Office of the Chancellor of the Exchequer

THL Tetsuo Akira (Michael Johnson) 1507 Riverside Drive Akron, Ohio 44310 (330) 945-6773 exchequer@midrealm.org

Here is a list of things brought up at recent Exchequer meetings held a various events. Please note that I'm shamelessly plagiarizing my esteemed predecessor Master Arthen ap Rhodri and Tetchubah the Society Exchequer for these notes.

1. TRANSFERS:

A. Amounts used to purchase PALE ads are transfers to "Any Kingdom Newsletter" which is listed as "Transfers Outside of Kingdom"

Please note that this is true even if you've used a "middleman" That is if your Autocrat wrote a personal check to the Pale for an event ad, and was later reimbursed by the group it is still a Transfer and not an advertising expense.

B. Amounts sent to other SCA groups are transfers. Even if you've purchased something from another group, the money is still a transfer, and not an expense. Also please remember that at Domesday times the total transfers from group to group within the Kingdom must match. Therefore PLEASE do not send out any transfers after Dec 10th so as to allow time for the receiving group to deposit the money before years end.

2. PROPERTY

A. For any NEW items to be listed under this category they must have a purchase price or value of over $500 per item. Items under this value must be expensed in the year of the purchase. You should still list these items on your property list in order to maintain an accurate control of group assets, but they should NOT be listed on the Property /Depreciation Worksheet or the Comparative Balance Sheet.

B.. REGALIA--Per Corporate, please limit regalia to jewelry type items or items that are very rarely replaced. Do not classify an item based solely on who's using it. Remember that the lower limit on regalia items is $500 per item. If you currently have items listed here that don't meet this clarified definition DO NOT remove them from your sheet unless you actually dispose of or release the item.

3. FULLY DEPRECIATED ASSETS:

A. Once an item is depreciated to $0.00, you must still continue to list it on the Property Worksheet and Comparative Balance Sheet until the group actually disposes of the item.

4. OTHER INCOME, EXPENSES, ASSETS, & LIABILITIES:

A. These categories should be used VERY infrequently. Call your Regional or myself first as we can generally suggest a more appropriate category. Most things that are being listed under these categories should actually be listed in another category, such as Supplies of Contributions.

5. DEPRECIATION:

A. The form shows the % of depreciation to be taken depending on the age of the asset. If an asset qualifies to be depreciated, you must start taking depreciation in the FIRST year of owning that asset.

B. There are 2 schedules for depreciation --a 5 year table and a 7 year table. The 5 year table should be used for computers/office equipment, and TRAILERS. All other items use the 7 year schedule. If you've been using the wrong table, continue to use the table started until the item is fully depreciated. DO NOT change any item from one to the other after you've started depreciation on it.

6. SUPPLEMENTAL WORKSHEETS:

A. Items from the Comparative Balance Sheet and Income Statement that have a source worksheet must match the amount shown on the worksheet, and the worksheets must be filled out and turned in. It is important the the worksheets be filled out entirely. Often the Regional Exchequers or myself can decide on how an incorrect item should be handled if the worksheets are correctly and completely filled out.

7. INFORMATION SHEET:

A. PLEASE PRINT LEGIBLY when filling out the Exchequer Information Sheet. This is what is used to update the database on exchequer names and addresses. If the information cannot be read, there could be difficulties in sending out warrants and forms for the next year. Also make sure the phone number is correct-if your area code is going to change soon, list the new area code. When there are questions about a report a phone number is needed so that you may be contacted quickly. Please also include your Email address if you have one If the Office is transferring to a new person soon, please send in a sheet for each person so there is a "fallback" contact if needed.

8. INVENTORY

A. We will be going to a $250 lower limit on inventory purchases. What this means is that if the purchase of 1 type of item was under $250, do not treat it as inventory. Expense it under supplies and treat any income from its sale as "Income from sale of non-inventory property". Hopefully this will eliminate many group inventories that tend to be tiny and hang around for years. Item purchases over $250 should continue to be treated as inventory until the entire lot is sold, even after the total value drops below $250.

1. Balance your check book monthly!! You should be balancing your checkbook and/or ledger monthly when you get you bank statement. This way if you have a discrepancy it should be in the last month only

2. Do keep a ledger book in addition to your checkbook register. In it you should record all deposits and check written. A good way to do this is to purchase a standard 12 column ledger book from an office supple house. record your check info--date, check #, to whom and why on the left. You can set up columns to be loosely based on exchequer forms. For example on the left-hand page after the check info you might have a couple of INCOME columns such as Direct Contributions, Event income, Newsletter income, Sale of inventory, etc. The last column could be total deposited in case a deposit is from more than one source.

On the right hand page list Expense columns such as Office and Administrative, Inventory purchases, Event expenses. You may also want to include columns for Transfers both In-kingdom and Out-of- Kingdom. At the far right use a column for Balance. Your ledger balance should always match your checkbook register balance.

One advantage to this system is as you record checks you can list them in categories with small notes as well, so under event related you might record a total, then in small print write "food" or "Rent". When you later do your quarterly reports you will find it easier to read what the check was for from the ledger book rather that from the smaller checkbook register. I will post example pages soon so you can tell exactly what I'm talking about here. I used this type of system for years a Baronial Exchequer and find it very easy to do quarterlies and Domesdays.

3. Do send in officer reports to your local newsletter. Include the group's Balance and any upcoming purchases already approved as well as those soon to be voted upon. You might also want to include event reports listing your profit/loss on your events. Remember that you must publish the Domesday Comparative Balance Sheet and Income Statement yearly. You might also publish those sheets from your Quarterly reports.

4. Any member may ask to see "the books" and you must comply within a reasonable amount of time. Try to have the info with you at meetings. I used to carry bank statements and the ledger book to meetings just in case. Also announce the group's Balance at meetings you attend and try to have someone announce it at those you are unable to attend. Knowing how much money is available makes it easier for groups to vote on purchases and plan events.

5. If you get your canceled checks back from the bank, consider stapling the canceled checks to the receipts it was written for. This way it is easier to backtrack any given purchase. At the least record the check number on the receipts as you file them.

6. Do a 4th quarter report. This makes doing your Domesday much easier as it is then mostly a matter of adding the 4 quarters together.

7. If you are having trouble balancing a report ask for help! Try having someone else look at it with you, they may see something you are missing. If there is another group near you or you also report to a Baronial exchequer, maybe you can talk to that exchequer. Contact your Regional -they are there to help you, and if it means getting your report earlier, then that makes their job easier as well. DON'T SPEND WEEKS TRYING TO DO IT YOURSELF! If you can't figure it out in a couple of sessions and no one locally can help you, contact your Regional then. Don't wait until your report is already late to ask for help, that will just compound the situation.

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