NESFA Treasury Procedures: Boskone Closing Books

A Boskone closes its books in the NESFA Fiscal Year following the one in which it ran (see SR 2.5(8)). So Boskone 2002 (which occurred in the FY from May 1, 2001 to April 30, 2002) closes in the next FY which starts 1 May 2002. A Boskone typically reports during the period of September-December following the convention.

When Boskone is closing, it transfers to NESFA all of its asset and liability accounts:

• Checking accounts are either kept or closed
  • If kept, the Boskone account is closed by writing a check to NESFA for all but a reasonable balance in the account. Since the only reason to keep the account is for it to be used again, if cash is left in the account, that is recorded as a transfer of cash from the Boskone which is closing to the new entity.
  • If closed, write a check to NESFA for the balance in the account.
• Advance accounts for members with active NESFA advance accounts are closed any way that suits the Boskone treasurer and the member in question.
• Advance accounts for members with inactive NESFA advance accounts where they own NESFA money must be used to lower the amount owed, if possible.

It is presumed that the NESFA/Boskone cross-charge account has been balanced regularly.

When the Boskone Treasurer turns over the check and/or paperwork closing out the checking account, and the amounts of all the advance accounts, those transactions should be done against the Boskone/NESFA cross-charge account. At the end of this process, Boskone's only asset should be the cross-charge account. The balance here should be equal to the difference between the Boskone's total income and it's total expenses. (Anything else is a probable error in the Boskone books which should be resolved before closing.)

Create two accounts, EX-Bnn and IN-Bnn.

Close out the Boskone with a single transaction which puts Boskone's income in IN-Bnn and Boskone's expenses in EX-Bnn and zeroes out AS-Bnn.

You're done.