Convention 2012 Richmond, VA

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Convention 2012 Richmond, VA. Finances / Collections. THANK YOU!. FY12: another fantastic year for finances Please continue the efforts into FY13 and beyond Until we reach 100% - always room to improve. FY12 Collection Rates (as of June 30). 98.260% of Fall dues collected - PowerPoint PPT Presentation


<ul><li><p>Finances / Collections</p><p>Convention 2012Richmond, VA</p></li><li><p>THANK YOU!FY12: another fantastic year for finances</p><p>Please continue the efforts into FY13 and beyond</p><p>Until we reach 100% - always room to improve</p></li><li><p>FY12 Collection Rates(as of June 30)98.260% of Fall dues collected89.822% of Spring dues collected95.473% combined full year collected</p><p>100% paid Fall new member fees100% paid Fall initiation fees100% paid Spring new member feesAll but two chapters have paid full Spring initiation fees100% / 97.79% - full year NM/Init collected respectively</p></li><li><p>New IEC TreasurerChris Rakunas outgoing IEC Secretary / incoming IEC TreasurerCal Tau alumSuccessful business career serving as the CEO of a hospitalAccomplished AuthorCommitted to continued improvements</p></li><li><p>Filing due on the 15th day of the 5th month after the end of your organizations accounting period</p><p>For more information, visit or speak to a tax accountant</p><p>If needed, ask alumni for advice chances are you have a CPA that would be willing to help</p><p>IRS FORM 990 FILING</p></li><li><p>Which 990 Form to file?</p><p>2010 Tax Year and later (Filed in 2011 and later)Form to FileGross receipts normally $50,000990-NGross receipts &lt; $200,000, and total assets &lt; $500,000990-EZ or 990Gross receipts $200,000 or total assets $500,000990</p></li><li><p>Be sure to file!!Failure to file for three consecutive years = LOSS OF TAX EXEMPT STATUS This happened to two chapters in June of 2011</p><p>IRS threatening for ALL of Pi Lam to lose tax status if chapters fail to file</p><p>IRS: $20 penalty PER DAY for each day failure to file continues (same penalty if you fail to give correct and complete information)</p><p>Committee has been formed to help ensure compliance (Brandon Taylor, Chris Rakunas, Pat Daley)</p></li><li><p>Use software Quicken / Microsoft Money</p><p>Monitor actuals vs budget adjust as needed (individual budget swapping)</p><p>Hold chairs to budgeted amounts any fluctuations need Exec approval</p><p>General Tips for the KOE</p></li><li><p>Rex and KOE to have bank access (online, signature authority, etc). </p><p>Checks over $XX should require two signatures (Rex and KOE)</p><p>Alumni chapter/faculty advisor to have review authority (possibly signature authority as well)</p><p>Tips continued</p></li><li><p>Tips ContinuedCollect EARLY more money to start the semester</p><p>**Bank Reconciliations / Do not use ATM balance or current online balance to determine amount of cash available**</p><p>Include note with payments to IHQ detailing what payment covers</p></li><li><p>Payments to IHQPayments to IHQ Consist of:Per Caps ($325 per man)Insurance ($95 per man)Programming Assessment ($1500 per chapter/colony)</p><p>Colony payment structure slightly differentif you are a Colony and you have questions, please ask me or Ian</p></li><li><p>New overall policy in effect beginning with Fall 2010. Changes being made starting with 2012-2013 school year.</p><p>FY12 was fantastic however, some probations and suspensions were handed down. This will continue to be enforced.</p><p>Current IHQ Collection Policy</p></li><li><p>There will be three payment options available to each Chapter/Colony:Full YEAR payment by September 30</p><p>Full SEMESTER payment by September 30 and February 15</p><p>Two payments in the Fall (Sept 30 &amp; Nov 15) and one payment in the spring (Feb 15)</p><p>Collection Policy Continued</p></li><li><p>Payments consist of the following:Full year: 100% Per Caps/Risk Management and Educational Programming Assessment ORFall full semester payment: 60% of annual per caps/insurance plus 75 % of Educational Programming AssessmentSpring full semester payment: 40% of annual per caps/insurance and 25% of Educational Programming Assessment. ORTwo Fall default payments: each at 30% of annual per caps/insurance and 75% of Convention assessmentSpring default payment: 40% annual per caps/insurance plus 25% of Educational Programming Assessment.