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Chapter Financial Management: Best Practices Chris Hallam Province Delta Archon [email protected]

Chapter Financial Management: Best Practices

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Chapter Financial Management: Best Practices. Chris Hallam Province Delta Archon [email protected]. What makes the Eminent Treasurer role so difficult? It’s just $$$ right?. 1) Managing collective funds where everyone has a say in “their money” 2) Difficulty in holding brothers accountable - PowerPoint PPT Presentation

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Page 1: Chapter Financial Management: Best Practices

Chapter Financial Management: Best Practices

Chris Hallam

Province Delta Archon

[email protected]

Page 2: Chapter Financial Management: Best Practices

What makes the Eminent Treasurer role so difficult? It’s just $$$ right?

1) Managing collective funds where everyone has a say in “their money”

2) Difficulty in holding brothers accountable

3) Lack of training in everyday financial management

4) Every fraternity have different business plans

Page 3: Chapter Financial Management: Best Practices

“Baby I Got Your Money”Data on SAE Financial Management

80% are aware of 990’s but only 40% have completed them

63% report trouble with brother’s paying dues

One chapter reported 30 out of 55 brothers being unpaid

Recruitment and Social tied as largest budgets*

69% Have a debit card

34% Require two signatures

85% Have a budget, 3 do not

Only 23% have the chapter vote on a budget

Only 56% provide an expense report to the chapter

Page 4: Chapter Financial Management: Best Practices

1)Debit Cards

2)Lack of Audits

3)Not reconciling to your bank statement

Financial Dangers

Page 5: Chapter Financial Management: Best Practices

Ability to Present Budget to Actuals WEEKLY to chapter

Semester/Quarterly Audits

Excel or Quickbook tracking of deposits, expenses, budgets, check #’s, dates…AND KEEP IT SIMPLE

2 Signatures to Minimize Fraud!

Semester/ Quarterly % analysis of spending

“We’re in the Money”Best Quality Practices

Page 6: Chapter Financial Management: Best Practices

Budget for SAE and University First

IFC Dues

Risk Management Fee

Pledge and Initiation Fees

Province Dues

Leadership School

Convention

Page 7: Chapter Financial Management: Best Practices

Membership Services

Page 8: Chapter Financial Management: Best Practices

Membership Services

Page 9: Chapter Financial Management: Best Practices

Membership Services

Page 10: Chapter Financial Management: Best Practices

Membership Services

Page 11: Chapter Financial Management: Best Practices

Membership Services

Page 12: Chapter Financial Management: Best Practices

Membership Services

Page 13: Chapter Financial Management: Best Practices

Membership Services

Page 14: Chapter Financial Management: Best Practices

Membership Services

Page 15: Chapter Financial Management: Best Practices

But wait…What is a good way to budget and how do I keep

track of a budget?

Page 16: Chapter Financial Management: Best Practices
Page 17: Chapter Financial Management: Best Practices
Page 18: Chapter Financial Management: Best Practices
Page 19: Chapter Financial Management: Best Practices
Page 20: Chapter Financial Management: Best Practices

Wait what is this 990 form?

• Yes you have to do it yearly

• It is simply a reporting mechanism

• Most chapters & House Corporations operate on fiscal year July-June 30

• Chapter have been fined upwards of $14,000 for failing to file

• FIRST TIME FILER!!

Page 21: Chapter Financial Management: Best Practices

• http://www.irs.gov/pub/irs-pdf/i990ez.pdf• http://www.ehow.com/how_7797682_file-irs-

form-990.html• http://www.nonprofithub.org/featured/the-

form-990-know-how-your-stress-free-filing-guide/

• http://www.irs.gov/pub/irs-pdf/f990ez.pdf• http://www.npccny.org/

Form_990/990.htm#no4

Helpful Websites

Page 22: Chapter Financial Management: Best Practices

How do I get brothers to pay dues

FAQ

Problem # 1: You are probably enabling them to not payProblem # 2: The first time you don’t stick to your word you have a mountain to climbProblem #3: Forgiveness of expenses in order to start fresh

Solution # 1: Read off in chapter who is unpaid and make it clear that they have no vote and cannot attend any organized activity until they are paidSolution # 2: Cancel events until brothers paySolution #3: Remove them from positions if they have anySolution #4: Turn them over to collections if you are able

Page 23: Chapter Financial Management: Best Practices

What Every Treasurer Should Know!

FAQ

“Collections is a necessary part of the position-find support”

“How to create a budget”

“Amount Collected + Starting Balance – Checks Cashed + Checks Uncashed=bank statement.”

“ Fill out the 990 form” -FIRST TIME FILER

“ What is your job [treasurer] and what is the House Corporation’s job”

“The time this position takes is 5-20 hours a week if you have a lack of organization and accountability”

“This job only takes 1-2 hours of week if you are firm on collections and reconcile weekly”

‘Pick up a phone when dealing with your brothers not e-mail”

Page 24: Chapter Financial Management: Best Practices

What I Wish I Had Known

FAQ

“Don’t Collect Cash”

“Create and end of the year report on tips, bank account information, how to do certain tasks”

“Know your Bill Highway/OmegaFi/F&H backwards and forwards”

“ Do a per Semester/Quarter budget”

“ Know how a budget works”

“They swore on an oath to pay, enforce it”

Page 25: Chapter Financial Management: Best Practices

Chapter Financial Management: Best Practices

QUESTIONS

Chris Hallam

Province Delta Archon

[email protected]