Making Chapter Finances Your Friend

Not everyone is a finance whiz, but when working with collegiate members, it is important to have some level of knowledge regarding the data and information surrounding chapters. Our session outlines five metrics that field staff can look for to quickly gain an overview of a chapter’s financial health. By having this knowledge, field staff can proactively get ahead of any potential financial issues and keep chapters on track. Our presentation will be delivered in a chronological sequence that aligns with the seasonality of chapters and what is most important at a given time.

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FIVE METRICS OF CHAPTER FINANCIAL HEALTH

Our session outlines five metrics that field staff can look for to quickly gain an overview of a chapter’s financial health. These are the five areas of focus:

1. Budget & billing
2. New members
3. Outstanding balances
4. Reporting
5. Budget review

#1 BUDGET & BILLING

The keys to understanding your organization’s budgeting procedure.

• Cash trends: Do seasonality make sense? Considered recruitment?
• Analyze budget: Anything weird or out of place? Large amounts? Odd budget categories?

The How, Who and What of chapter billing:

• How: How much is billed? Has everyone been billed correctly?
• Who: Has everybody been billed? Are members missing?
• How: How are items billed appropriately? Housing, chapter dues, national fees

#2 NEW MEMBERS

Depending on when recruitment may be for different chapters, considering how to handle and account for new members is key. Are you updating your chapter roster and database? How and where are member making payments? Who? What? How much?

#3 OUTSTANDING BALANCES

Are you identifying members and building a plan to collect based on your organizations’ standards and policies? Have you identified outstanding balances? Are you reporting red flags for reimbursement, vendor checks and/or member credits?

#4 REVIEW BUDGET

Review reporting to ensure that it is being done properly.

• Ensure the budget is being recorded properly
• Examine the amount budgeted vs. the actual amount spent