12 Tips for Managing Chapter Finances

When it comes to dealing with the chapter’s finances, transparency and sound ethical practices must be considered to avoid problems. Here are some procedures to consider:

  1. Have two co-signers or co-authorizers on checks and credit/electronic purchases.
  2. Deposits of checks and cash should be made in a timely manner (within 7 days is recommended).
  3. Record data from all checks received either electronically or by photocopying checks prior to deposit.
  4. Cash receipts should be verified by second party and initialed in writing.
  5. An itemized record of all income and expenses should be kept electronically.
  6. Checks for dues, chapter fundraisers, social events, etc. should always be made payable to the chapter—never an individual.
  7. The Treasurer or a designee should provide a report at each membership meeting which should be approved by the members.
  8. For a reimbursement of expenses, either the actual receipt or an accounting in writing/email must be provided.
  9. Expenditures over a certain amount (either in the bylaws or established in practice) should require approval of either the chapter’s board of directors or the general membership.
  10. A finance committee including the treasurer, chapter president and one or two members should be a standing committee.
  11. In the spring, the finance committee (or an assigned auditor) should review all income and expenses of the previous year.
  12. In the fall, the finance committee should prepare a budget for the following year that is approved by the membership.
Like the post? Share it!

Comments are closed.