Introduction to the Office
The Treasurer shall keep full and accurate record of all financial matters of the Resident Council in a standard accounting system approved by the Board of Governors. He shall render or have rendered a statement of the financial condition of the Resident Council, as prescribed in the Constitution and Borradaile Challenge: yearly to the Phi Kappa Tau Executive Offices, 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.
Job Description and Major Responsibilities
Specific responsibilities of the treasurer are numerous and can be broken down into the following areas: planning the budget & fiscal policies, implementation of the budget & fiscal policies and administrative/ reporting responsibilities.
Most of the planning or budgeting work will be done well in advance of the timeline for implementation and it will be done through consultation with the BOG Financial Advisor, the Finance Committee, and by referencing local trends and national policies.
- Develop an annual budget for the Resident Council in cooperation with the Executive Committee and/or Finance Committee and have it approved by the Financial Advisor and/or the Board of Governors. The Annual budget must be submitted and approved by the Executive Office no later than October 15th. While you are to get the budget form approved by October 15th, you should have the budgets in place before the end of the spring term so you can send out bills to members over the summer for advanced payments and because the academic term begins well before October 15th.
- Serve as chairman of the chapter’s Finance Committee.
- Prepare housing agreements in cooperation with the Board of Governors and/or House Corporation and an attorney for the members’ signatures prior to moving into the chapter house.
- Educate each member and associate member of his financial responsibility to the chapter and distribute written policies.
- Ensure funds are budgeted to send your delegates to the National Convention and Leadership Academy.
The implementation phase occurs before the start of the academic term, as you begin to issue bills to members over the summer and continues throughout the semester as you collect receivables and make payments in accordance with the established budgets. This phase requires precise accuracy in the recording of payments and in monitoring budgeted to actual amounts spent.
- Issue all bills to members and associates promptly, preferably on an academic term basis versus on a monthly basis, one month prior to the start of each academic term.
- Collect and record dues payments from resident council members.
- Maintain complete and accurate records of all chapter financial transactions in a uniformed accounting system approved by the Board of Governors.
- Approve all purchase authorizations prior to the expenditure of chapter funds.
- Secure promissory notes for any members with outstanding receivables before the end of your term.
- Develop, implement and enforce sound fiscal policies in cooperation with the Executive Committee and/or Finance Committee and Board of Governors and distribute written copies to all members and associate members.
As an executive officer, chairman of the finance committee and an ex officio member of the BOG, you will have various meetings and administrative duties that will need to be performed on a weekly, monthly, annual or as needed basis. It is important to produce well-organized, accurate and timely reports on the chapter’s finances, so make sure to record these various meetings and responsibilities in your own planner and also on a chapter calendar.
- Serve as a member of the chapter’s Executive Committee. (Weekly)
- Present reports on the chapter’s financial condition at Executive Committee and Resident Council meetings. These reports should identify the chapter’s cash balance, dollar amount of outstanding accounts receivable, dollar amount of outstanding accounts payable, and a comparison of actual income and expense in comparison to budgeted amounts for income and expenses. (Weekly)
- Serve as a representative of the Resident Council on the Board of Governors. Provide financial reports to the BOG at each meeting. (Monthly)
- Hold finance committee meetings to review budgetary compliance and to determine fiscal policies for the following semester. (Throughout the semester)
- File Form 990 with the Internal Revenue Service by the fifteenth day of the fifth month after the close of the chapter’s fiscal year. For example, if your chapter’s fiscal year closes on June 30, your completed chapter’s Form 990 is due by November 15. Only chapters which have an annual budget over $25,000, are required to file. (Annually)
- Submit the chapter’s financial records to an accountant or committee of three (3) alumni approved by the Board of Governors for an audit at least once a year, preferably around elections. (Annually)
- Complete a statement of bookkeeping records and monies for the incoming treasurer, sign and forward a copy to the BOG. (Annually)
- Collect associate member fees and forms and forward them to the Executive Offices, 5221 Morning Sun Rd., Oxford, OH 45056, within five (5) days after a man officially joins the chapter. (As needed)
- Collect initiation fees and along with the president, complete the request to initiate form. Forward them to the Executive Offices, 5221 Morning Sun Rd., Oxford, OH 45056, to request permission to initiate the associate members at least two (2) weeks prior to the scheduled date of initiation. (As needed)
- Properly train the incoming treasurer by meeting with him before and after elected and by going over the many steps outlined in the following section. (As needed)
Financial Delinquency Policy
Financial Incentives and Penalties
Financial Responsibility Summary
Formula for Chapter Financial Success
Glossary of Financial Terms
Major Responsibilities of BOG
Sample Local Policies