2017 Is in Full Effect — Are You Ready?
Let’s all start 2017 on the financial “right foot.” Early in the year is the best time to ensure that your association and chapter financial business is in order.
If your association has a new treasurer, this is a good opportunity to make sure they are aware of your financial and reporting requirements. Tax season is fast approaching; therefore, consulting with a tax professional now is probably a good idea. Waiting until the last minute could result in penalties and fees being assessed against your association. The last thing your association needs is not to meet its obligations with state and federal tax requirements. It is just as important to review your association’s financials at your scheduled meetings as it is to make sure your agenda is in order before the meeting. While it is the treasurer’s responsibility to keep your association’s financial matters in order, it is the responsibility of all the board members to be aware of where and how your members’ monies are being spent. As a board member, you have a fiduciary responsibility to your members. Should you have any questions or concerns regarding your association’s financial practices, do not hesitate to email or call me.
Let’s shift gears from local financial business to your chapter’s financial business. A few years ago, the Board of Directors made some changes to the Standing Rules as they pertain to chapter reimbursement.
Standing Rule Article VIII, section 7(B), states: “Chapter reimbursement checks will not be issued until the quarterly report is received and approved by the Treasurer or his designee. If the quarterly report is not received by 60 days after the end of the quarter, no chapter reimbursement check for the prior quarter shall be issued, absent approval by the Executive Committee or Board of Directors.”
Per our Standing Rules, the chapter expense reporting is required to be completed no later than 60 days after the end of the quarter by each chapter’s treasurer to receive members’ dues reimbursements. Your local chapter utilizes these reimbursements to conduct chapter business and manage its financial obligations. As chapters transition to their 2017 boards, I would like to maintain the positive direction established over the last several years. We do not want to create undue stress on our accounting staff, and the last thing your chapter should want to do is upset those who control the purse strings; it could cause an unforeseen delay in receipt of your reimbursement.
While attending your next chapter meeting, please remind your current chapter treasurer of their requirement to file the chapter’s financial information with PORAC. You don’t want to get caught with very little to no money in your chapter account, especially as chapters are gearing up for 2017 expenses.
If you are not sure when and where your chapter meeting is held, please refer to www.porac.org and search the calendar for your respective chapter. The PORAC calendar should contain your chapter meeting information; if it does not, send me an email at firstname.lastname@example.org and I will research the information for you. See you at the chapter meeting!
Be safe and have fun.