GSNENY Troop Finance Report: A Comprehensive Overview

The Girl Scouts of Northeastern New York (GSNENY) relies heavily on the financial stewardship of its troops to ensure program sustainability and enrichment for its members. Troop finance reports are crucial documents that provide a clear picture of a troop's financial health, activities, and adherence to GSNENY guidelines. These reports serve multiple purposes: accountability, transparency, and effective financial management.

Key Components of the Troop Finance Report

A typical GSNENY troop finance report encompasses several essential sections. These include:

• Beginning Balance: This represents the amount of money the troop had at the start of the reporting period. It’s carried over from the previous report and acts as the baseline for all subsequent financial activity.
• Income: This section details all money received by the troop. Common sources of income include:
  • Dues: Regular contributions from troop members.
  • Product Sales: Proceeds from Girl Scout cookie sales, fall product sales, and other fundraising activities. A significant portion of troop income usually comes from these sales.
  • Fundraising: Monies raised through other fundraising events, such as car washes, bake sales, or sponsorship requests.
  • Donations: Monetary gifts received from individuals or organizations.
  • Interest Earned: Any interest accrued on bank accounts or other investments held by the troop.
• Expenses: This is a comprehensive list of all expenditures made by the troop. Expenses are categorized for clarity and include:
  • Program Activities: Costs associated with troop meetings, field trips, workshops, and other activities designed to enrich the Girl Scout experience.
  • Badges & Awards: Costs of purchasing badges, patches, and other recognition items for troop members.
  • Supplies & Materials: Expenses for craft supplies, activity materials, and other items needed for troop meetings and events.
  • Travel: Transportation costs associated with field trips and other outings.
  • Donations (Girl Scouts Give Back): Money donated by the troop to charitable causes, often as part of a service project.
  • GSNENY Dues/Fees: Required contributions to the council for program support and insurance coverage.
• Ending Balance: This is calculated by adding the total income to the beginning balance and then subtracting the total expenses. This figure represents the amount of money the troop has remaining at the end of the reporting period.
• Bank Reconciliation: A comparison of the troop’s bank statement balance with the troop’s checkbook or ledger balance. This ensures accuracy and helps identify any discrepancies that need to be addressed.
• Supporting Documentation: Copies of bank statements, receipts, invoices, and other documentation that support the financial transactions reported. This is critical for auditing purposes.

Importance of Accurate Reporting

Accurate and timely submission of troop finance reports is paramount for several reasons:

• Financial Accountability: It demonstrates responsible management of troop funds and ensures that money is being used appropriately to benefit the girls.
• Transparency: It provides transparency to troop families and GSNENY regarding the troop's financial activities.
• Compliance: It ensures compliance with GSNENY policies and procedures.
• Auditing: It facilitates audits by GSNENY to verify the accuracy of troop financial records.

Best Practices for Troop Finance Management

To maintain sound financial practices, troops should adhere to the following guidelines:

• Maintain a separate bank account for troop funds.
• Require two adult signatures on all checks.
• Keep detailed and organized records of all income and expenses.
• Reconcile the bank account monthly.
• Follow GSNENY guidelines for product sales and fundraising activities.
• Submit finance reports on time.

By prioritizing sound financial management and submitting accurate troop finance reports, GSNENY troops can ensure the long-term success of their programs and provide enriching experiences for all Girl Scouts.