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Lisa Murfield, MBA, SPHR, GPHRHR Tampa, Inc.
Role of Chapter Treasurer Chapter Financial Management
Chapter Financial Strategies Policies and Procedures Resources
Serve as Financial Officer and Advisor Assess financial implications or proposed
actions of BOD Observe financial direction of chapter Recognize potential problems and inform
BOD Act as trustee and financial agent for all
funds File appropriate forms with IRS
Disburse funds for normal and usual uses
Participate in short- and long-term strategic planning
Attend all monthly membership and BOD meetings
Represent chapter in human resources community
Accounts◦ Checking
Interest bearing account if possible Be familiar with routing numbers
◦ Savings Investments and CDs
◦ Bank/Debit Cards Bank Statements
Online capabilities Keep copies for 7 years Cancelled Checks
Hard copies v. electronic
Account Reconciliations◦ Investigate discrepancies immediately◦ Perform on a monthly basis◦ Second review done by a non-financial
officer Check Signing Cards
◦ Obtain from your financial institution◦ Establish signature authority◦ Signature dollar limits
Deposit Stamp◦ Account name and number◦ “For Deposit Only”
Software◦QuickBooks
Online capabilities Free trial at https://login.quickbooks.com
◦Quicken◦Excel◦Access
Professional Accountant
Chart of Accounts Cash v. Accrual Method
◦ Cash – recognize income and expenses when cash flows in and out of account
◦ Accrual Method – recognizes income when it is earned and expenses when liability has been incurred
Balance Sheet◦ Assets = Liabilities + Equity
Income Statement Profit and Loss Statement
Receipts must exceed payables Know your current cash status Do not write checks unless you
have:◦ Prior approval from BOD◦ Invoices from vendors◦ Check request form with receipts
attached President signs off on request forms
◦ Receipts for completed travel expenses
Write checks as soon as possible after documentation received (i.e. one week)
Record in checkbook or generalledger in a timely manner
All deposits should be made as soon as possible (i.e. one week)
Deposits should be recorded in a timely manner into checkbook or general ledger
Attach copies of checks to deposit slip and file
Create an email specifically for Chapter Treasurer correspondence through Yahoo or other provider
Place completed W-9 on your website (Request for Taxpayer ID Number and Certification) for vendors
Create special section on website for BOD
Incorporation◦ Provides protection to members and BOD
from personal liability Not for Profit – incorporation status under
state law◦ Organizations benefit members and public
rather private individuals◦ 501(c)3 or 501(c)6
Tax Exempt – federal income tax exemption under IRS code◦ Exempt from paying corporate federal
income tax on income generated from the activities of the association
Employer Identification Number (EIN) or Federal Tax ID
Tax Filings◦ Annual Tax Filing – Not for Profit
No return – Gross receipts under $25K Form 990EZ – Gross receipts more than $25K but
less than $100K Form 990 – Gross receipts over $100K Forms due the 15th day of the fifth month after
the chapter’s year-end Extensions of three months may be granted
◦ Payroll Taxes Quarterly Payroll Returns (Form 941)
Annual Report for Corporations
Insurance◦Directors & Officers Liability Insurance
◦Fidelity Bonds
Mail Call◦ P.O. Box
Secures checks and other documents in one location
◦ Office/Home address of Board member Changes each year Documents can be lost
Be Proactive◦ Stay on top of paperwork◦ Document and back up everything!◦ Treat the chapter’s money as if it is your
own
Be a Strategic Partner◦ Budget v. Actual Budget
No budget in place – take the initiative and create one for your chapter
Be the financial advisor/conscience to keep chapter on track
Provide updates to Board and Chapter◦ After chapter events, provide
accounting to BOD (i.e. Profit and Loss Statement) Monthly Meetings Chapter Conferences Fundraisers
◦ Provide historical comparisons Membership renewals
Where are the Chapter records housed?◦ Storage area or Board member’s home or office
Label boxes with records they contain Mark each box with discard date Maintain inventory list of Chapter’s
records/equipment/materials◦ Data Imaging
Store in safety deposit box
Chapter Financial Support Program◦ Returns a portion of SHRM national dues
to chapter per member◦ Can be direct deposited into your chapter’s
account As of 2012 – Direct Deposit will be
mandatory 100% Chapter
$6.25/quarter or $25/annually Non-100% chapter
$5.00 twice a year or $10/annually
A monthly sponsor backs out A board member submits receipts for
unauthorized expenses A board member insists on payments
without receipts A board officer presents a substantial
receipt for payment without the vote of the board
Bring any questionable situation to the attention of the president, another officer and/or Board
Clearly identify who has the authority to commit Chapter funds
Clarify when the Board needs to vote on an expenditure
Ensure internal controls are in place to protect the finances of the Chapter
You, as Treasurer, will be held ultimately responsible
SHRM Volunteer Resources◦ www.shrm.org/vlrc
Chapter Position Descriptions SHRM Guide to Financial Management SHRM Leaders Guide
Chapter Treasurers IRS website www.sunbiz.org Managing Chapter Funds – Susan
Vowell Lisa Murfield –