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.
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) -- $75
Late 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
220 Leigh Farm Road
Durham, NC 27707
Mid-Year Meeting host chapters split a credit of $1,000 for registration fees as outlined in the Mid-Year Meeting Host Chapter manual. All requests for host chapter credit must be received prior to the early bird registration deadline.
Each chapter must prepare and submit an End of the Year Report by June 1. The Treasurer’s responsibilities for this report include:
1. Preparing the financial statements for the fiscal year ending April 30:
2. 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:
3. If your chapter had average gross receipts (for the past three years) > $50,000, you must complete the over $50K spreadsheet, and upload it to the Reporting Intranet under the FA sign-ff for tax filing over $50K. This spreadsheet must be completed and uploaded to the website no later than June 1st. No 990 EZ Forms will be accepted.
4. 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 over $50K spreadsheet submittals will result in possible suspension of Distinguished and Superior award status.
The financial secretary collects money owed to the chapter, receipts its, then remits it to the treasurer. The financial secretary maintains an appropriate cash receipts journal.
The treasurer accepts receipted money from the financial secretary, deposits money, disburses money for authorized purposes, maintains appropriate financial records, arranges for the audit, if one is required by the Executive Office or if one is desired by the local chapter, and prepares the local Chapter's tax return.
The names for whom dues are collected should be given to the Reporter to enter records into the Reporting Intranet.
NASBA is proud of our partnership with BAP, because the organization's members are among the best and brightest. We believe BAP members are the future leaders of the accounting profession, and we have the opportunity to serve them through our partnership with BAP. NASBA takes pleasure in helping BAP members understand what it takes to start and grow as certified public accountants.