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

2. 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!

3. 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.

4. 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

5. 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?

6. 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

7. 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

8. 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.

9. 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

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