Page 8 - JanuaryNewsletter

MAC Treasurer’s Corner

Mary Ann Brown

Peace and Greetings Sorors! As we continue to Chapter Budgeting Process:
journey through Sororal Years 2017-19, I sincerely 1. Committee Chairs and President shall submit a rec-
ask for your support and cooperation to adhere to the ommended Operating Budget to the Finance Chair
at the beginning of each Fiscal Year for review
Sorority’s Expense Reimbursement, Disbursement, 2. Proposals shall be submitted by 1 February
and Budgeting Processes. Please review the below
information for additional reference and help me to 3. Email notifications will be submitted to Chairs and
President 1 month prior to due date
accurately Count the Costs: 4. Recommendations must be approved by the Finance
committee and the Chapter
Expense Reimbursement Process: 5. Recommendations will become a part of the Chap-
1. Committee Member: makes purchases under the ter’s Operating Budget
direction of the Committee Chair 6. Chapter’s Operating Budget shall be approved no
2. Committee Member submits completed Voucher and later than by May’s Sorority meeting
an ORIGINAL RECEIPT to the Committee Chair for 7. Budgets should be developed based on the below:
approval 8. Goals established for the current Fiscal Year
3. Committee Chair: Approves expense after checking 9. Types of activities conducted during the previous
Committee Budget and forwards signed Voucher to year and associated costs
the President 10. Ability to develop and implement activities with oth-
4. President approves and signs Voucher er Committees
5. Treasurer confirms that the expense is budgeted 11. The most Fiscally sound method of implementation
and adds payment type and disbursement date to possible
the Voucher. 12. Finance Chair will submit to the Chapter an update
6. Treasurer signs Vouchers and prepares/issues the of the current status of the approved Budget twice a
Check. year
13. Treasurer will maintain a reconcilement spreadsheet
Disbursement Process: for each Committee Chair to track/monitor expendi-
All Disbursements must be supported by an tures to ensure no one over-spends her allotted
APPROVED VOUCHER WITH ORIGINAL RECEIPTS budget total
RECEIPTS SHOULD NOT INCLUDE ANY PERSONAL 14. Do not over-spend
EXPENSES
1. Vouchers should be Approved by a Committee Chair Budget Adjustment Process:
and the President prior to submission to the Treas-
urer for Disbursement 1. Committee Chairs should be provided with regular
2. Requester must complete the Voucher with the date, updates as to how much is left in their Budget
name and address of Payee as well as identify a rea- 2. Committee Chairs should submit requests for Budg-
son for the request et Revisions prior to the Quarterly Budget and Fi-
3. Submit a fully authorized Voucher to the Treasurer nance Committee meeting
during Executive Board and/or before or after So- 3. Budget and Finance Committee should meet Quar-
rority meeting terly to review Budgets and prepare proposed Budg-
4. There will be no COLLECTION or DISBURSEMENT et Adjustments
during Sorority meeting 4. Budget updates should be presented to the Execu-
5. Treasurer will be available during Executive Board tive Board and approved by the Chapter at least
as well as 30 minutes prior to and 30 minutes after Quarterly
Sorority meeting
6. The Chapter Budget should be checked by the
treasurer prior to issuing check and all Chairs are Please direct all questions to
responsible for monitoring Spending versus Budget Treasurer@MontgomeryAlumnae.org
7. The Treasurer documents the check number, date
the check is issued and the amount on the voucher Thank you for your support and cooperation!!!
and check register
8. Two signatures are required on all checks (president
and treasurer) unless check is written to president
or treasurer Sources:
9. Checks should not be payable to cash and blank Basic Fiscal Officer’s Training
checks should never be signed Fiscal Officer’s Manual
10. Checks will distributed during Executive Board, 30
minutes before and 30 minutes after Sorority meet-
ing if time permits, and/or mailed to the Payee

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