1. Workshop for Chapter Treasurers
Presented by Sam Crain
NC Federation Treasurer

2. DUTIES AND RESPONSIBILITIES OF THE CHAPTER TREASURER

3. 1. ESTABLISH & MAINTAIN A BANK ACCOUNT
A. Two accounts may be needed: one to collect funds and pay bills, and one to keep funds that can be used for long term needs, such as a Money Market or an Interest Bearing Account.
B. Be sure and give bank your Federal Identification Number when establishing accounts. You can obtain a Federal Identification Number from the IRS.

4. 2. FORMULATE A YEARLY BUDGET
A. Budget should be used as a guide for income and expenses.
B. Budget should be approved by Executive Board prior to beginning of fiscal year.
C. Budget should be presented at a Chapter Meeting following action by the Executive Board.

5. 3. COLLECT FUNDS FROM NATIONAL AND MEMBERS
A. Funds should be received from National for per capita funds.
B. Funds should be received from members for COLA, birthdays, anniversaries and other money making items.

6. 4. MEETING OBLIGATIONS A. Always pay bills in a timely manner.
B. Paying bills in a timely manner establishes and maintains a favorable reputation for your Chapter.

7. 5. RECONCILE BANK ACCOUNTS
A. Reconciling bank accounts should be done monthly.
B. Reconciliation is required to maintain accountability.

8. 6. PER CAPITA FUNDS A. Maintain Per Capita Funds by category.
B. Discrepancies between chapter records and the National Treasurer should be resolved by contacting the National Treasurer by or phone. Address and phone number can be found in the NARFE magazine.

9. 7. PAY PER CAPITA FUNDS
A. Utilizing Per Capita Funds Categories, determine amount to be paid to Federation Treasurer in January.
B. Using the form provided by the Federation Treasurer in the November 2008-January North Carolina Federation Newspaper send the Chapter’s Per Capita share to the Federation Treasurer by January 31.
C. Checks should be made payable to NC- NARFE and mailed to the Federation Treasurer.

10. 8. STATUS OF FUNDS
A. Report status of funds at Executive Board meetings.
B. Report status of funds at Chapter meetings.
C. Copy of the report should be given to president and secretary.
D. Copies of all documents should be kept for audits.

11. 9. Yearly Report to IRS
A. Use the 990-EZ Form to report yearly to the IRS by fourth month following the end of the fiscal year, for most chapters that will be April 15.
B. Form can be accessed at IRS.gov and completed on line.

12. 10. NEW DIRECTIVE FROM NEB
The National Executive Board has ruled that (1) “permitting a chapter president to also serve as the chapter’s treasurer and
(2) a husband and wife team serving as a chapter’s president and treasurer,
were deemed unacceptable.”
Effective date: 2010.

13. FISCAL RESPONSIBILITY IS OF THE UTMOST IMPORTANCE!!!
A FINAL THOUGHT
FISCAL RESPONSIBILITY IS OF THE UTMOST IMPORTANCE!!!