The Form 71 should be completed covering the Masonic year, beginning June 24 of the previous year and ending on June 23 of the current year.
Heading
The heading is self-explanatory and should be completed in total.
Receipts and Disbursements
Cash on hand at the beginning of the current year must agree EXACTLY with the ending cash on hand for the preceding year from last year's Form No. 71.
Current Year Receipts
Receipts includes all income, donations, interest, dividends and other sources of funds received by the Lodge. Any amount listed under "Other" must be explained in detail. Use extra sheet if necessary.
Current Year Disbursements
Any money that leaves the Lodge funds should be categorized and entered on an appropriate line. Any disbursement amount not listed above should be entered under "Other Disbursements" and must be explained in detail. Use extra sheet if necessary.
Assets
Ending Cash from the Receipts & Disbursements section should be entered as the first item under Assets. All other holdings such as certificates of deposit, mutual funds, stocks, land, building & fixtures should be entered at the appropriate value. Any amount listed under "Other" must be explained in detail. Use extra sheet if necessary.
Endowed Membership Units
Should be included under Assets, using the current unit value as determined by the Investment Committee each year. This amount is available from the Grand Secretary as soon as available in July and is included with your Endowed Membership check. The number of units as of June 23 of the current year is multiplied by the current unit value and is shown under the Assets.
Liabilities
The remaining balances of any mortgages or credit purchases of the Lodge should be shown under Liabilities. Any loans to individuals or other entities must also be listed as separate line items under Assets. Any amount listed under "Other" must be explained in detail. Use extra sheet if necessary.
Annual Charitable Activities
This report is the total dollar value of all charitable activities of your Lodge for the Masonic year, which should be kept on monthly records in your Lodge. Include all cash gifts and the estimated value of non-cash gifts. Mileage is computed at $0.40 per mile, and volunteer charitable hours are calculated at minimum wage ($7.25 per hr) for each hour worked. The portion of the per capita paid to Grand Lodge that is distributed to charities (which is $7.35 of the $25.00) is reported by multiplying the number of Members subject to the per capita fee times $7.35. Do not include 50 year or suspended Members. Also report the $25.00 paid for each MM Degree and the $5 for each EA Degree conferred in the Masonic year.
Completing and Filing
Form 71 should be completed by the Treasurer of the Lodge, who will present the completed form, the Lodge check book and validated balance statements from banks, mutual funds or brokerage houses for savings and investments to the Lodge Audit Committee for their annual audit. Investment accounts should be itemized individually.
The new incoming Master shall appoint an Audit Committee at his 1st meeting. They should, that day, ask the Treasurer for a completed Form 71, along with the checkbook and all bank statements so that they can perform the audit on time. The Lodge Audit Committee should draft a report to the Lodge stating their findings and whether or not Form 71 and its accompanying document accurately reflect the financial condition of the Lodge.
The Lodge Secretary must read the Audit Report during a stated meeting and enter the report as part of Lodge minutes. The original of the signed and audited Form 71 must be forwarded to the Grand Secretary no later than September 15 of that Masonic year. See Grand Lodge Article 284. Be sure to retain a copy for the Lodge's permanent files. The District Deputy Grand Master will ask to see the copy in your files during his official visit.