Financial Guidelines for CES Volunteer Groups
Extension Agent Advisors must keep Tax Exempt/Volunteer Entities Management information updated annually in KERS – https://kers.ca.uky.edu/core/reporting. Go to “My Activity”, then “Tax Exempt/Volunteer Entities” for the list from your county.
Maintaining Auditable Records: Auditable records are to be maintained for all transactions. Auditable records describe the nature and condition of a transaction and provide support that the transaction occurred as stated.
Bookkeeping: An electronic bookkeeping system (e.g., QuickBooks Online) system should be maintained which classifies and accumulates financial information in a logical manner.
- Audit Committee Guidelines
- Audits Worksheet for Volunteer Groups
- Audit Committee Report and Checklist
- Annual Budget
- Annual Financial Report
- Annual Inventory Report
- Cash Transmittal Form
- Reimbursement/Payment Request Form
- Handling Donations and Sample Letters of Acknowledgement for Donations
- Memorandum of Understanding for 501 (3)c groups
Please refer to the Kentucky Department of Charitable Gaming
In the event you are pursuing this activity you should pursue/utilize the expertise of a tax attorney or other specializing professional.