ASQ Transformation FAQ For MyASQ Members – Finance
myASQ Finance is a new member unit finance system that will simplify and streamline all member unit banking, accounting, and financial reporting. myASQ Finance is expected to include features such as online check writing, electronic bill payment, and prepaid debit cards. These features are expected to offer a seamless, easier process for member unit banking going forward.
Why are member unit finances being consolidated?
The objective of fund consolidation is to generate greater Society-wide member value and mitigate risk. In the current environment, each member unit is limited to the resources available from its own member unit specific funds. Consolidating funds will enable greater opportunities for long-term investments in member value and reinvestment in the Society. In addition, centralization allows for auditable controls and reduced risk by streamlining the many different financial systems and hundreds of bank accounts the Society currently has.
Why can’t member units continue to manage their finances independently?
ASQ is a single, consolidated legal entity and member units do not have legal standing independent from the Society at large. This requires consolidated reporting per ASQ’s IRS tax status as a 501c3 entity.
When should sections expect funds to be centralized?
Most sections (SAC) will transfer funds in the fourth quarter of 2018. Divisions (TCC) previously centralized their funds in April 2018.
What will be the process for sections to move funds from their existing accounts to the centralized account?
Sections with excess financial accounts will be contacted by their regional directors by the end of June with instructions for transferring those funds to the ASQ Reserve Fund or investing in ASQ investment programs (selected by the section). Processes for transitioning remaining funds to the centralized account will be communicated later in 2018. Divisions previously centralized their funds in April 2018.