Treasurer Performance Schedule
- Develop and present a Chapter budget at the first meeting of the year.
- By January 15, prepare the Chapter Finance Report and submit it to the National Office. In addition to the Finance Report, a W-9 form must be submitted to the National Office for each person who was paid more than $600 by the Chapter during the fiscal year (not including expense reimbursements). The NPMA staff accountant prepares and handles IRS returns and filings for all chapters and regions. The National Office will also file the IRS form 1099 to any individual (not business) who was paid a total of $600 or more (as reported on the W-9 forms). Note: Stiff penalties will be incurred as a result of late filing, along with losing tax exempt status, if even one chapter fails to submit the appropriate information. Questions??? Contact us at 404-477-5811.
Upon taking office:
- Be sure books have been audited before accepting them.
- Check the files and records received from the retiring Treasurer and ask about anything that may be missing.
- Know the duties outlined in the Bylaws
- Sign the proper signature cards for disbursements and file with the authorized bank.
Tips for the Chapter Treasurer
- The financial statement should start with the balance on hand at the beginning of the year, month, or last meeting.
- All receipts should be listed and totaled.
- All disbursements should be itemized and totaled.
- The financial statement should show the balance on hand as of the date of the report.
- Record any charges made by the bank under disbursements.
- The financial statement is never adopted; it is placed on file. Only the auditor’s report is adopted.
How much money does the Chapter have? Since the money belongs to the Chapter members, they should be aware of how much money is in the bank. A detailed report at each meeting is boring and time consuming, usually just the balance, receipts and/or disbursements, as well as the ending bank balance is given.
The Treasurer’s report should never be adopted, accepted, or approved. It is the auditor’s report that is approved by the membership.