New Class Officer Training
Managing the class treasury
September 10, 2011 Danielle Germain
What is the class treasury?• It’s a checking account used to cover class
operating expenses
• It pays expenses approved by the class board
• It should offset class-sponsored activities and projects that are open to the entire class If the event is not open to the entire class, the
treasury should not be subsidizing the event
How is the class treasury funded?
MHC Class
Treasury
Dues Class
Approved Fundraising Activities
More about class dues• Dues are paid in 5-year increments.• The Class Treasurer is responsible for
collecting dues and for the overall well-being of the class treasury
• The Treasurer should work with other officers to set dues level for the next 5 years prior to each reunion
How do we collect the dues?
• Collecting dues at Reunion is the most effective
• 5-year dues should be a minimum of $35.00
• Classmates who pay dues in cash should be issued a receipt
• Set up a class PayPal account before reunion for the easiest payment transaction
Financial Reporting of treasuries
to the Alumnae Association• Treasurers are responsible for: Preparing a financial report at the close of each
fiscal year (June 30)
Filing annual financial reports (including Schedule C) with the Alumnae Association by August 30th
Having the books reviewed every 5 years
Saving copies of financial reports, class books, receipts and documentation for 7 years
How much money should be in my class’s treasury?
• Try to keep around $5k in your treasury This will cover mailings and other activities such
as birthday cards, memorials, scholarships etc.
• The 25th and 50th reunion classes should plan carefully Evaluate your Treasury at 20th and 45th reunion 25th and 50th reunions have high attendance. Plan
ahead They usually have special projects that are
expensive
Can we invest the money in our treasury?
• Besides a checking account which is mandatory, treasurers may: Open a savings account Invest class money in a Certificate of Deposit Invest in any instrument that has a guaranteed return
of the principle
• No class money may be invested in the stock market or any other at risk financial entity
• The Treasurer and President have fiduciary responsibility for all the class funds.
Money? What money?Ideas for increasing
treasuries• When dues don’t cover class expenses, get creative Organize a telephone campaign to collect dues.
Increase dues and solicit differential from those who have paid and full amount from others who have not
Hold class functions such as a luncheons or mini-reunions and use these events to raise money
Design a class item to be sold to all classes and clubs through the Quarterly and through emails.
Guidelines for Mini-reunions• They should be revenue neutral (i.e. break
even). Any ‘profit’ should be contributed to the treasury
• If mini-reunions are planned regionally for the entire class, class funds can be used to defray cost with Class Officers’ approval.
• It is not appropriate to use class funds for small exclusionary groups that are not open to all.
It’s time for reunion.
Now what?
Treasuries can be used to supplement the cost of Reunion
• The treasury can be used to defray costs of items since it benefits the entire class
• Use funds to defray specific costs such as:• Reunion mailings• Reunion committee administrative expenses• Honorary guests (meals, accommodations, etc.)• Reunion scholarships• Gifts• Large projects that exceed standardized fees
During Reunion, Treasurers and Treasuries are key
Leading up to Reunion, class treasury pays up front costs of all reunion expenses
Treasurer responsible for recording all reunion transactions and closes books with Reunion chair
Treasurer presents preliminary financial report at Reunion
Checks from AA for registration fees collected are sent to class treasurers in late May and June
Guidelines for Scholarships
• Many classes offer scholarships for reunions to members who cannot afford the proposed charge
• Your Class Board determines if scholarships are feasible and the process for distribution
Resources
• To learn more about your role, review the Class Officer Handbook http://www.alumnae.mtholyoke.edu/pdf/volres/coh.pdf
• To learn more about the Alumnae Association’s resources, follow the link below http://www.alumnae.mtholyoke.edu/volunteers/res/classes/