Financial Planning for Your Chapter FINANCES - 101 Financial Planning for Your Chapter

Why Financial Planning? To make sure you have, or will have, the resources to follow through with the projects your chapter plans To make the most of your members financial contributions BECAUSE IT’S GOOD BUSINESS!

RESOURCES ARMA Headquarters Chapter Operation e-Handbook site Financial and accounting professionals who are there to help you, the chapters and members Chapter Operation e-Handbook site The financial section has many resources to assist your chapter to keep in sound financial shape.

Duties of the Chapter Treasurer Overseeing the chapter’s budget process Monitoring the chapter’s financial activities Producing and maintaining documentation of chapter’s financial activity Ensuring that disbursements and deposits are made in a timely manner Ensuring that new member applications are sent to HQ in a timely manner

Important Dates and Forms ARMA fiscal year is July 1 to June 30 IRS Group exemption documents - Aug 15th Group Return Authorization Financial Information Form Chapter Employer Identification Number Do you know what your chapter’s tax ID # is?

Not-for-Profit Status ARMA International is a 501 (c)(6) org. This means we are exempt ONLY from personal income taxes, the association and chapters must pay all applicable sales/use taxes on the state and/or local level Contributions or gifts to ARMA are NOT deductible as charitable contributions for Federal Income Tax purposes

Ensuring Fiscal Accountability Accurate records MUST be kept of all funds received and dispersed by the chapter No funds should be reimbursed to members with out a receipt/dispersal form Multiple officer should have account authority (two signatures required on checks) Monthly/quarterly audits or account reconciliation's should be standard

Membership Dues Chapter Treasurers receive Escrow Payments from HQ monthly for both new members and renewals along with their membership reports. Make sure to review these reports in a timely manner! If Membership Applications and check, are given directly to the chapter, deposit check the send chapter check to HQ for the association dues.

BUDGETING Produce year-end reports to show actual expenditures for previous year As each Director or Committee Chair to at a dollar figure to their plans for the coming year - both income and expenses Budget committee (at least President and Treasurer) should review budget requests and compile budget for the year Mid-year budget review will allow for changes as priorities change

RESULTS Good financial planning will promote a strong chapter, satisfied members and the ability to undertake new projects without fear of financial failure