Responsibilities for Chapter Treasurer

• Establish a banking arrangement for checking and savings accounts with appropriate signatures on the accounts. Reconcile the statement(s) every month and keep a permanent file of cancelled checks.
• Work with the president on budgets for various chapter activities and set up financial ledgers against these budgeted areas. Determine cash flow needs involving chapter income (i.e., meeting price, dues, fundraising, etc.).
• Keep accurate records of all receipts and disbursements, prepare a financial statement for each regular NAMA meeting and provide the Chapter Board of Directors with the monthly statement. The ledger should be set up to correspond with information needed on IRS Form 990-EZ, and should show income versus expenses by month. It should show cumulative income and expenses, detailing excess income or deficit every month to provide a comparison to budgeted figures.
• Collect monthly meeting fees and registration fees at any chapter meeting activity incurring a charge. If your chapter allows members to be billed for these activities, send out invoices for those members that wish to be billed.
• Deposit income (checks and cash) on a frequent basis and keep permanent records of all deposits.
• Pay bills promptly and check all expenses to see if they were authorized or part of a budgeted expense. Notify the president if a particular committee exceeds its budget. Keep a copy of all paid bills in a permanent file.
• Create a formal approval process to commit funds (i.e., have two officers sign off on the commitment if over $500).
• Transfer as much money to savings as possible. Maintain a separate record showing all CD’s, bonds, etc.; maturity dates; amounts/dates of interest accrued or received.
• Arrange for final external audit (a full CPA audit is probably not necessary). Confer with the previous treasurer on details. Contact a controller or accountant from a member company once a year to reconcile account balance.
• Complete and file IRS Form 990-EZ at fiscal year’s end for the past fiscal year. NAMA and all affiliated chapters are exempt from federal income tax under IRS code 501(c)(6). To protect this exempt status, it is necessary for some chapters to file the IRS Form 990-EZ, Return of Organization Exempt From Income Tax. The IRS now recommends that the form only be filed if gross proceeds exceed $25,000 or you were mailed a form from the IRS. Form 990-EZ and instructions can be mailed to you by the NAMA office or you can download the form and instructions on the IRS website at www.irs.gov. Questions may be directed to the past treasurer or to the NAMA office. Send a copy of the completed form to the NAMA office. The form is due to the IRS by September 15 (mail directly to the IRS Center in your district)