2024 D1SR Annual Financial Reporting Policy and Procedure

The following procedure pertains to Annual Financial Reporting in District 1 Southern Region

Auxiliary Manual, Chapter 5, “Regulations and Policies”; Section N, “Finances”; Subsection N.1, “Financial Reporting” as modified for District 1 South.

N.1. Financial Reporting: DCDRs and FCs of every unit receiving and disbursing funds in the unit’s name must submit to the Director an annual financial report on the form entitled Financial Reporting of an Auxiliary Unit (ANSC-7025 (11/21)). No other form is authorized for this purpose. Funds are defined as monies received or disbursed as dues, course registration fees, sale of publications, public education, etc. FCs are responsible for forwarding copies of the report to the DCDR on or before 31 January. The DCDR will review the reports and forward them, together with the division report, to the DCO or their designates (the DSO-FN is the District 1 South designate) on or before 10 February. The DSO-FN will review the reports, and forward them to the Director on or before 1 March. Any irregularities revealed
by the financial report shall be reported to the DCO and Director. If an Auxiliary unit fails to comply with these procedures, the DCO may authorize an audit. The DCO, after an audit review, may recommend other action deemed appropriate. In addition, corporate entities must follow all other State or Federal financial reporting requirements.

To recap:

• The Flotilla’s forward their reports to the Division Commander by 31 January.
  
  
• The Division Commander forwards all the Flotilla reports and the Division report to the DSO-FN
  by 10 February.

• The DSO-FN will then forward to the DIRAUX office, with a cc: to the District Commodore and
  the District Chief of Staff.

Notes from the Directors Office: (1) All reports should be submitted on a “cash” basis, NOT on an “accrual” basis. If the cash did not go in to, or come out of the account, then nothing happened in that fiscal year. (2) Due to limitations of the USCG email servers, reports from the DSO-FN need to be batched and submitted by Division. The entire region cannot be batched together.

It is essential the reports be accurate and concise. The unit inventory report (7025, Page 2) is part of the 7025 and must be attached. Copies of the previous year’s January and December bank statement(s) must be attached. It is the responsibility of all Division Commanders and the DSO-FN to review the 7025’s for accuracy and completeness, which includes dates, signatures, and required attachments.

Both the incoming and outgoing elected officer and the incoming and outgoing FN and MA must sign the 7025. The Audit Committee Chair must sign both pages of the 7025. The Flotillas and Divisions shall maintain the original copy of the signed 7025.

Updated and Effective January 01, 2024

To obtain a copy of the 2024 Annual Financial Reporting Policy and Procedure please click here. 

• 7025 Annual Financial Reporting 2024 Presentation (NEW as of Jan 2024)
• Auxiliary Financial Controls Standard Operating Procedures (SOP) (NEW as of Feb 2022)
• Purchasing and Reimbursement Procedure (NEW as of Jan 2021)