Welcome to the Maine Elks Association 2020 Spring Meeting
2020 Spring Meeting Agenda • Financial Reporting System (FRS) • Taxation Update • Questions and Answers Maine Elks Association
2020 Spring Meeting Agenda • Financial Reporting System (FRS) • Taxation Update • Questions and Answers (hopefully) Maine Elks Association
2020 Spring Meeting What is the Financial Reporting System (FRS)? • A Standardized Reporting Tool • Lodge will be reporting monthly results • Replaces the Annual Financial Report (AFR) • Utilizing a Standard Set of Account Numbers • Grand Lodge Chart of Accounts Maine Elks Association
2020 Spring Meeting What the FRS is not: • An accounting system for the Lodges • Transaction level information is not captured • Quickbooks, Peachtree or manual accounting system still required at the Local Lodge level • An analysis tool for Lodge event results reporting Maine Elks Association
2020 Spring Meeting Requirements for utilizing the FRS in 2020 • Access to an email account • Account mapping file • March 31, 2019 Balance Sheet data • 2019 – 2020 Activity by month data • 2019 – 2020 approved Budget data • Ability to save data into a .csv file Maine Elks Association
2020 Spring Meeting Account mapping file • Maps the Local Lodge Chart of Accounts (including sub-accounts) to the Grand Lodge Chart of Accounts • Specific format and header information: LodgeNumber LodgeGLAccount ElksStandardGLAccount 3 or 4 digits Local Account No. Grand Lodge COA No. 1893 30100.01 30100 • Generally a one time upload Maine Elks Association
2020 Spring Meeting Monthly (and Opening Balance) Activity file • Used to transmit the Lodge’s monthly activity to the FRS • Specific format and header information: LodgeNumber LodgeGLAccount Date Amount 3 or 4 digits Local Account No. Period End Date Net Account Activity 1893 30100.01 MM/DD/YYYY 250.00 • For Opening Balance upload use only the March 31, 2019 Balance Sheets Accounts Maine Elks Association
2020 Spring Meeting Annual Budget file • Used to transmit the Lodge’s approved Budget to the FRS • Specific format and header information: LodgeNumber LodgeGLAccount FYE Version Annual 3 or 4 digits Local Account No. Fiscal Year End Amount 1893 30100.01 YYYY Budget 25000.00 • This amount will be allocated monthly based on prior year actuals or evenly if no prior year actuals uploaded. Maine Elks Association
2020 Spring Meeting File Format Requirements • All files must be in Comma Separated Values (CSV) format. • All files must have a header row with the exact headers described here. Please use the Adaptive Upload Template files for reference. Maine Elks Association
2020 Spring Meeting File Format Requirements • All file formats begin with the lodge number in the first column. • Fields with actual or budget dollar amounts in them should be formatted as numbers. No $ or commas should be included. Periods for decimals are allowed. • Dates should be formatted as MM/DD/YYYY – 07/25/2019 Maine Elks Association
2020 Spring Meeting File Submission • Submit csv file for processing by emailing to Adaptive@Elks.Cloud • In Subject Line include the word Map for the mapping file Actual for any actual data Budget for the budget data • Simply attach the csv file to the email and send Maine Elks Association
2020 Spring Meeting File Submission Results • If data is valid the Lodge will receive a success message: Maine Elks Association
2020 Spring Meeting File Submission Results • If data is invalid the Lodge will receive an error message: • Correct based on message and resubmit • List of error messages and solutions is available on Morrison & Morrison web site Maine Elks Association
2020 Spring Meeting Additional Considerations • Lodges must be on FRS by April 2020 • 2019 – 2020 Final Lodge financial reporting is due in FRS by third Friday in May, Form 990 by August 1, 2020 • Lodges not on FRS subject to having a Review or Audit performed by a CPA. • Chart of Accounts continues to evolve Maine Elks Association
2020 Spring Meeting Additional Considerations • Lodges with Separate Corporations • Must first map Lodge entity • Contact Morrison & Morrison help desk at elkshelp@morrmorr.com • Will be assigned a separate “Lodge Number” beginning in the 8XXX series • Follow remaining steps above Maine Elks Association
2020 Spring Meeting Additional Resources: • Email support at elkshelp@morrmorr.com • Elks.org resources at https://www.elks.org/grandlodge/auditing/F inancialReporting.cfm • Additional resources available from Morrison & Morrison (FRS consultants) at http://www.morrmorr.com/ELKS/adaptive- share Maine Elks Association
2020 Spring Meeting Additional Resources: • Maine State FRS Coordinator: Susan M Piper Ellsworth, ME Lodge #2743 207-479-4534 sbernier130@yahoo.com • Area 1 Auditing and Accounting Member: William J Chinn, JR Danbury, CT Lodge #120 860-355-5756 wjcglaac@gmail.com Maine Elks Association
2020 Spring Meeting Taxation Update • Review “activities” as defined by the IRS for the Unrelated Business Income Tax • Sale of beverages and the rental of the Lodge facilities to a non-member are 2 separate “activities” • The “parking” issue identified last year has now been repealed by Congress and the IRS has updated its regulations Maine Elks Association
2020 Spring Meeting Questions and Answers Maine Elks Association
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