This policy will be revised when needed and reviewed in detail at least annually by the TIAA Treasurer for consistency between policy and current practice.
Overview
Due to the limited number of accounts, some of the Texins accounts have been renamed for TIAA purposes in which case the Texins account name is shown in parentheses. Accounts not used by TIAA are omitted from these Account descriptions.
Income Accounts
400 Membership Dues
This income represents the dues paid by TIAA members. The first year is generally free unless the member pays for a Lifetime membership. Payments can be made by cash, check and/or PayPal using the TIAA Website.
401 Training
This income represents payments by people who participate in Training organized by TIAA.
402 Interest/Dividends
This account represents interest income and dividends earned by TIAA through the Mrrill Lynch Investment Account or Texans Credit Union
403 Trips/Events (Events)
This income represent payments by persons who participate in the various trips and events organized by TIAA. TIAA makes the reservations to take advantage of available group discounts and collects payments to cover the costs associated with the respective trip or event.
404 TI Quarterly Funding (Contributions)
TI HR provides a quarterly payment of $10,000 to TIAA for general operating expenses. The TIAA Administrator submits an invoice according to the schedule in the TIAA Treasurer Guidelines. TI generally remits payment, via EFT, within 30 to 45 days.
406 Miscellaneous
Miscellaneous income includes things such as merchandise sales. Examples from the past include TI history book sales, TIAA Cookbook sales and TIAA t-shirt sales. Other receipts which cannot be identified with another income account are recorded here.
408 Golf Tournament Funding
TI Public Affairs provides an annual payment to TIAA in support of the annual charity golf tournament. The TIAA Administrator submits an invoice according to the schedule in the TIAA Treasurer Guidelines. TI remits payment, via EFT, generally within 30-45 days. Up through 2008 the amount of this support had been $4,000 and was reduced to $2,000 starting in 2009. Texans Credit Union also provides funding. The amount was $4,000 through 2007 and was reduced to $2,000 starting in 2008. In 2016 the amount was raised to $3,000. Texans CU is contacted by TIAA according to the schedule in the TIAA Treasurer Guidelines. These funding payments help cover expenses for this tournament so that 100% of the donations from golfers and sponsors go to the charity.
414 Amazon Associates Compensation Program
This account was established in 2008 in order to capture income items that are taxable at the Texins Association level. The only item that TIAA currently has in this account is periodic income we receive from Amazon.com as part of their “Associates Compensation” program. Our “advertising fee” rate is 4% of purchases made when a TIAA member makes an Amazon.com purchase by first clicking on the “Click here to shop online at Amazon.com” link on the TIAA website.
420 TI Retiree Luncheon (TIRL)
TI Public Affairs provides an annual payment to TIAA in support of the TI Retiree Luncheon. The TIAA Administrator submits an invoice according to the schedule in the TIAA Treasurer Guidelines and TI generally remits payment, via EFT, within 30-45 days. Up through 2008 the amount of this support had been $50,000. In 2009 it was reduced to $25,000 and in 2010 increased to $35,000. In 2011 the amount was increased to $40,000. The collections from tickets sold to attendees and bus fare are also recorded in this account.
Expense Accounts
600 Membership
All expenses related to promoting, enrolling, tracking and maintaining the membership roll as well as defining the TIAA structure and mission are charged here, including printing, postage, surveys, benchmarking, etc. PayPal fees related to online membership renewals are also charged to this account.
601 Education/Health Seminars (Training)
Expenses associated with seminars arranged by the TIAA Education Committee are collected in this account. Examples of expenses include printing, meeting place rental, equipment rental, speaker fee, and refreshments.
603 Trips/Events (Events)
This account is for costs associated with the trips and events sponsored by TIAA. PayPal fees related to online payments for trips and events are also charged to this account. TIAA expenses associated with the "On My Own Time Art Show" are also recorded in this account.
605 Business Meetings/Meals (Meals/Entertainment)
This account is used for meals ordered by the Executive Committee or when authorized, another Committee for a special occasion/meeting held at mealtime.
610 Web Address/Internet Fees (IT Charges)
This account is used for internet-related fees such is monthly internet access charges, PalPay Pro, domain name renewal, antivirus software, computer and office equipment and contracts for blast e-mail services.
612 Insurance – General Liability and Directors and Officers (D&O) Liability Insurance
There is a monthly allocation from Texins to cover TIAA’s pro rata share of Texins’ general liability insurance premium and D&O liability insurance premiums.
614 Postage/Shipping/P.O. Box (Postage)
This account is used for the purchase of postage stamps and shipping costs for general use. If the use can be identified with a specific account, it is charged there. The annual rental fee for the TIAA post office box is charged to this account.
