The SIAFU Guidebook

Part I I I : Forming a Company 103

Managing Your Chapter Resources: Handling Finances and Goods

Good stewardship and integrity requires proper accountability when it comes to handling money. Below are a few important principles to think about as you decide how your chapter will handle its funds. The key is to think through all matters related to your resources, draft a sound plan of managing those resources, and then follow the plan, reviewing later how things went. Here are a few elements that should be a part of your plan. 1. Adopt clear, transparent, and open written procedures regarding all monies and resources. Form policies that are helpful. For instance, if you start a bank account, make sure that the person who writes the checks cannot sign them! The treasurer should cross-train someone to do what he does, so there is always another person who can conduct business for the Chapter, under the president’s instruction. It should be a policy that no one who drafts checks can sign them to themselves. Always include more than one person in counting Chapter funds. Simple, common-sense policies like this will ensure that your business is conducted responsibly and rightly. 2. Decide the stream/flow of your monies. In other words, what people will count and collect it after the meetings? Where will you deposit the money, once collected? How will you maintain records of your funds, and how often will you report those findings to the Chapter? Do you intend to provide receipts for donations? 3. Decide how monies will be dispersed. Once you have a sound way of managing your funds (even if they are small!), how will you create a process to spend these funds? Who will make the financial decisions to use Chapter funds for Chapter business? How will you report to the Chapter how funds are spent, and where?