In response to ever-evolving needs and requirements, the AFS-USA Board of Directors voted in 2017 to implement an improved system for Field Finance, called the Unified Banking System (UBS).
There were several reasons for this decision. First, despite improvements volunteers and staff have made over the years, AFS-USA has continued to face an increased degree of risk due to the dispersed responsibility for cash in volunteer accounts.
In past years, there have been instances of team accounts that were never reported to AFS-USA, people raising money in the name of AFS that AFS-USA, Inc. didn’t know about, and issues of defunct chapter accounts where banks won't release information to AFS. Additionally, AFS doesn't always get information from our teams in a timely manner, which greatly impacts our audited financial statements.
There are significant benefits to UBS, which should make team finances easier and more efficient for both volunteers and staff, including:
- Treasurers and Chairs will be issued credit cards for payment of AFS expenses.
- Reimbursements and check requests will be submitted online, which makes the process less paper intensive.
- Deposits can be made online – trips to the bank will be a thing of the past.
- If volunteers want to make deposits at their local Bank of America, Field Finance staff can set up the volunteer with a CashPro account. The convenience of the CashPro app enables ATM deposits, making standing in long teller lines a thing of the past.
- Treasurers will spend much less time on reporting, as monthly and quarterly financial reports will no longer be required.
- Volunteers will continue to make their own team or chapter purchasing decisions.
- Volunteers will continue to make their own decisions about how much and to whom scholarships are awarded, using locally raised funds.
- Online financial reports will be available to Team Chairs and Treasurers, both in real-time and monthly and will be posted on the team page in Global Link.
The new system will rely heavily on technology, cloud computing and other online functionality provided by our banking partners. Ultimately, the goal is to improve fiduciary oversight while providing volunteers with quick access to Team funds and full transparency into their accounts.
Once this system is implemented in your team, all branch and local account(s) will be closed. Funds will be transferred to a Centralized account in NY and will remain available for use at the discretion of the local volunteer Team.
As of February 2024, approximately two-thirds of Area Teams have transitioned to the UBS system. The timeline for this transition for the remaining Teams and for Chapters will include plenty of advance notice and coordination between volunteer treasurers and the AFS-USA Field Finance staff.
Please stay tuned for more information that will be forthcoming. If you have any questions, feel free to reach out to Fieldfinance@afsusa.org.