To make a comparison of the roles and responsibilities of the State Treasurer to the position at a chapter level, the Treasurer is to make sure that all transactions are recorded and can provide explanations/statements as to the costs of dues to members and your college/university advisor. The treasurer should also work in conjunction with the president as well as other Executive Board members in regards to financial needs and funding for events. With this communication they must create a budget that is both just and compromising to the needs and goals of the Executive Board for that fiscal year. During chapter meetings, provide a detailed financial update for chapter members. Be prepared to show what costs the the chapter has coming up and any fundraiser ideas. When others are discussing their agenda and future events, ask what you need to do for that event with regards to both finances and leadership aspects.
Specific Tasks and Duties for Treasurer
- Making sure you stay up to date with what you must purchase within each semester (e.g., chords for graduating members, supplies for events, etc.)
- Sitting down and comparing your numbers to what the bank statements say. Using monthly statements might provide more security than online access methods.
- Going to meet with other chapters and making a group workshop. Doing team events is great and will aid in financial relief and great networking even within the same town. Twice the effort, half the stress.
- Don’t think you are alone! You have other executive board members to help with ideas and responsibilities. Each executive board member is expected to assist one another if needed.
Tips for Organizing and Budgeting
- When tracking your transaction history, try using a ledger from Microsoft Excel and have it track your balance in the account for you. You can then use this as a way to compare your bank statements.
- Make sure you keep record of all invoices and receipts for fundraisers/supplies/workshops/any chapter expenses.
- One key component to organization is communication. Explain to the executive board the chapter balance and your suggestions for spending limits. The ledger and the receipts are tools used to guide decision making and the budget is the plan to execute your goals. It is much more than just a document of numbers, it is a deciding factor for how much your chapter can spend each year. Communication is important.
- First you must assess what resources you have to spend. Then prioritize what you need to accomplish your goals. The key to budgeting is to accomplish these goals without relying on future fundraisers; in essence, budget for your events based on what you already have. Your expenses should not exceed your assets. Don't leave of the budget; keep track of how much you earn through the various fundraisers that you host. At the end of the semester you can use that as a gauge for future fundraising events.
- If you don’t have a consistent fundraising event, you might try creating a fundraising committee. You can sell food or other items as a chapter or even do a paired fundraiser with another organization. Working with other organizations will create connections and will allow for a larger group of volunteers to participate in the fundraiser.