Auction Accounting Procedure
1) Immediately following the Auction on Saturday night, Auction Coordinator reports to All Producers the amount PLEDGED to be raised, assuming all funds are eventually collected. Information is used for announcing on stage by emcee.
2) SingStrong Weekend and week following, Monies pledged must be collected via checks made DIRECTLY to "The Alzheimer's Association" or via Credit Card payments made to us. Checks made to Alzheimer's Association and cash should be turned over to School on receipt. School should send an email confirming receipt of the funds.
Auction Coordinator prepares a thank you email to all people who donated items to the auction, and all people who won items at the auction. Auction Coordinator gets producer approval on the email. After approval, Auction Coordinator sends email.
3) Some reasonable time following the auction (approx 1 month), Auction Head and Technology Director must report how much we actually received "free and clear" and by what means. The processing charges of credit card must be subtracted from the sub-total and the final number reported
Ex.of a 3 item Auction
AMOUNT METHOD ITEM
$1,000 via check directly to Alzheimer's Association Hotel Package at Westin Reston
$1,000 in cash CDs, various in bucket
$975 in credit card. [1,000 - 2.5% in credit charges ($25 dollars) = 975] Tickets to theatre
____________________________________________________________________________________
$2,975 TOTAL RAISED
4) After Auction Coordinator and Technology Director certify that amount is correct, it is sent to All Producers and School.
5) School then checks bank balance and contacts JM and says "We're ready to send the collected checks made to the charity and issue a check for the total raised via credit card less charges and cash." JM then provides any additional donations to be added to total, and provides a cover letter to accompany the "donation package".
6) When received, "donation package" and letter sent by School to the charity, or by different arrangement with Executive Producer.
2) SingStrong Weekend and week following, Monies pledged must be collected via checks made DIRECTLY to "The Alzheimer's Association" or via Credit Card payments made to us. Checks made to Alzheimer's Association and cash should be turned over to School on receipt. School should send an email confirming receipt of the funds.
Auction Coordinator prepares a thank you email to all people who donated items to the auction, and all people who won items at the auction. Auction Coordinator gets producer approval on the email. After approval, Auction Coordinator sends email.
3) Some reasonable time following the auction (approx 1 month), Auction Head and Technology Director must report how much we actually received "free and clear" and by what means. The processing charges of credit card must be subtracted from the sub-total and the final number reported
Ex.of a 3 item Auction
AMOUNT METHOD ITEM
$1,000 via check directly to Alzheimer's Association Hotel Package at Westin Reston
$1,000 in cash CDs, various in bucket
$975 in credit card. [1,000 - 2.5% in credit charges ($25 dollars) = 975] Tickets to theatre
____________________________________________________________________________________
$2,975 TOTAL RAISED
4) After Auction Coordinator and Technology Director certify that amount is correct, it is sent to All Producers and School.
5) School then checks bank balance and contacts JM and says "We're ready to send the collected checks made to the charity and issue a check for the total raised via credit card less charges and cash." JM then provides any additional donations to be added to total, and provides a cover letter to accompany the "donation package".
6) When received, "donation package" and letter sent by School to the charity, or by different arrangement with Executive Producer.