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.
- Southeastern Wisconsin - SOS Submission Form
- Southeastern Wisconsin - Income Report
- Southeastern Wisconsin - Expense Report
- Southeastern Wisconsin - Finance Report with Graphs Template
CENTRAL OHIO CHAPTER: Overhauling the VP of Finance Role for Financial Literacy
SUMMARY: By adopting targeted recruiting strategies for the VP of Finance position, the chapter identified a qualified candidate with dual backgrounds in finance and talent development. The new VP has improved the chapter’s financial reporting procedures to better align with standard accounting processes, which has both increased the board’s awareness of the chapter’s financial position and improved its ability to make decisions. Strengthening the chapter’s financial reporting processes supports the chapter’s financial stability and longevity while improving its ability to achieve strategic goals.
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.
- Baton Rouge - SOS Submission Form
- Baton Rouge - Budget Template
- Baton Rouge - Monthly Transaction Example
BATON ROUGE CHAPTER: Monthly Financial Reporting
SUMMARY: The Baton Rouge Chapter created a process to summarize and report chapter financial activities monthly for better reporting at board meetings. The ability to easily gauge progress made on the annual budget is key to effective and responsible management of chapter financial resources. The format used allows the board to review an overview of the budget monthly, provides an easy to understand breakdown of income and expenses, and makes note of the original budget drafted at the beginning of the calendar year to support chapter initiatives. The easy-to-read financial report helps the board stay on budget, provides an increased awareness of the state of chapter funds, and helps the board make responsible and informed decisions.
PUERTO RICO CHAPTER: Establishing an Operational Budget
SUMMARY: An operational budget was established to help set realistic programming goals and avoid unexpected financial crises. The excel template has categories that relate to CARE. This system created an easy process for chapter leaders to be able to create an annual report for the chapter website, which will provide transparency of chapter spending and comply with tax, audit, and financial review requirements.
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.
NEBRASKA CHAPTER: Transparent Budget Reports
SUMMARY: The chapter board desired to increase its business acumen and develop solid, reputable business processes to govern the chapter. Prior to these reports, chapter budgeting was performed by copying the estimate from the previous year. For the 2015 budget, the board broke down chapter expenses into individual categories and added groupings for clarification. Having the board understand the financial aspects of running the chapter has increased awareness of the use of chapter funds and increased the ease in financial decision-making.
ROCKY MOUNTAIN CHAPTER: Finding a VP Finance/Treasurer
SUMMARY: The chapter found it challenging to fill the role of VP Finance/Treasurer among its membership. As a result, the chapter contacted the local association of CPAs to find an experienced finance professional, who had experience supporting adult learning organizations, to sign on to the position. The chapter found that having a board member with deep financial knowledge and experience has enabled it to create better financial reporting allowing the chapter to not only maintain but build upon its stable financial foundation.
PUGET SOUND CHAPTER: Chapter Financial Management
SUMMARY: The chapter shared best practices on how they successfully manage chapter finances and distribute that information to their board members. The chapter also addressed the importance of educating board members about prudent financial management.
- Puget Sound - Financial Management Submission
- Puget Sound - 2011 Financials
- Puget Sound - Program Cost/Pricing Example
- Puget Sound - Reimbursement Form
CASCADIA CHAPTER: Event Budget Form
SUMMARY: The Cascadia Chapter put together a budget form that they use when planning all their events and meetings.
KANSAS CITY CHAPTER: Event Budget Tool
SUMMARY: Budgeting and finance seemed to be an area in which board members needed assistance in so the chapter created a simple tool that could be used as the basis for budgeting seminars, conferences, and other special events by the chapter.
CENTRAL IOWA CHAPTER: Chapter Budget Planning
SUMMARY: The Central Iowa chapter developed tools to assist with both budget planning and monthly financial reporting – with both processes becoming more efficient as a result of this linkage.
- Central Iowa - SOS Submission Form
- Central Iowa - Budget Plan Spreadsheet
- Central Iowa - Budget Plan Financials
CENTRAL IOWA CHAPTER: Maximizing Chapter Finances
SUMMARY: The Central Iowa Chapter developed a process to "put their reserves funds" to work.