CHAPTER FINANCES
The Association's Bylaws, Article VIII, Section 6 allows for funding of chapters in the form of an annual allotment. Total allotment funds, based on membership dues, are determined annually by the Board of Directors at their Fall Meeting. Allotments are calculated using the chapter's membership count as of December 31. Allotment checks are mailed in February. The Association fiscal year is January l-December 31.
No allotment shall be paid to a chapter unless a financial statement has been submitted to and approved by the assistant executive director of financial services at the association office.
The Board of Directors may grant funds or loans at its discretion. Requests for funds are, as a rule, considered only at the fall Board of Directors meeting. Each chapter applying for additional monies must submit a detailed estimated budget to substantiate the request. This budget should then be submitted to the Chapter Cabinet Chair, who will make the presentation to the Board.
The chapter and group treasurers shall maintain the financial records required for their units. A simplified single-entry system has been found sufficient for most cases. The treasurer shall prepare a report on the chapter's or group's finances for each chapter meeting.
The following reports and record-keeping procedures are mandatory:
- The treasurer of each chapter, provisional chapter, and chapter group shall submit an annual financial statement in duplicate to the association office to the attention of the assistant executive director of financial services by January 31 of each year. (Forms will be distributed by the association office in advance). This deadline is most important and must be adhered to. A third copy of the statement is to be retained for the chapter's archives. This report is to be audited by a chapter or group member who does not hold an elected office at the time of the audit or by any other qualified person available to the chapter or group.
- No allotment shall be paid to a chapter unless an annual financial statement has been approved.
- The treasurer of each chapter, provisional chapter, and chapter group shall submit an unaudited mid-year financial statement in duplicate to the association office to the attention of the assistant executive director of financial services by June 30 of each year (forms will be distributed in advance by the association office). A third copy of the statement is to be retained for the chapter's archives.
- A chapter or group within a chapter may have undesignated funds for general administration. These funds are derived from allotments and from income accruing as a result of normal activities, such as advertising in the chapter bulletin, dinner meetings, etc. Normal charges against such "regular funds" include bulletin expenses, postage, meeting notices, etc.
- Normally a chapter or group will administer its expected activities to utilize the greater part, if not all, of its allocated funds. However, a chapter or group may elect to conserve its funds gradually in anticipation of specific undertakings where special project funds have not already been accumulated. Other chapters or groups may, through lack of activity in one year, carry unspent allotments over to following years. Funds accumulated for either of these reasons and not expected to be spent during the year's usual activities, may be transferred to a project fund.
Money earned in special chapter or group projects may be maintained in one or more project funds, general or designated. Examples of such projects are seminars or workshops for which a fee is charged, royalties paid by the Association for chapter-originated publications, receipts from similar works published independently by the chapter, and fund-raising activities conducted for a specific purpose. Expenses involved in such projects are to be charged against these funds. Project funds must be reported as part of the periodic and annual financial reports.
- A chapter or group must report property which falls within the definition given in the "Property Guidelines" on a special page accompanying the financial statement.
Upon dissolution of a chapter, its funds and properties shall revert to the Association (Association Bylaws, Article VIII, Section 7). On dissolution of a group within a chapter, the group's remaining funds revert to the chapter (Association Bylaws, Article VIII, Section 4).
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