1. Treasurer Responsibilities & Sponsorship Revenue HR Virginia Leadership - 2019
Brenda Madden, State Council Treasurer
Meg Wagner-Diggs, Technology, Sponsorship/Partnerships
This presentation is not to be construed as, or a substitute for, professional legal and/or financial advice.

2. Treasurer’s Responsibilities
Receives and disperses funds in a timely manner
Watch for scams!
Keeps financial records and documentation
Checks P.O. box and distributes mail
Sends dues notices and other invoices
Reports financial status to Board at every Board meeting
Files information with IRS
Establish Guidelines
Per SHRM New Board Orientation Presentation

3. Statement of Financial Position
Required with annual filing of SHAPE
Total Chapter Income for 2018_______
Total Chapter Expenses for 2018______
Net Profit/Loss for 2018__________
Total Chapter Assets as of 12/31/2018_______
(“Total assets” would include cash, CDs, money-market accounts, the value of other investments such as stocks or bonds, property owned by the chapter such as real estate, etc.)
HR Virginia Financial Guidelines:
Guidelines-Travel-Reimbursement.pdf

4. Chapter Finances
SHRM reserves the right to request a copy of your full financial statement to validate the information
Ensure that you are signed up for direct deposit for Chapter Financial Support Payments (CFSP).
Great Idea! Publish a financial statement for your membership. Operate in a transparent fashion. Remember, your members are looking for a return on their investment in the chapter as well.

5. On SHRM’s VLRC: SHRM® Guide to Chapter Financial Management
SHRM® Guide to Chapter Financial Management 
Section 1: Introduction
Section 2: Operating Considerations
Section 3: Methods of Accounting and Financial Reporting
Section 4: Internal Controls Over a Chapter’s Cash Transactions
Section 5: Auditing
Section 6: Financial Maintenance Questionnaire
Section 7: Investments
Section 8: Tax Filings
Section 9: Unrelated Business Income
Section 10:Lobbying Activities
Section 11:Travel and Meal Reimbursement
Section 12:Record Retention Guidelines
Section 13:Appendix–Financial Maintenance Questionnaire

6. Know your chapter’s IRS classification
IRS classifications based on nature of chapter’s activities
IRS makes final determination
Chapters are responsible for filing for their own status; may not use SHRM’s status or federal ID (TIN)
Letter of Determination
File original in a safe place
A copy can be sent to SHRM Member Relations Department and State Council as a back up
Non-profit not automatically tax-exempt
May still have to pay state and local taxes

7. Tax Filing Requirements
Every tax exempt organization must file an information return annually
990-N electronic postcard – gross receipts $50,000 or less
990-EZ- gross receipts <$200,000 and assets <$500,000
990- gross receipts >= $200,000 and/or assets >=$500,000
990-T Tax on Unrelated Business Income

8. Chapter Finances Additional Resources
SHRM Guide to Chapter Financial Management, SHRM, (available online in the Volunteer Leaders Resource Center (
The Complete Guide to Managing Chapter Funds, Susan S. Vowell, CPA, 2000, ASAE
Association Law Handbook, Third Edition, Jerald A. Jacobs, 1996, ASAE
Association Audits from A to Z: A Guide for Volunteer Leaders, Andrew S. Lang, CPA, 2000, ASAE
Director’s and Officer’s Insurance White Paper in the VLRC
Archived webcast “Running Your Chapter Like a Business” with Karen Verrico, CAE
Tax Compliance Guide, Jeffrey S. Tenenbaum, 2000, ASAE

9. Questions?
Thank you for your participation!