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Chapter Treasurer

The Treasurer's Role:

  • Act as chapter financial manager and advisor; ensuring that proper accounting procedures are established and accurate financial records are maintained.
  • Act as liaison to AICI Headquarters and the International Treasurer for chapter financial business.

Resources

Responsibilities:

A. Prepare the Chapter Budget.

The AICI fiscal year is July 1 through June 30. Use the spreadsheet template to create the budget. Click here for budget spreadsheet template. The budget must be submitted to AICI headquarters by June 15.

The budget is formulated using a combination of past chapter financial history plus an understanding of current plans for projects and financial requirements as outlined by board members, committee chairs and others.

The Treasurer oversees the budget planning meeting with the incoming Board in order to plan what income projections and expenses will be required. It is important to discuss what each board member’s budget covers and how it was formulated—emphasizing the importance of staying within the budget.

The incoming Treasurer is strongly encouraged to work with the outgoing Treasurer in overseeing the formulation of the budget so that he/she is familiar with the vision behind the numbers and should start this job before the end of the outgoing Treasurer’s term for training purposes. If this is not possible, the outgoing Treasurer is encouraged to be on hand to oversee the new Treasurer’s first budget planning meeting.

B. Monitor the Chapter Budget.

1. Chapter finances should be overseen monthly.
a. Use a software program (Quicken or QuickBooks, for example) to record all financial transactions of the Chapter. This allows for ease of creating financial reports.
b. Reconcile bank statements.
c. Collect and account for all money received and expended for use of the chapter.
d. Pay all chapter bills, co-signing checks with the chapter President.
i. A board vote is required to approve any unbudgeted expense prior to incurring that expense.
ii. Board members are to submit quarterly expense sheets including all receipts for expenses incurred and expect to be reimbursed for those expenses allowed by their budget.
2. Provide a Treasurer's Report for each board member at every board meeting, including a balance sheet, profit and loss statement, and an itemized report by budget category. Copies of bank account statements should also be provided.

C. Direct the Completion of All Tax, Insurance and Financial Reports at Year's End.

1. Prepare year-end reports for financial audit with accountant and file reports with the state if necessary.
2. Prepare year-end reports for chapter board of directors.
a. Advise the board on use of any year-end profit.
b. With the board, determine the amount of money that should be returned to the chapter's reserve funds at the end of the year.
3. Keep a record of work to pass to the incoming Treasurer.
a. Obtain and distribute bank signature cards for change of signers.

D. Provide the Chapter Financial Reports to AICI.

Once a year, chapter Treasurers are required to complete the Chapter Financial Reporting form and send it to AICI headquarters. For the period of July 1 through June 30, the Financial Report is due on June 15. A spreadsheet template of the form is available by clicking here. The AICI Treasurer will verify the information on the Chapter Financial Report by comparing it with copies of your chapter’s bank statements and a copy of your check registry or transaction statement. Once the AICI Treasurer approves your chapter’s documenta­tion, AICI can proceed with distributing your chapter’s rebate funds for the prior period.

Tips for preparing the Financial Report

  • Gather all bank statements that show transactions from the financial period on you are reporting. Copies of these statements must be submitted with your report.
  • Ensure that the number entered on the first line "beginning bank balance” reflects the actual bank balance on the first day of your reporting period. Please circle this amount on your bank statement.
  • Fill in the income and expense categories – the Financial Report template has suggested line items, but you may add to and adjust these to more accurately reflect your chapter’s activities.
  • Only include items on your Financial Report that have cleared the bank by the last day of the reporting period.
  • The ending bank balance on your bank statement should correspond with the amount on line C1. Please circle the ending balance on the bank statement.
  • Submit a copy of the chapter’s check registry or a transaction statement that shows the date and details of each transaction. Identify those items that have not cleared the bank during the period.
  • Please keep in mind that the more detailed your documentation is, the faster your rebate approval process will be.
  • Fax, mail, or email the documents to AICI Headquarters. Many banks provide electronic statements which are easily sent. Likewise, check registry or transaction statements from Quicken or QuickBooks are easily emailed, along with the Financial Report itself.
  • Do not hesitate to contact the AICI Treasurer if you have any questions or require assistance in preparing the Chapter Financial Report.
  • If your chapter is unable to maintain a bank account because of banking policies in your country, please contact AICI headquarters or the AICI Treasurer for special instructions for preparing your Financial Report.

E. Additional Responsibilities.

  1. US chapters must apply for their own Tax ID number, prepare IRS forms if required, and establish bank checking accounts with the understanding that any fees incurred will be the responsibility of the chapter.
  2. Ensure policies and directives are followed appropriately.
  3. Investigate and review all contracts with outside parties as required and requested.
  4. Participate in chapter board meetings.
  5. Seek professional financial advice when needed.
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