Chapter Finances

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Chapter Finances Operations


July 29, 2000 Alumni Leadership School
Presented By Jeremy M. Harvey Chapter Financial
Consultant
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Topics To Be Discussed

• Chapter Finances
• Eminent Treasurer Duties
• Budgeting
• National Deadlines
• Tips for Improving Chapter Finances
• Where does the money go?
• Chapter Operations

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Chapter Finances
Definition

• Chapter finances include anything that has to do
  with the movement or management of fraternity
  chapter funds.

Things to keep in mind

• An SAE Chapter is a brotherhood of men, as well
  as a business organization.
• - The Phoenix, p. 110

• Brotherhood starts when the bills are paid!
• - Jim Pope, Past ESA

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Treasurer Duties

• Collect money that is owed to the chapter and
  present a receipt
• Hold the chapters funds, securities, vouchers,
  and account books
• Submit a monthly financial report to the chapter
  
• Pay all monies owed by the chapter
• Attest transfer cards
• Prepare and forward to the fraternity office by
  the 30th of the month following the end of the
  fiscal year an annual financial statement
• Prepare and forward Form P, Form C Form A to
  the fraternity office
• Maintain an annual budget

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Budgeting

• Budget semesterly
• Look ahead
• Prepare for the unexpected
• Make sure operational expenditures are covered
  first
• Review past budgets
• Know where all revenues are coming from
• Always add a safety factor on variable costs
• Revenue should be 10 greater than expenditures

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National Deadlines

• Oct 1 - Liability Insurance Premium (Discount)
• Oct 15 - Chapter Budget
• Nov 15 - Form C IRS 990
• Feb 1 - Annual Dues Payment (Discount)
• May 1 - Fidelity Bond Premium Due
• Others
• Form P - within 10 days after formal pledge
  ceremony (75/man)
• Form A - within 10 days after initiation
  (200/man)

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Chapter Fees

• Insurance Premium 124 per active brother
• Annual Dues 90 per active brother
• Fidelity Bond 150 per chapter
• Pledge Fees 75 per pledge
• Initiation Fees 200 per initiated brother

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Tips For Improving Chapter Finances

• Use a computer or Omega
• Have important information sent to a P.O. Box
• Elect someone who is responsible and accountable
• Elect a deputy treasurer
• Form a financial committee
• Have a chapter financial advisor
• Have an accounts receivable sheet
• Restrict social activities for brothers who are
  late with dues
• Maintain a chapter savings account or investment
• Jeremy Harvey 1-800-233-1856, extension 244

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Where Does The Money Go?
Total Revenues 3,674,056
Total Expense 3,892,932
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Chapter Operations

• Effectively pass the torch
• Train young members
• Have pledges on committees
• Maintain good alumni relations
• Newsletters
• Maintain communication with housing corporation
• Maintain good relations with the school and
  surrounding communities
• Get involved!!