Once upon a time, the Folk Project's finances were pretty simple.

In the early '80s, we had a single account and our money could be managed by a single person. A simpler time, before the World Wide Web. In those days, we did everything on paper, and our only financial metric was the balance in the checking account.

As years passed, the Treasurer's work load ballooned into more than we could reasonably expect from a single volunteer. As of this writing (in 2019), we have a checking account for day-to-day business, a money market for short-term tactical stuff and a strategic investment account for the longer term. We pay performer royalties through ASCAP and BMI and we collect money through Constant Contact forms and web pages, using a PayPal back-end. We're registered as a non-profit with Amazon Smile, and report our financials to both federal and state authorities. There's a whole lotta shaking goin' on.

In the summer of 2019, then Treasurer Chris Riemer re-imagined the financial roles and responsibilities as described herein. Those new roles were phased in over the second half of that year, and became fully functional in January 2020.

The 2020 Finance Team is led by the Treasurer, and he or she is supported by a Bookkeeper, a PRO liaison, an E-Payments Manager and (optionally) an Accountant. Note that these are roles (as opposed to jobs). They describe clusters of things that need doing. At some point, all these roles were filled by the Treasurer. Ideally, the six roles defined below would be spread across six different people, although they could also be shared by a smaller team. (In fact, in 2020, incoming Treasurer Peggy Karr opted to handle the Accountant role herself, thereby saving us a few bucks.)

The Treasurer

The Treasurer is one of the four officers of The Folk Project and shares check-signing authority with the Folk Project president. He or she serves a 12-month term, from January to December, and (like the other officers) is limited to two consecutive terms. However, the Treasurer continues in an advisory capacity until the books are closed on the previous fiscal year, to ensure a smooth transition for the incoming Treasurer.

The Treasurer has no special decision-making role in financial matters, but supports and executes decisions made by the individual committees or the organization as a whole. The Treasurer and his or her support team is responsible for managing the organization’s accounts, paying vendors, making any non-standard bank deposits and maintaining centralized computer records of all transactions. Individual committees are responsible for making bank deposits related to their own activities and for the timely reporting of their financial transactions for entry into the Folk Project's online accounting system. We use QuickBooks.

This is a board-level position and attendance at monthly meetings is required. Estimated work requirement is four hours a month. The Treasurer is responsible for:

• Attending monthly Board Meetings and participating in the general business decisions of The Folk Project.

• Printing, signing and mailing checks that are entered in QuickBooks by the bookkeeper.

• Advising the board on the financial state of the organization, through regular monthly reports and through any ad-hoc analyses that may be necessary or appropriate.

• Serving as primary contact point for Folk Project insurance matters, keeping an eye on the policies in place, arranging for certificates of insurance as necessary and periodically reviewing the algorithms that charge insurance back to the venues.

• Supporting the committees as necessary on anything that pertains to financial matters, particularly in the area of budgeting and forecasting.

• Supervising the other five positions on the Finance team and reviewing QuickBooks records for accuracy. (If the Project opts for a professional, paid Accountant, the Treasurer will negotiate the fees paid.)

• Providing financial analysis in support of grant solicitations or other projects.

• Maintaining an adequate supply of checks, envelopes and related supplies.

Skills and Experience

Prerequisites for this position are:

• Access to a personal computer and an Internet connection

• General knowledge and understanding of accounting fundamentals

In addition, the successful Treasurer will be:

• Well-organized, thorough and attentive to detail

• Flexible, and willing to accommodate the different practices and reporting needs of individual committees

Finally, the following would be considered desirable, in decreasing order of importance:

• A genuine interest and demonstrated willingness to participate in the activities of The Folk Project

• Previous service on the Folk Project board, and familiarity with the Treasurer’s role

• Previous experience in a similar role for another non-profit organization

The Bookkeeper

This is not a board position and attendance at board meetings is not required. Estimated work requirement is eight hours per month. The bookkeeper uses the master QuickBooks login (which gives this position the ability to add and remove QuickBooks users). The Bookkeeper is responsible for:

• Entering reimbursements to any members who have spent money on the organization’s behalf, for reimbursement by the Treasurer.

