According to the Facility Corporation Board Manual, "Audited financial statements are required annually
for Facility Corporations with total revenue of $100,000 or more per year. Audited financial statements
are required every five years or with the replacement of a new treasurer for facility corporations with
total revenue of less than $100,000 per year." But…if you are a participant of FCS, costly audits will
no longer be required. Think of all the money your board can save!
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- Fixed assets are depreciated on a monthly basis.
- We have exact new member information at Headquarters, and are able to accurately bill the
chapter the correct amount for facility fee payments. We do not rely on the VPF to mail a check for what she
thinks the total should be! Money is received by the due date, and all penalties stated in the chapter/corporation
agreement are enforced.
- Facility Corporation Service has many internal controls, including a separation of duties and
review procedures in place to ensure invoices will not be paid twice, even if the vendor sends it twice! FCS is
audited on a yearly basis.
- A Fraternity investment account is available to deposit savings account funds. These funds can
be deposited or withdrawn at any time.
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- Signed FCS contract.
This outlines what you can expect from us, as well as the term, pricing, and additional services.
- Signed Power of Attorney/IRS Power of Attorney. This allows FCS to be able to discuss
facility corporation matters in case board members are not available in time-sensitive situations.
- FC board minutes approving the use of FCS and passing the board resolutions to change the
fiscal year end to June 30th, and to change from a cash to an accrual basis of accounting.
- A record of the closed local account and funds sent to FCS.
- Most recent chapter/corporation agreement.
- Most recent Form 990 tax return. Note: If your fiscal year ends within two months of signing
up for FCS, your local accountants will be responsible for preparing that year's tax return.
- Depreciation schedule.
- Trial balance.
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Additional information needed can be found in Schedule C of the Sample Service Contract.
A dedicated FCS staff member is always available to answer any questions about your facility corporation's account.
We are committed to making your job as a volunteer less complicated and time-consuming! During the start-up process,
we provide a few essential items:
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- Invoices will not be paid unless there is approval by the local facility corporation board.
To help with this process, we provide a stamp for the treasurer to use to approve all expenditures. (If there
is no treasurer on the board, any other member is able to approve invoices.)
- We also provide a start-up package of self-addressed stamped envelopes to mail approved
invoices!
- FCS uses a unique set of account codes in our system. There is a place on the approval stamp
for the board member to write in the correct account code for each invoice. If you are unsure of which code is
the most appropriate, we are always here to help.
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As part of the basic service package, FCS promises to:
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- Provide financial statements by the 20th of each month for the prior month's activity.
- Provide budget assistance. Because we work with your account every day, we are able
to create an accurate budget that will show total monthly expenditures. The facility corporation will provide
information on major repairs or renovations planned during the budget process.
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