Chapter Resources

Financial Management Overview

Managing a chapter is like running a business. It requires fiscal responsibility. The board and staff are accountable to the membership for being good stewards of the association’s financial resources.

Fiduciary Responsibility

The treasurer, in particular, is responsible for reporting the association’s financial status to the board and membership. The treasurer should work closely with the chapter executive on the collection, allocation and investment of funds. An effective chapter should hire an accountant to file its taxes and should establish an audit committee to conduct an annual review of the association’s assets.

Establishing a Budget

An effective chapter has a budget that supports its mission, goals and business plan. Here are some tips on creating a budget and a sample template (in both an Excel and PDF format) to help you get started.

Financial Reporting

What should be reported to the board and members? Here are some guidelines. Take a look at this sample financial report (available in both Excel and PDF formats.)

 

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