Treasurer Guide

To better serve your role as Chapter Treasurer, this document is to serve as a guide for you along the way. Look to this for any questions you may have, if there is not an answer to your question simply refer to your chapters Chapter Services Consultant for an answer.

The Treasurer shall keep full and accurate records of all financial matters of the Resident Council in a standard, approved accounting system. He shall render or have rendered a statement of the financial condition of the Resident Council monthly to his Board of Governors and weekly to his own Resident Council. At the close of his term of office, his records shall be audited by an accountant or committee approved by the Chapter's Board of Governors. Lastly, the Treasurer shall make sure the chapter stays current on all financial matters to his University/College, Phi Kappa Tau Executive Offices, Housing Corporation, etc.

990 Form: Each year, the chapter will have to file the appropriate 990 form by November 15. If the chapter's income is less than $50,000 annually, then the chapter should file a 990-EZ form. If the chapter's income is greater than $50,000 annually, visit the IRS website at irs.gov/form990 to learn which form is appropriate for your chapter or contact the Executive Offices.

Budget: The Executive Offices requires chapters to submit semesterly budgets to ensure sound accounting practices. Examples of budgets and budget templates can be given to you by your chapter’s Chapter Services Consultant

Dues: Information on dues are released annually, generally in July of the Calendar year. These amounts are charged on a per semester basis on January 15th and September 15th of each academic year. Fees assessed to a chapter are based on a a variety of items such as insurance rates and the national organizations operating budget, these figures are subject to change.

-Sample Budget

-Finance Admin (Portal) Finances Walkthrough

-IRS 990 Guide

-IRS 1024 Guide

-Chapter CEG Balance

-Sample Financial Contract (Promissory Note)

*All resources available upon request

· Meet with Outgoing Officer

· Attend first Exec meeting with New members.

· Ensure bank information has been transitioned.

· Ensure Chapter finances are current and up to date.

· Begin preparing budget and billing items for the chapter.

January

February

March

· Monitor spending and report expenses and accounts receivable to the Board of Governors.

April

· Monitor spending and report expenses and accounts receivable to the Board of Governors.

· Ensure you have a policy and potentially a signed promissory note with any graduating seniors that still owe the chapter money.

May

· Finalize any outgoing payments and accounts receivable for chapter members.

· Monitor spending and report expenses and accounts receivable to the Board of Governors.

· Check with the Executive Offices to make sure the chapter has a zero balance before the end of the semester.

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Summer

· Review expenses from the spring semester.

· Prepare a fall budget to be approved by the chapter and BOG during the first meeting.

August

· Ensure that you and other pertinent officers and advisors have access to bank accounts and billing system.

· Present a semester budget with fellow chapter officers to the chapter to seek approval. Once approved, submit the budget to the Board of Governors for approval.

· Submit fall budget report on Phi Kappa Tau Portal.

· Begin billing members for fall dues.

· Educate chapter members on Fall Billing and all finance policies within the chapter.

September

· Pay the invoiced bill for Spring Associates($250/person) via Phi Kappa Tau Portal. Due 30 days after invoice.

· Review Chapter Roster and verify it is correct by September 10th

· Review the Fall bill from the Executive Offices that will be sent to you on September 15 (due on October 15).

· Educate the associate members on their new financial responsibility when it comes to dues & fees.

· Monitor spending and report expenses and accounts receivable to the Board of Governors.

October

· Pay the invoiced Spring bill via Phi Kappa Tau Portal. Due on October 15th.

· Monitor spending and report expenses and accounts receivable to the Board of Governors.

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November

· Monitor spending and report expenses and accounts receivable to the Board of Governors.

· Ensure you have a policy and potentially a signed promissory note with any graduating seniors that still owe the chapter money.

· Begin transitioning the new treasurer and get him on the bank account and set him up as an administrator on the dues collection app within Phi Kappa Tau Portal.

December

· Finalize any outgoing payments and accounts receivable for chapter members.

· Monitor spending and report expenses and accounts receivable to the Board of Governors.

· Check with the Executive Offices to make sure the chapter has a zero balance before the end of the semester.

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Spring Billing Schedule

1/1: Email to chapter officers and volunteers regarding the upcoming bill and a reminder about roster changes being submitted by 1/10 at 11:59 pm ET.

1/8: Memo will be sent to chapter officers & advisors regarding billing operations and policies.

1/10: All Roster Changes are due on Phi Kappa Tau Portal by 1/10 at 11:59 pm ET. This date is the drop-dead date and rosters will be frozen.

1/15: Spring Bill is sent to President, Vice President, Treasurer, BOG Point of Contact and BOG Finance Advisor. The attachments will include a Statement only which contains the Spring Bill invoice.

2/1: Regular Monthly Statement of Account is sent if the chapter is not at a $0 balance.

2/15: Spring Bill is due in full, or an approved payment plan is on file with at least a 25% down payment. .

3/1: Regular Monthly Statement of Account is sent if the chapter is not at a $0 balance.

4/1: Regular Monthly Statement of Account is sent if the chapter is not at a $0 balance.

5/1: Chapter must be at a $0 balance from the Spring Bill.

Note: If any day (besides the roster changes being due on 1/10) falls on a weekend/holiday, the date will change to the following Monday.

