Happy New Year everyone. Another year is upon us. I’d like to let everyone know a few things we’re changing regarding the finances and record keeping of the SCCA.
First, in keeping with our required adherence to ONCA, we’re moving the record keeping of the association from a cash basis to an accrual basis. As ONCA implies an adherence to Generally Accepted Accounting Principles (GAAP) in our record keeping and current accrual accounting is in keeping with current GAAP, it only makes sense. Accrual accounting will also allow us to keep track of and report on the assets of the SCCA including outstanding membership levies.
Second, we’ve opened a savings account for the SCCA. For much of the year, the SCCA holds a substantial amount of cash in the bank. The current account does not accrue any interest whereas the savings account does. There is no cost in transferring funds from one account to another and, even though the interest earned isn’t much, it’s better than zero.
Should anyone have any questions regarding the SCCA finances, please don’t hesitate to contact me.
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