THE POWER OF A DETAILED CHART OF ACCOUNTS

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By Erik Luoma, CPA

It is important to properly set up a chart of accounts. A great resource for any association looking to beef up their chart of accounts is the ASAE Standard Chart of Accounts for Associations (www.asae.org). I highly recommend everyone download and read the entire document as it is only a few pages long and will discuss many of these concepts in much greater detail. Continue reading “THE POWER OF A DETAILED CHART OF ACCOUNTS”

Budgets – It’s all About the Benjamins

By: Rachel Luoma, CAE

For me, January brings a fantastic time of year – new, fresh budgets! Budgeting is one of my favorite times of the year as it allows me to take an in-depth look at the financial operations of the association and better understand the story that the numbers are telling.

Income and Expenses
Image courtesy of Stuart Miles at FreeDigitalPhotos.net
  • Did we hit our projected income this year? If not, why?  What needs to be adjusted or done differently next year?
  • Did we stay within our budgeted expenses? If not, why?  What needs to be adjusted or done differently next year?
  • What was our net profit for operational income/expense? Did we meet budget?  Why or why not?

Continue reading “Budgets – It’s all About the Benjamins”

Wile E. Coyote’s Guide to Association Management

By: Rachel Luoma, MS, CAE

On any given day at least two to three cartoon theme songs are running through my mind!  As I write, I am singing the Jake and the Neverland Pirates theme song.

It could be that I have two young children, or the fact that I love cartoons.  However, regardless of the reasons, I can’t help but draw parallels between cartoons and association management.  It seems that there are several lessons to be learned about how to build better associations from watching cartoon.

So, as my children would say, “Yo Ho Let’s Go”!  Continue reading “Wile E. Coyote’s Guide to Association Management”