Roster Updates:

The chapter/associate chapter will need to update their chapter roster by 1/10 at 11:59 pm ET. All rosters at this time will be frozen and the chapter will be billed for each member on the roster as of this time. Unfortunately, no changes in the invoice from the Spring Bill can be made after this date.

Payment Plan Guidelines:

· Chapters can choose between two payments per month (1st and 15th) or one payment per month (15th).

· The first payment within the payment plan must be for at least 25% of the invoiced amount and must be received by 2/15.

· The chapter must be at a $0 balance by May 1.

· Installment dates are “check in hand” dates, not postmarked dates.

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Fall Billing Schedule

9/1: Email to chapter officers and volunteers regarding the upcoming bill and a reminder about roster changes being submitted by 9/10 at 11:59 pm ET.

9/8: Memo will be sent to chapter officers & advisors regarding billing operations and policies.

9/10: All Roster Changes are due on Phi Kappa Tau Portal by 9/10 at 11:59 pm ET. This date is the drop-dead date and the rosters will be frozen.

9/15: Fall Bill is sent to President, Vice President, Treasurer, BOG Point of Contact and BOG Finance Advisor. The attachments will include a Statement only which contains the Fall Bill invoice.

10/1: Regular Monthly Statement of Account is sent if the chapter is not at a $0 balance.

10/15: Fall Bill is due in full, or an approved payment plan is on file with at least a 25% down payment..

11/1: Regular Monthly Statement of Account is sent if the chapter is not at a $0 balance.

12/1: Chapter must be at a $0 balance from the Fall Bill.

Note: If any day (besides the roster changes were due on 9/10) falls on a weekend/holiday, the date will change to the following Monday.

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The chapter/associate chapter will need to update their chapter roster by 9/10 at 11:59 pm ET. All rosters at this time will be frozen and the chapter will be billed for each member on the roster as of this date. Unfortunately, no changes in the invoice from the Fall Bill can be made after this date.

Payment Plan Guidelines:

· Chapters can choose between two payments per month (1st and 15th) or one payment per month (15th).

· The first payment within the payment plan must be for at least 25% of the invoiced amount and must be received by 10/15.

· The chapter must be at a $0 balance by December 1.

· Installment dates are “check in hand” dates, not postmarked dates.

Suspension Notices:

· Failure to pay any invoice greater than $240 within 45-days will result in an operational suspension.

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Chapters must report new associate members within 72 hours of the associate ceremony via Phi Kappa Tau Portal. Once reported, the chapter will be billed the association fee for each member.

For example, if a chapter reports ten people, then they will be billed the association fee times ten people. The invoice will be sent to the chapter President, Vice President, Treasurer, BOG Point of Contact, and BOG Finance Advisor once the invoice is created.

Payment Received on Time:

All payments and checks must be received at the Executive Offices (5221 Morning Sun Rd. Oxford, OH 45056) by due date. Postmarked by date checks are not considered on time.

For example, the Fall Bill payment must be received by 10/15 at our office, to be considered on time.

Bills can also be paid through the Phi Kappa Tau Portal

Please note that late payments may result in penalties and restrictions as outlined by the Director of Chapter Services.

Zero Balance by the end of the semester:

Chapters/Associate Chapters must be at a zero balance by the end of the semester (Fall: December 1 or Spring: May 1). Failure to have a $0 balance from the Fall/Spring Bill invoice by those dates will result in the chapter/associate chapter immediately being placed on an operational suspension until the balance and any other charges are paid off in full.

Late Payments on Payment Plan Installments:

Chapters that are late on any installment payment will have a warning and if a second late installment occurs then the chapter will be placed on an immediate operational suspension.

Warning: If the first installment of a payment plan is late, then the chapter/associate chapter has five business days after the installment was due to submit the payment (except for the first down payment of 25% on the Fall/Spring Bill). Please note that this warning does not provide a grace period as it is expected for all payments to be on-time as defined above. However, failure to pay within five business days of the installment date will result in the chapter being placed on an immediate operational suspension until the chapter is at a zero balance ($0 balance) on that invoice.

Suspension: If a chapter/associate chapter misses their second installment payment or is late past five business days on an installment, then the chapter will be placed on an immediate operational suspension until the chapter is at a zero balance ($0 balance) on that invoice.

Notices and Suspensions:

There are two types of notices that a chapter can receive.

30-day: A 30-day notice occurs when a chapter/associate chapter that they have failed to pay an invoice on-time or within 30-days since all invoices are due within 30-days. This is a warning message for chapters to pay the invoice immediately, so they are not placed on an operational suspension.

45-day: A 45-day notice occurs when a chapter fails to pay an invoice within 45-days. This will result in the chapter being placed on an operational suspension.

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The Borradaile Challenge is the fundamental way that chapters have their performance evaluated over the course of a calendar year. Encapsulating 10 categories, chapters can fall into one of three standings for each: Meets Expectations, Exceeds Expectations, or Outstanding.

You can access more information on the Borradaile Challenge here: àhttps://www.phikappatau.org/borradailechallenge

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Notes Page:

*Feel free to utilize this space to take notes for yourself or the next officer to share your ideas and experiences with them.