</p><p>Collection Policy Continued</p></li><li><p>Pay entire year by September 30 8% discount</p><p>Pay semester in full by respective semesterly due date5% discountFall Semester payment must be postmarked by 9/30 to be eligible for Spring discount. </p><p>Two Fall payments / One Spring paymentDefault payment optionNo discount / no premium</p><p>Pros/Cons of Payment Options</p></li><li><p>NOTE: you will only receive the 5% discount on the full Spring semester payment if you paid the Fall semester was postmarked by September 30. </p><p>As you can see, the Spring full semester payment and the Spring default payment are identical. Therefore, the benefit is only given to those chapters who take advantage of the Fall full semester discount.</p><p>Collection Policy Continued</p></li><li><p>Payment not postmarked within 5 days of due date: Probation with SOCIAL SUSPENSIONSchool and alumni association notified of social suspensionProbation lifted if payment received within 30 days of due date</p><p>Payment not postmarked within 30 days of due date:Chapter placed on FINANCIAL SUSPENSIONSchool and alumni association notifiedRemain on Financial Suspension until payment made or payment plan presented to and agreed upon by IEC Treasurer and Executive Director and/or Director of Chapter OperationsDisciplinary Actions</p></li><li><p>What is Financial Suspension?</p><p>Suspension of Charter - Pursuant to Article V Government, Section 5 (c) of the Pi Lambda Phi Constitution, the International Executive Council may suspend the Charter of any Chartered group.Financial Suspension of Charter means that the Chapter must take all actions necessary to:Remain a member of the respective University/College, IFC and/or similar governing bodies or constituencyThe Chapter will not hold itself out as a Chapter of Pi Lambda Phi Fraternity.This includes, but is not limited to the following:Prohibition of participation in events where any individual(s) and/or group(s) would associate a chapter of Pi Lambda Phi Fraternity being associated with;The Chapter may not orally, in writing, or by symbol represent itself as a Chapter of Pi Lambda Phi Fraternity in any campus activities.Campus activities include, but are not limited to the following:Greek Week/Greek GamesIntramural sports/events; and/orSocial events</p></li><li><p>Financial Suspension ContinuedRecruitmentRecruitment will not be permitted unless approval is obtained from the Executive Director, or the Director of Chapter Operations, or the President of the International Executive Council</p><p>New Member EducationNew Member Education will not be permitted unless approval is obtained from the Executive Director, or the Director of Chapter Operations, or the President of the International Executive CouncilEach suspended group must submit a written proposal stating how continuing the new member education period will help to meet their financial obligationsApproval will only be given if new member fees are paid as detailed in the new member and initiation policy</p></li><li><p>Chapters on Financial Suspension for two semesters will be given notice of charter revocation</p><p>Colonies on Financial Suspension for two semesters will be given notice of termination of colony recognitionDiscipline - continued</p></li><li><p>New member fees to be paid within two weeks of pinning or by the new standardized semester due dates (10/10 and 2/20) New Member Fees are $65 per man. New Member Payment and Cards are sent to IHQ.</p><p>Request for Permission to Initiate form and appropriate fees are due AT LEAST TWO WEEKS BEFORE or by the new standardized semester due dates of (11/20 or 4/10). Initiation Fees at $175 per man. Fees and Permission to Initiate Forms are sent to IHQ.</p><p>Any rush request on pin /badge shipments will be at chapters expense</p><p>Penalty for late reporting/payment of initiation fees: $25 per man per semester</p><p>New Member Fees / Initiation</p></li><li><p>New Member Fees / Initiation ContinuedBeginning with Fall 2010, any Chapter/Colony that fails to report and/or pay for New Member and/or initiation fees in a timely manner may be placed on probation with social suspension until payment has been made. The decision will be made on a case-by-base basis by the Executive Director, Director of Chapter Operations, IEC President, and/or IEC Treasurer</p><p>New member program may NOT begin until previous periods are paid, unless given permission by Executive Director and/or the Director of Chapter Operations</p></li><li><p>Roster AdjustmentsFor 2012-2013 school year, roster adjustments due to IHQ by August 31, 2012. Once verified through the school, these updated rosters will dictate billings. </p><p>This only happens ONE TIME each year.