to the Maine Elks Association 2020 Spring Meeting 2020 Spring - - PowerPoint PPT Presentation

Welcome to the Maine Elks Association 2020 Spring Meeting

2020 Spring Meeting

Maine Elks Association

Agenda

• Financial Reporting System (FRS)
• Taxation Update
• Questions and Answers

2020 Spring Meeting

Maine Elks Association

Agenda

• Financial Reporting System (FRS)
• Taxation Update
• Questions and Answers (hopefully)

2020 Spring Meeting

Maine Elks Association

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

2020 Spring Meeting

Maine Elks Association

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

2020 Spring Meeting

Maine Elks Association

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

2020 Spring Meeting

Maine Elks Association

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:
• Generally a one time upload

LodgeNumber LodgeGLAccount ElksStandardGLAccount 3 or 4 digits Local Account No. Grand Lodge COA No. 1893 30100.01 30100

2020 Spring Meeting

Maine Elks Association

Monthly (and Opening Balance) Activity file

• Used to transmit the Lodge’s monthly

activity to the FRS

• Specific format and header information:
• For Opening Balance upload use only the

March 31, 2019 Balance Sheets Accounts

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

2020 Spring Meeting

Maine Elks Association

Annual Budget file

• Used to transmit the Lodge’s approved

Budget to the FRS

• Specific format and header information:
• This amount will be allocated monthly

based on prior year actuals or evenly if no prior year actuals uploaded.

LodgeNumber LodgeGLAccount FYE Version Annual

3 or 4 digits Local Account No. Fiscal Year End Amount 1893 30100.01 YYYY Budget 25000.00

2020 Spring Meeting

Maine Elks Association

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.

2020 Spring Meeting

Maine Elks Association

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

2020 Spring Meeting

Maine Elks Association

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

2020 Spring Meeting

Maine Elks Association

File Submission Results

• If data is valid the Lodge will receive a

success message:

2020 Spring Meeting

Maine Elks Association

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

2020 Spring Meeting

Maine Elks Association

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

2020 Spring Meeting

Maine Elks Association

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

2020 Spring Meeting

Maine Elks Association

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

2020 Spring Meeting

Maine Elks Association

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

2020 Spring Meeting

Maine Elks Association

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

2020 Spring Meeting

Maine Elks Association

Questions and Answers