A group’s finances should be handled by more than one person. Ideally, two officers should collaborate.
Monitor the group’s bank account(s) frequently and balance the account(s) at least once a month.
Keep a receipt for each expense and organize them by vendor name (Staples, Super Grocery Store, etc.). You may choose to use accounting software such as Quickbooks or Peachtree, but an Excel spreadsheet or paper and pen can also work to record transactions. Note what the purchase was for if it is not obvious from the receipt (e.g., “supplies for May 14 club officers’ meeting”).
Be sure your treasury has sufficient funds to pay for planned expenses. If anticipated expenses may be more than your budget, advise your president and officers before spending the money.
Provide ongoing reports to your president and officers. A basic report should explain how much money came into your treasury and how you have spent money since your last report. Engage officers in discussion regarding finances. Prepare an annual financial report for your members.
Understand your annual financial reporting needs so that record keeping is done properly. Each year, a Form C must be completed and submitted to the Alumnae Association.
Ensure bank signature cards are up-to-date. (These indicate who can deposit and withdraw funds from your group’s account.) At a minimum, the account signers should be the president and treasurer.
Maintain an updated list of dues-paying members.
Checks for events should be made payable to your group. For example, checks should be made out to the Mount Holyoke Club of Cape Cod, rather than to Mount Holyoke College or to a club officer.