</p><p>Email current Officer contact info to Laura</p></li><li><p>ContractsBrother agreement (get completed/signed at time budget is approved)Brother agreement / payment planOnly if legitimately neededBrother must present reason why it is needed to Exec Board</p><p>Dont be afraid to ENFORCE contracts</p><p>Collections</p></li><li><p>Hit em where it hurts the most. The previous list contained plenty of incentive to pay dues. But how about SOCIAL PROBATION? Who wants to miss out on social events?More Consequences</p></li><li><p>Unable to attend New Member eventsIneligible to be big brotherUnable to attend initiationUnable to attend various brother nights/activitiesUnable to participate in chapter athleticsAdded work shifts at parties or functionsAdded DD dutyLoss of voting privilege at meetingsConsequences for Non-Payment</p></li><li><p>Cant attend closed partiesCant attend sorority socialsCant participate in sorority events around campusCant attend band partiesExtra sober crew assignments at regular partiesSocial Probation</p></li><li><p>If nothing else works and they are not living up to their commitment:Small Claims CourtLow costs (if any)Simple proceduresIf you have the contract and signatures, easy to prevailFinal Attempts</p></li><li><p>Omega FinancialOnline chapter financial services including billing, statements, budget tracking, various payment options with direct transfer to chapter accounts as well as to IHQ, etc</p><p>System accepts credit cards, debit cards, and online checks</p><p>7 chapters have been actively using Omega some beginning as early as 1998. A handful of others are considering implementing it this coming school year or at least researching it a bit further.</p></li><li><p>Examples from Brothers on how they handle late payments and payment plans currently. (This is the part where you talk)Chapter Examples</p></li><li><p>How to budgetMaster budget (spreadsheet review)Sub-budgets by committee to feed master budget</p><p>Budget backwards</p><p>TIP: be conservativeoverestimate costs, underestimate any variable income</p><p>Be sure to include an allowance</p><p>Budgeting</p></li><li><p>The following items will be available on the Pi Lam website in the members section within the next few weeks:Budget Template for you to use (Excel)Collection PolicyChapter Brotherhood Agreement TemplateChapter Brotherhood Payment Plan Agreement TemplateThis presentationOur international budget with explanations</p><p>PI LAM WEBSITE</p></li><li><p>If you slept through everything elseDo a 990 for the IRSPay billsCommunicate, communicate, communicate</p></li><li><p>How to reach meChris Rakunas - IEC Treasurer</p><p></p><p></p><p>Cell: 310-871-4466</p><p></p></li><li><p>Q&amp;A</p><p>WELCOME</p><p>GIVE A BRIEF BACKGROUND OF WHAT I DO, ETC****FOR MOST CHAPTERS FILING DEADLINE SHOULD BE NOVEMBER 15 (JUNE 30 FISCAL YEAR END)</p><p>ALSO APPLIES TO ALUMNI ASSOCIATIONS / HOUSE CORPORATIONS THAT HAVE TAXPAYER IDs ETC</p><p>SOME ALUMNI MAY BE WILLING TO ASSIST IF NEEDED*NO NEED TO COPY THIS DOWN THIS IS AVAILABLE THROUGH THE IRS WEBSITE OR A GENERAL INTERNET SEARCH</p><p>THIS PRESENTATION WILL ALSO BE AVAILABLE ONLINE AFTER CONVENTION**FIND ALUMNI TO PURCHASE SOFTWARE IF NEEDED</p><p>PASS ALONG DATA FILE FROM KOE TO KOE / HISTORICAL RECORDS EASY TO FIND, etc**COLLECT EARLY OFFER INCENTIVES (BE SURE YOU CAN AFFORD TO OFFER INCENTIVES)</p><p>ANY CHAPTERS OFFER DISCOUNTS/INCENTIVES EXAMPLES?**WE DO NOT WANT TO PUT CHAPTERS ON SOCIAL PROBATION OR SUSPENSIONBUT NO OTHER ALTERNATIVES IF CHAPTERS FAIL TO PAY.</p><p>NOT FAIR TO THOSE THAT ARE VERY SIMILAR TO BROTHERS IN THE CHAPTER THAT DONT PAY YET RECEIVE BENEFITS*1 Chapter paid FULL YEAR dues for 2009-2010</p><p>7 CHAPTERS PAID FULL SEMESTER IN FALL</p><p>14 CHAPTERS PAID FULL SEMESTER IN SPRING</p><p>IT CAN BE DONE**********EXPLAIN WHY YOU CAN ONLY ADJUST ONCE AND WHY IT WORKS OUT EVEN OR IN THEIR FAVOR (PLEDGES DONT PAY PER CAPS, ETC DURING YEAR THEY ARE INITIATED THEY BECOME PART OF ROSTER IN FOLLOWING YEAR, ETC)</p><p>NOW: PLEASE EMAIL LAURA AT IHQ AND GET HER YOUR CURRENT ROSTER CONTACT INFO (NAME/EMAIL/PHONE/ADDRESS) AND THE DATE OF YOUR ELECTIONS</p><p>MID-AUGUST: EMAILS FROM LAURA AT IHQ FOR THIS PROCESS ****UP TO CHAPTER TO DECIDE WHO ENFORCES IT</p><p>REX (OR WHOEVER IS THE PERSON) RESPONSIBLE FOR APPROACHING THEM IN PRIVATE AND ASKING THEM TO LEAVE</p><p>I NEVER HAD ANYONE ARGUE OR TRY TO STAY*CONSEQUENCES OF LOSING IN SMALL CLAIMS COURT</p><p>COURT RULING COULD REMAIN ON CREDIT REPORT FOR UP TO SIX YEARSCOURT RULINGS ARE PUBLIC INFORMATION</p><p>***POSSIBLE TO HAVE SEVERAL OPTIONS TO CHOOSE FROM</p><p>SELECT THE ONE THE CHAPTER LIKES BEST AND WORK FROM THERE****</p></li></ul>