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Chapter Finances & Operations

SAE. Chapter Finances & Operations. $. $. July 29, 2000 Alumni Leadership School. Presented By: Jeremy M. Harvey Chapter Financial Consultant. Topics To Be Discussed. Chapter Finances Eminent Treasurer Duties Budgeting National Deadlines Tips for Improving Chapter Finances

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Chapter Finances & Operations

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  1. SAE Chapter Finances & Operations $ $ July 29, 2000 Alumni Leadership School Presented By: Jeremy M. Harvey Chapter Financial Consultant

  2. Topics To Be Discussed • Chapter Finances • Eminent Treasurer Duties • Budgeting • National Deadlines • Tips for Improving Chapter Finances • Where does the money go? • Chapter Operations

  3. 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

  4. Treasurer Duties • Collect money that is owed to the chapter and present a receipt • Hold the chapter’s 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

  5. 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

  6. 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)

  7. 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

  8. 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

  9. Where Does The Money Go? Total Revenues: $ 3,674,056 Total Expense: $ 3,892,932

  10. 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!!

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