Financial Reporting Guide
- Introduction
- International Office Fees/Reimbursements
- Chapter Treasurer Reporting Responsibilities
A. Introduction
There are certain requirements which must be fulfilled by the chapter Treasurer.
This Financial Reporting Guide is intended to help the chapter Treasurer
fulfill his or her responsibilities.
The Oath of Office which you, the Treasurer, took upon assuming office states:
"You have the distinct honor in being elected to the position of Treasurer.
Your office requires extreme accuracy and honesty. Your responsibilities cover the
financial affairs of the _____ Chapter of Beta Alpha Psi. This includes preparing
the operating budget, financial position forecast, monitoring cash flows, promptly
recording all transactions and safeguarding the chapter’s resources. Your
responsibilities also include preparing the chapter's year-end report, containing
the audited financial statements and tax return for the chapter for the year"
We hope this guide assists you in carrying out your important responsibilities.
B. International Office Fees/Reimbursements
As Treasurer, you are responsible for submitting all required fees to the International
Office and for requesting any allowable reimbursements.
|
Description of Fees
|
Amount
|
|
Annual Chapter Maintenance Fee (must be submitted by October 15)
|
$300
|
|
One Time International Candidate Fee (must be submitted within 60 days after entering
candidate into Reporting Intranet)
|
$55
|
|
Payment Fee (per candidate, after 60 days)
|
$20
|
|
Certificate Fee for Honorary Initiate (who is already a member of another chapter)
|
$15
|
|
Replacement Certificate Fee
|
$15
|
|
Returned Check Fee
|
$25
|
|
Delivery Chargers for Supplies (other than regular mail)
|
$25
|
|
End-of-Year Late Fee (this includes, tax filing 990-N e-Postcard and Faculty Advisor Sign off)
|
$100
|
Fees should be submitted by check to the International Office:
Beta Alpha Psi
Palladian I
220 Leigh Farm Road
Durham, NC 27707
Reimbursements
Regional Meeting Host Chapters are provided advance payments and reimbursements
as outlined in the Regional Meeting Guideline Manual. All requests for reimbursement
must be postmarked within 60 days of the completion of the activity.
C. Chapter Treasurer Reporting
Responsibilities
Each chapter must prepare and submit an End of the Year Report by June 1.
The Treasurer’s responsibilities for this report include:
- Preparing the financial statements for the fiscal year ending April 30:
- Statement of Financial Position
- Statement of Activities (see Example)
Summaries of SFAS 116, SFAS 117 and SFAS 124 have been provided
for your reference.
- If your chapter had receipts < $50,000, chapters are required to file the Form
990-N (e-Postcard) online at: Form 990-N e-Postcard – You will need:
- Chapter Tax ID number (EIN)
- Chapter Name
- Please use the name of the Faculty Advisor for the Principal Officer
- Confirm that your receipts are less than $50,000
- You should receive a confirmation number after submitting the e-Postcard. The
Faculty Advisor should enter this number into the Reporting Intranet in the End
of Year Report (Faculty Advisor Sign-off section)
- If your chapter had average gross receipts (for the past three years) > $50,000,
you must also download the IRS Form 990, complete
it, scan it and submit it through the Reporting Intranet. All 990 Forms must be completed and uploaded to the website no later than June 1st. No EZ Forms will be accepted.
- If your chapter had gross receipts > $100,000 for the past year, you must also
attach an auditor’s report. You can attach either a report from an independent
audit or an internal audit report.
Delays in financial and 990N and 990 Form submittals will result in possible suspension of Distinguished and Superior award status.
The information above should be given to the Reporter to enter into the Reporting
Intranet.