• Entering payments to any vendors or subcontractors who may be engaged by The Folk Project, with checks to be printed and mailed by the Treasurer.

• Entering deposits made by others and categorizing them appropriately.

• Keeping the on-line accounts in order, following up on un-cashed checks (and un-billed payables) with reminder notices.

• Initiating sweep transactions (transferring funds from PayPal to Wells Fargo) based on the E-Payments Manager's reports.

• Analyzing the performer fees data in QuickBooks at year end, merging cash payments with check payments to produce an accurate, consolidated tally for the Accountant.

Skills and Experience

Prerequisites for this position are:

• • Access to a personal computer and an Internet connection

  • Some experience in bookkeeping

In addition, the successful Bookkeeper will be:

• • Well-organized, thorough and attentive to detail

  • Flexible, and willing to accommodate the different practices and reporting needs of individual committees

Finally, the following would be considered desirable, in decreasing order of importance:

• • A genuine interest and demonstrated willingness to participate in the activities of The Folk Project

  • Previous service on the Folk Project board

  • Previous experience in a similar role for another non-profit organization

The E-Payments Manager

This is not a board position and attendance at board meetings is not required. Estimated work requirement is three hours per month. The E-Payments Manager is responsible for:

• Taking formal ownership of the Folk Project’s PayPal account.

• Managing the PayPal account, analyzing transaction logs and preparing venue-specific monthly reports for the Bookkeeper.

• Issuing refunds on request of the venue chairs.

• Responding to any PayPal questions from the venue managers.

• Looking into enhanced PayPal reporting capabilities, to reduce the need for out-of-system Excel analysis.

Skills and Experience

Prerequisites for this position are:

• • Access to a personal computer and an Internet connection

  • Proficiency in the use of Excel for data analysis

In addition, the successful E-Payments Manager will be:

• • Well-organized, thorough and attentive to detail

Finally, the following would be considered desirable, in decreasing order of importance:

• • A genuine interest and demonstrated willingness to participate in the activities of The Folk Project

  • Previous service on the Folk Project board

The PRO Liaison

This is not a board position and attendance at board meetings is not required. Estimated work requirement is 30 minutes per month. The PRO Liaison is responsible for:

• Overseeing the quarterly reports to ASCAP and BMI and ensuring that all venues are appropriately represented.

• Preparing quarterly reports for the Bookkeeper, and completing the PRO paperwork needed as transmittal documents. (The Bookkeeper should not be involved with the PRO paperwork, only the payments.)

Skills and Experience

Prerequisites for this position are:

• • Access to a personal computer and an Internet connection

In addition, the successful PRO Liaison will be:

• • Well-organized, thorough and attentive to detail

Finally, the following would be considered desirable, in decreasing order of importance:

• • A genuine interest and demonstrated willingness to participate in the activities of The Folk Project

  • Previous service on the Folk Project board

The Accountant

This is not a board position and attendance at board meetings is not required. Estimated work requirement is one hour per month, on an annualized basis. The Accountant will have an Accountant log in to QuickBooks and will presumably be an accountant by trade. He or she is responsible for:

• Producing, printing and mailing annual 1099 forms for qualifying vendors, based on the year-end file prepared by the Bookkeeper.

• Working with the Bookkeeper to facilitate a year-end audit of the financial records prior to closing the books.

• Preparing year-end tax reports and filing same with the IRS.

• Preparing year-end activity reports and filing same with the New Jersey Charities Registry, as appropriate.

Skills and Experience

Prerequisites for this position are:

• Access to a personal computer and an Internet connection

• Solid understanding of accounting and regulatory reporting requirements

In addition, the successful Accountant will be:

• Well-organized, thorough and attentive to detail

Finally, the following would be considered desirable, in decreasing order of importance:

• Professional training and accounting certifications

• Previous experience in a similar role for another non-profit organization