize winners
  • internet web hosting
  • SL group liabilities (small)
  • special equipment purchases (like the postmaster system)

Salsa Waverider (the little tabby cat avatar) is the avatar that keeps L$ that the SLSA uses for funding the SLSA's home SIM tier rental fees. Funds for the SLSA SIM come from hut rental on the sim, donations and fund raising events. Payments from this account go to:

  • monthly SIM tier
  • SL Group liabilities (small) (basically cost for having the SIM appear in search)

Task Guide

How Much to Pay

The schedule of payments for competition staff fees and prizes is given in the table that is display at the following link.

End of Season Prizes are based on the balance remaining of course, but a standard over the last 3 seasons has been .. L$

Making Payments

Payments to Avatars

Using the schedule of fees above, make event staff fee and surfer prize payments using the Surf Rang avatar account. In each case:

  • IM the person you are paying, inform them what they are receiving money for, how much and thank (for staff) or congratulate (for prizes).
  • Double check the amount you are about to pay, and always write a description of what the payment is for in the payment box. (this will appear int he transaction list and will make the financial report easier to work out later

PayAvatarNote.png

SLSA SIM Tier payment

The SIM Officer is responsible for managing the SLSA SIM and for organising fund raisers, and other revenue streams.
Like all payments however it is the Financial Officer that pays the SIM tier and records that payment.
The Financial Officer should use the Salsa Waverider avatar account, to pay SIM tier.
The SLSA currently rents a Homestead SIM from Solace Estates, that is called 'Solace Dreams'.
The tier for Solace Dreams is 24,999 L$ per month, however the tier is paid on a 4-weekly basis. The 4 weekly amount is 24,999*12*4/52 = 23,076 L$ per 4 weeks.
The Rent Box to be paid to is currently in the North East corner of Solace Dreams on the sea-bed.
Click the Box and pay the 23,076 L$ option.
Salsapaystier.png


Inform the SIM Officer that the tier has been paid and when the next tier will be due and how much money is remaining in the Salsa Waverider account.

SL Group Liabilities

You do not manual have to make any of these payments, just note that typically 3 to 4 L$ are deducted from each account per week, to pay for SLSA Group search listings.

Internet Web Hosting

The SLSA currently pays $US 119 (~30,000 L$) per year for Internet Web Hosting with dreamhost.com
Because ISPs by law require Personal Identification from an individual (not an organisation) in order to provide that service, currently Sally LaSalle makes the payment to the ISP (Dreamhost) from her private RL credit card. A receipt of this transaction is provided to the Financial Officer who reimburses the cost. Please see the page on SLSA Web Hosting for more details of how this is managed.

Providing Receipts

Receipts are provided to SLSA Season Sponsors .. receipts include ... ... expand this

Keeping Transaction Records

Log in to the Secondlife.com Web Site with the Surf Rang Username and Password, go to Accounts, Transaction history ... ... expand this

Producing Monthly Reports

Use the Transaction Records and then classify each transaction and create subtotals for the month for each income and expense category

Here is a short Video that shows one way to go about creating the information needed for the Income Statement Video: Making an Income report from a transaction file

Due Diligence

For the purpose of accountability and transparency, it should be noted that all directors can and should keep transactions records independently so that should the need arise, financial statements can be cross checked and verified.