Financial Manager Transition 2002

The following items and house records should be turned over to the new Financial Manager. Your books should be closed by Monday, June 12, 2001. This means you will have to call your vendors to find out your final June statement amounts. Refund checks should be able to be issued at this point. If you have to wait until the summer to distribute refund checks then the 2001-2002 FM should take the checkbook and issue the refunds - or you can choose to issue the refund checks in the Fall. NOTE: If you issue refunds, all residents who lived in your house (even if for only one quarter) need to receive checks. You can not say they must turn in a self-addressed envelope to be eligible for a refund. The Row Office can locate permanent addresses for students who do not leave self-addressed envelopes.

House Records to Turn Over to 2001/2002 FM

_ The Blue FM binder issued by the Row Office at Fall Training (please let me know if yours is missing)

_Quickbooks disk with all of your 2001-02 house records and financial reports (plus a backup of this disk - I recommend storing the file(s) in your house folder on the Leland server - AFS, instructions at: http://www.stanford.edu/leland/auth/group-dir.fft

_ House Checkbook with all extra blank checks and deposit slips (If you are running low, order new checks prior to leaving ... you may have them shipped to the Row Office address since mail for your house will not be held during the summer)

_ All receipts from 2001-02 and prior years, should be organized by month (or by vendor) in a set of manila folders

_ Past bank statements and cancelled checks from 2001-02 and previous years

_ Fall, and Winter Quarter Internal Audit reports should all be filed in the FM binder. Review them and make sure any outstanding items have been corrected, missing checks ordered and accounted for and any questions or concerns answered.

Tasks to Complete

_ Go to bank and sign on to the house account (at least 2 new managers) - can take current FM off in the fall if they are going to write any checks after you complete this task.

_ If your bank statements are mailed to your house, please change the address for the summer. You may send them either to your PO Box or to the Row Office and we will put them in your box where you can pick them up in September.

_ The current FM should show the new FM how your records are organized. Give helpful hints on what worked and what didn't or what you wish you had done differently. Walk them through a whole cycle ... from invoice or receipt to statement to writing checks and entering data on Quickbooks to reconciling your checking account.

_ The current FM should show the new FM the basics of how Quickbooks works. Hands on training will be provided again by the Row Office in September. Remember to show the new FM where and how you stored any information outside of Quickbooks (for example budgets done in excel).

_ Make sure both your Spring Quarter Internal Audit and End Quarter Report get submitted to the Row Office by Monday, June 14, 2002. If you do not have exact expenses on some items for your End Quarter Report then please estimate. Your End Quarter Report MUST indicate how much money you are leaving as start up money for the 2001-2002 residents (Recommendation: 10% of your Fall Quarter Budget). The new FM should complete the Spring Quarter Internal Audit.

_ Make sure all policies are written up and in the blue FM binder. If not please write down what the recent past practices have been and your house next year can finalize policies.

_ Make sure you have a complete Vendor List with account numbers, contact names and phone numbers. This list will make opening easier by facilitating your initial food deliveries (KMs should have this list as well). There is a spot in your FM binder to store this list.

_ Make sure you know how the house budget was developed. Was it simply based on past budgets? Was it based on past actual spending per quarter? How accurate was it and what type of changes should be made for the future? It's not the FMs job to set the budget ... it's the FMs job to let residents know what the fixed expenses are and what type of services they can receive with what level of board bill. Your residents should be given some informed choices and make the decision on what they are willing to pay for.

_ KEEP A LIST OF ANYONE OWING THE HOUSE MONEY AND THE DOCUMENTATION to back it up. Make sure HOLDS are placed, or released if you have no backup. Stephenie or Lindsay can verify HOLDS in place in the Row Office. Please email residents who still owe you money and let them know where they can send money to you over the summer so they can clear their HOLD prior to returning to campus. You can call or email Stephenie or Lindsay to have HOLDS released over the summer. You can authorize the Row Office to receive cash or money orders on your behalf if we know the exact amount of money owed to you. Only FMs can authorize the release of HOLDS and you must do so in writing (email is acceptable).