Online Leadership University Treasurer’s Certificate Program 2021 Survey

Question Title

* 1. At the end of the Fiscal year, a non-profit organization is not permitted to have a profit.

True

False

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* 2. The fiduciary responsibility of the board of directors includes the selection of stocks for investing the association’s funds.

True

False

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* 3. A treasurer who misdirects the association’s funds can be arrested.

True

False

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* 4. Only organizations that take in $25,000 in annual revenues are required to file an IRS 990 tax return.

True

False

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* 5. The role of the treasurer includes financial reporting at every regular board meeting.

True

False

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* 6. It is recommended by NSNA that at least two signatures be required for check signing.

True

False

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* 7. Debit cards are an excellent way to pay for association expenses.

True

False

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* 8. To avoid board conflicts, bank statements should only be inspected by the Treasurer who prepares the bank reconciliation.

True

False

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* 9. Only the board of directors may authorize expenditures.

True

False

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* 10. NSNA recommends that credit card statements be sent to at least one other board member in addition to the treasurer.

True

False

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* 11. The House of Delegates or the association’s voting body is responsible for approving the annual operating budget.

True

False

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* 12. A secure way of receiving state dues reimbursement is through Automatic Clearing House (ACH) transfers.

True

False

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* 13. Bank accounts must only be in the name of the organization.

True

False

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* 14. Following the annual election of the state board, NSNA requires the submission of an updated state board roster.

True

False

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* 15. Expense vouchers are outdated and not necessary.

True

False

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* 16. It is recommended that an association’s reserve fund be maintained at the following level:

A. 50% of the reserve fund.

B. 25% of the reserve fund.

C. 25% of the annual operating budget.

D. 50% of the annual operating budget.

E. None of the above

Question Title

* 17. Which of the following definitions describes fidelity bonds?

A. Investments in bonds

B. Form of protection that covers policy holders for losses that occur from fraudulent acts by employees or board members who are actively handling assets of an association.

C. Government issued investment instruments.

D. None of the above

Question Title

* 18. What are “internal controls?”

A. Stress relief for treasurers who do not understand their role.

B. Controls imposed by the board president to ensure that board members do what they are told to do.

C. Board policies governing proper custody and safekeeping of the association’s funds.

D. Methods to assure the safe handling of association resources.

E. C and D

Question Title

* 19. For Official NSNA Constituency Status, the following must be submitted to NSNA:

A. Approved and signed state minutes for the previous year.

B. Signed Constituency Application.

C. State Bylaws

D. All of the above

E. None of the above.

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* 20. The three methods to review financial statements are:

A. Annual Review

B. Annual Audit

C. Annual Opinion

D. Annual Compilation

E. A, B, and D

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* 21. Common association income tax IRS forms include:

A. Form 990

B. Form 990 EZ

C. Form 990N

D. Form 990T

E. All of the above

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* 22. What is the best method of ensuring that future board members will have access to your association’s important documents?

A. Put originals in a safe deposit box.

B. Give a copy of all documents to the state consultant.

C. Send a copy of all documents to NSNA for preservation.

D. All of the above.

E. None of the above.

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* 23. All associations must have the following:

A. EIN number

B. BIN number

C. CAE number

D. None of the above

E. All of the above

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* 24. Incorporation is important for which of the following reasons?

A. Individual board members are liable for contracts made in the name of the incorporated association.

B. Prevent individual board members from liability related to expenses approved by the board.

C. Is only necessary in certain states.

D. All of the above.

Question Title

* 25. Which of the following statements best describes what you are feeling at this time?

A. I wish I never ran for the position of treasurer.

B. I feel much more confident that I will carry out my role in the best interest of the association.

C. I will probably resign at the next board meeting.

D. I am really not convinced that the role of the treasurer is that important to the success of the association.

E. None of the above.

Question Title

* 26. Contact Information
We need to know who you are so that we can send you your certificate!

Name

Email Address

Online Leadership University Treasurer’s Certificate Program 2021

Question Title

* 1. At the end of the Fiscal year, a non-profit organization is not permitted to have a profit.

Question Title

* 2. The fiduciary responsibility of the board of directors includes the selection of stocks for investing the association’s funds.

Question Title

* 3. A treasurer who misdirects the association’s funds can be arrested.

Question Title

* 4. Only organizations that take in $25,000 in annual revenues are required to file an IRS 990 tax return.

Question Title

* 5. The role of the treasurer includes financial reporting at every regular board meeting.

Question Title

* 6. It is recommended by NSNA that at least two signatures be required for check signing.

Question Title

* 7. Debit cards are an excellent way to pay for association expenses.

Question Title

* 8. To avoid board conflicts, bank statements should only be inspected by the Treasurer who prepares the bank reconciliation.

Question Title

* 9. Only the board of directors may authorize expenditures.

Question Title

* 10. NSNA recommends that credit card statements be sent to at least one other board member in addition to the treasurer.

Question Title

* 11. The House of Delegates or the association’s voting body is responsible for approving the annual operating budget.

Question Title

* 12. A secure way of receiving state dues reimbursement is through Automatic Clearing House (ACH) transfers.

Question Title

* 13. Bank accounts must only be in the name of the organization.

Question Title

* 14. Following the annual election of the state board, NSNA requires the submission of an updated state board roster.

Question Title

* 15. Expense vouchers are outdated and not necessary.

Question Title

* 16. It is recommended that an association’s reserve fund be maintained at the following level:

Question Title

* 17. Which of the following definitions describes fidelity bonds?

Question Title

* 18. What are “internal controls?”

Question Title

* 19. For Official NSNA Constituency Status, the following must be submitted to NSNA:

Question Title

* 20. The three methods to review financial statements are:

Question Title

* 21. Common association income tax IRS forms include:

Question Title

* 22. What is the best method of ensuring that future board members will have access to your association’s important documents?

Question Title

* 23. All associations must have the following:

Question Title

* 24. Incorporation is important for which of the following reasons?

Question Title

* 25. Which of the following statements best describes what you are feeling at this time?

Question Title

* 26. Contact InformationWe need to know who you are so that we can send you your certificate!

* 26. Contact Information
We need to know who you are so that we can send you your certificate!