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Extension > Local Extension Offices > Chisago > 4-H > Articles > County Financial Practices Updated

County Financial Practices Updated

As we begin a new financial year it is important that we all understand the financial practices that surround the income and expenses of the 4-H program. This information is vital for anyone who handles finances at county level in our program.

NEW CHART OF ACCOUNTS:

Starting in October the County budget will be utilizing a new chart of accounts to track and code our finances into Quickbooks. Our new account codes will be consistent with MN 4-H Statewide and provide easier transition for submitting year end financials to the IRA. Local 4-H Clubs do not need to make any changes or use these account codes in their club finances.

The Chart of Account and Class listing can be downloaded at http://www3.extension.umn.edu/sites/default/files/download/Chart%20of%20Accounts%20and%20Class%20List.pdf

When submitting income or expenses to the County office please first select the Chart of Account code and then designate if necesassary the Class Listing you want it assigned to. If you do not know the account code, simply leave it blank, give a description and we will complete it at the office.

Example 1: Membership fees for a local 4-H event - Designate under "Program Revenue - Registration Fees" and then select the corresponding class (Shootings Sports, STEM)

Example 2: Cheese fundraiser revenue - Designate under "Fundraising Income" and then the corresponding class (Fundraisers - Cheese Sales)

INCOME:

Whether income is received at the office or at the site of a 4-H activity, funds received should be handled as outlined below.

If an individual pays by check, follow these steps:

If an individual pays by cash, follow these steps:

  • Count cash received in presence of the individual paying by cash.
  • Complete a receipt.
  • Give the original receipt to the individual who gave you the cash.
  • Leave a copy of the receipt in the receipt book.
  • Complete the income transaction form (see above) and attach the third receipt (or a copy of the receipt if using only a duplicate receipt book) to the form.

EXPENSES:

Federation/councils - Payments and bills must be deducted from the checking account using any of the following methods of payment if possible.

Thank you for your attention to these important matters in our program. If you have any questions, feel free to contact Jeremy Freeman, 4-H Program Coordinator at jeremyf@umn.edu or by email at 651-277-0150

Contacts

Jeremy Freeman
County 4-H Program Coordinator
(651) 277-0150
jeremyf@umn.edu
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