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Chapter Financial Review

Best practices on how to execute a chapter financial review.

SOUTHEASTERN WISCONSIN: Reporting Financial Health Through E-Newsletter to Members

SUMMARY: The chapter makes its finances readily available to the board and chapter members to encourage more transparency and help the chapter understand the decisions being made. On a monthly basis the finance chair compiles a profit and loss statement that highlights the areas in green where the chapter is doing better than expected and in red to highlight the areas of concern. Following the chapter board’s review, the report is included in the chapter’s monthly e-newsletter, which shares insights into chapter operations with members.

YEAR: 2020

BATON ROUGE CHAPTER: Integrated Payment Processes

SUMMARY: To improve the speed and efficiency of preparing the monthly financials, the chapter implemented Paymentech. The new financial processing system not only reduced the time to complete monthly financials, but provided a means for all financial systems to communicate electronically with one another, allowing for a simplified process of managing chapter financials and monthly reconciliations. Additionally, the implementation of Paymentech created an easier and more efficient way for members to access chapter services through a one-step login for registration and payment services. While chapter operations improved and board meeting preparation time decreased, members also benefited from the increased timeliness of charges and refunds when needed.

YEAR: 2018

PITTSBURGH CHAPTER: Financial Audit Through Universities

SUMMARY: The chapter reached out to a local university MBA program to have graduate students conduct a financial audit of chapter records. The students went through all of the chapter’s receipts, bank records, credit card statements, etc. Under the supervision of their professor, an accountant, the students performed a review and presentation of their findings to the chapter’s board. Not only was the chapter able to achieve one of their goals at no cost to the chapter, but the students were excited to receive “real world” experience.

YEAR: 2016


SUMMARY: The Cascadia Chapter designed internal review templates to ensure that the internal financial review process is consistent and key financial issues are addressed in a timely manner to maintain a financially sound chapter.

YEAR: 2008

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