According to the Phi Sigma Pi National Constitution (Article XI, Section 8), Treasurers have eleven very important roles. You probably guessed it that they have to do with money. One of the most important roles of the Treasurer is the Chapter Budget. There’s a separate part of the Constitution (Article XVII Chapter Finances) that has to do with that but also affects Treasures. A budget is what we will talk about today!
Each Chapter shall adopt the same fiscal year as Phi Sigma Pi.
The Phi Sigma Pi fiscal year runs from July 1st to June 30th. That is the same timeline your budget should run off of.
Figure out the different ways money is coming into your Chapter.
When determining the budget needs for the Chapter, remember the four sources of income:
- Member Dues
- Initiate Dues
- Fundraising Efforts
- Alumni Donations
Planning ahead of schedule.
Knowing what events your Chapter Committees will want to plan ahead of time will help with making your budget. While planning, Committees should find out what costs will be associated for their events. Events may include:
- Recruitment Drives
- Tripod Events
- Rental Costs (for business meeting rooms, etc.)
Remember, you must also pay for a Member of your Chapter to attend the annual National Convention.
Taking the money to the bank.
All funds of the Chapter must be deposited in the name of the Chapter in institutions that are insured. Checks, drafts and other items for collections, requiring endorsements, shall be endorsed in the name of the Chapter by the designated signers established by the Executive Board. All checks issued against any of the Chapter’s accounts shall be conveyed over the signatures of two designated signers on the account.
The Chapter checks should read “Phi Sigma Pi – (insert the name of your Chapter). All checks written to the Chapter should also be filled out in this manner.
Any check that is written to “Phi Sigma Pi National Honor Fraternity” should be submitted to the National Headquarters. You can read more about filling out checks here.
Feel free to learn more in the Treasure Handbook on the Phi Sigma Pi website in the Resource Center (that is where you can find other resources for your position and other positions within your Chapter).