616 Office Supplies
This account is for the general office supplies used by the TIAA Administrator.
617 Website Development/Hosting/Maintenance
Since 2014, this account is exclusively used to track expenses associated with website development, hosting and maintenance. The current provider is Skvare, LLC.
619 Bank Fees
This account represents fees paid to Texans Credit Union for the maintenance of TIAA’s checking account.
621 Salaries/Wages
This account is used to record the wages for the TIAA Administrator, net of employment taxes. Any bonus is also charged to this account. The desired bonus is generally grossed up to include employment taxes so the net bonus paid to the Administrator is the target amount and the employee tax portion is charged to account 631. The payroll-processing fee from Ceridian is allocated by Falgout and charged to this account.
623 Golf Tournament
All of the expenses associated with the fall charity golf tournament are charged to this account. All TIAA members are invited to remit payments directly to the charity, The Senior Source. Golfers are required to remit a payment to Senior Source and in addition they are charged a cash fee, which goes directly into the prize pool. Neither the payments remitted to the charity nor the cash for the prize pool pass through the TIAA accounting system. Expenses include golf course fees, printing, mailing information to golfers, goodie bag items, signs at golf course, etc.
624 Newsletter/Printing (Printing/Publication/Copying)
Expenses associated with the TI Alumni News monthly newsletter are collected in this account, including the printing (Finishing & Mailing Center) and typesetting/page composition (Peggie Matthews.) TI pays for the mailing of the newsletter. All miscellaneous printing, which is not associated with the TI Retiree Luncheon, Educational/Health Seminars, Membership Development, Golf Tournament, Business Meeting or other specific expense accounts, is charged to this account.
627 Miscellaneous
This account is for miscellaneous expenses incurred by TIAA which are not identified with another specific expense account, e.g., to reimburse a TIAA officer for expenses incurred for official TIAA business, i.e., staff training, would be collected in this account. Travel to normal meetings is not reimbursed. Gifts to persons recognized by TIAA are charged to this account. Also, if there is an occasion where TIAA collects money for the purpose of remitting it to another party, e.g., charity, the collection and payment will be run through this account to net to $0.
629 Other Professional Services
This account is for contract labor, facilitators and other professional services.
631 Employee Taxes
Social Security taxes (FICA and Medicare) on the wages of the TIAA Administrator and remitted by TIAA to the Social Security Administration on behalf of the employee are recorded in this account.
632 Employer Taxes
Social Security taxes (FICA and Medicare) on the wages of the TIAA Administrator paid by the TIAA (employer share) are charged to this account. Unemployment taxes are also charged to this account.
640 Annual Business Meeting
All of the expenses associated with the TIAA Annual Business Meeting, which includes a TIAA Report by the President and election of TIAA Officers for the upcoming year, beginning July 1, are recorded in this account. The Meeting is generally in May. Expenses include facility rental, audio/visual equipment rental and refreshments. Bus rental expense and bus fare (booked as a credit) are also charged to this account.
649 Brokerage Fees
This account represents fees paid to Merrill Lynch for the maintenance of TIAA’s investment account.
660 TI Retiree Luncheon (TIRL)
All expenses associated with the TI Retiree Luncheon are charged to this account. Expenses are broken out in categories such as: facility, food, rentals, decorations, entertainment, signage, miscellaneous, etc. (Note, this had been account 626 “Big Event”, but was changed to account 660 and renamed “TI Retiree Luncheon” in January 2010.)
661 Community Service Subcommittee
All of the expenses associated with the activities of the Community Involvement Team are charged to this account. The account was newly established in January, 2010.
Note, all sales taxes incurred on TIAA expenses, e.g.., printing, business meals, TI Retiree Luncheon, etc., are charged to the host account, i.e.., they are not aggregated and charged elsewhere. An agreement where Texins was sharing in the payment of sales taxes ended effective year-end 2006.
TI Paid Expenses
TI absorbs certain expenses incurred for the benefit of TIAA. These include the employees in the mailroom, post office deposit for machine stamping of return mail, TI Alumni News mailing, etc. An attempt is made to collect these costs for a comprehensive picture of the cost incurred by TIAA.
Examples are as follows:
• TI Alumni News mailing expense.
• Seminar, trips and events post card mailing expense.
• New member packet mailing expense.
• TI Retiree Luncheon invitation letter mailing expense.
• Whatever is taken to CRC Group (mail fulfillment house) is charged to TI.
• TI generally absorbs the cost of buses used by TIAA.
Approved by Shyamal Parikh on September 18th ,2020
