1. Chapter Financial Management: Best Practices Chris Hallam Province Delta Archon hallam.13@osu.edu

2. What makes the Eminent Treasurer role so difficult? It’s just $$$ right? 1) Managing collective funds where everyone has a say in “their money” 2) Difficulty in holding brothers accountable 3) Lack of training in everyday financial management 4) Every fraternity have different business plans

3. “Baby I Got Your Money” Data on SAE Financial Management 80% are aware of 990’s but only 40% have completed them 63% report trouble with brother’s paying dues One chapter reported 30 out of 55 brothers being unpaid Recruitment and Social tied as largest budgets* 69% Have a debit card 34% Require two signatures 85% Have a budget, 3 do not Only 23% have the chapter vote on a budget Only 56% provide an expense report to the chapter

4. 1)Debit Cards 2)Lack of Audits 3)Not reconciling to your bank statement Financial Dangers

5. Ability to Present Budget to Actuals WEEKLY to chapter Semester/Quarterly Audits Excel or Quickbook tracking of deposits, expenses, budgets, check #’s, dates…AND KEEP IT SIMPLE 2 Signatures to Minimize Fraud! Semester/ Quarterly % analysis of spending “ We’re in the Money” Best Quality Practices

6. Budget for SAE and University First IFC Dues Risk Management Fee Pledge and Initiation Fees Province Dues Leadership School Convention

7. Membership Services

15. But wait…What is a good way to budget and how do I keep track of a budget?

20. Wait what is this 990 form? Yes you have to do it yearly It is simply a reporting mechanism Most chapters & House Corporations operate on fiscal year July-June 30 Chapter have been fined upwards of $14,000 for failing to file FIRST TIME FILER!!

21. http://www.irs.gov/pub/irs-pdf/i990ez.pdf http://www.ehow.com/how_7797682_file- irs-form-990.htmlhttp://www.ehow.com/how_7797682_file- irs-form-990.html http://www.nonprofithub.org/featured/the- form-990-know-how-your-stress-free-filing- guide/http://www.nonprofithub.org/featured/the- form-990-know-how-your-stress-free-filing- guide/ http://www.irs.gov/pub/irs-pdf/f990ez.pdf http://www.npccny.org/Form_990/990.htm #no4http://www.npccny.org/Form_990/990.htm #no4 Helpful Websites

22. How do I get brothers to pay dues FAQ Problem # 1: You are probably enabling them to not pay Problem # 2: The first time you don’t stick to your word you have a mountain to climb Problem #3: Forgiveness of expenses in order to start fresh Solution # 1: Read off in chapter who is unpaid and make it clear that they have no vote and cannot attend any organized activity until they are paid Solution # 2: Cancel events until brothers pay Solution #3: Remove them from positions if they have any Solution #4: Turn them over to collections if you are able

23. What Every Treasurer Should Know! FAQ “Collections is a necessary part of the position-find support” “How to create a budget” “Amount Collected + Starting Balance – Checks Cashed + Checks Uncashed=bank statement.” “ Fill out the 990 form” -FIRST TIME FILER “ What is your job [treasurer] and what is the House Corporation’s job” “The time this position takes is 5-20 hours a week if you have a lack of organization and accountability” “This job only takes 1-2 hours of week if you are firm on collections and reconcile weekly” ‘Pick up a phone when dealing with your brothers not e-mail”

24. What I Wish I Had Known FAQ “Don’t Collect Cash” “Create and end of the year report on tips, bank account information, how to do certain tasks” “Know your Bill Highway/OmegaFi/F&H backwards and forwards” “ Do a per Semester/Quarter budget” “ Know how a budget works” “They swore on an oath to pay, enforce it”

25. Chapter Financial Management: Best Practices QUESTIONS Chris Hallam Province Delta Archon hallam.13@osu.edu