4-H annual financial summary
4-H clubs or groups are required to submit an annual financial summary.
It’s that time of the year where one 4-H year just ended and a new one is beginning. Each year at this time all 4-H club, groups, councils and associations are required to complete an Annual Financial Summary; it should be submitted to their local county Michigan State University Extension office. This reports sums up all of the 4-H group’s financial activities for the program year. All of the financial summaries should follow the program year of September 1 to August 31.
Why it is important
- According to the Michigan 4-H Treasurer’s Record Book, the annual financial summary is important because it:
- Is a means by which organizations related to MSU Extension help the university fulfill its obligation of fiscal accountability to the residents of Michigan.
- Fulfills the audit concerns of Michigan State University.
- Creates an open, auditable and public record of whether a group is required to remit Michigan sales tax.
- Is the auditable record of the group and verifies whether a group is required to file an IRS 990.
- Completes a federal requirement for financial accounting by 4-H groups.
What is submitted
- Beginning bank statement for the program year
- Ending bank statement for the program year
- Completed and signed Annual Financial Summary
Check with your local 4-H program to see the deadline for submitting your club or group’s Annual Financial Summary.
Something to Know
If a 4-H club or group does not handle any money during the program year they must still complete and submit an annual financial summary each year.
Financial Guidelines for 4-H Clubs and Groups offers more information around financial accountably for 4-H clubs.