Basic Role of the Treasurer
Quite obvious, actually, the treasurer’s role is to keep track of the funds of the chapter. The treasurer is responsible for paying all chapter debts and generating fundraising opportunities for the chapter. The treasurer is also required to keep track of their account with Tau Beta Pi Headquarters. Should the chapter’s account be in remiss, the Convention’s Financial Affairs Committee could call the Voting Delegate before them for reasons why the account is in remiss. You can be sure the Voting Delegate will be try to get ahold of the Treasurer for an explaination.
Funding Sources
Fundraising
While the primary goal of the chapter is not fundraising, it is helpful to have funds available to do projects and functions in order to “confer honor upon others” (your primary goal). Some of your fundraising activities will make excellent character assessment opportunities of your initiates. There are numerous activities that can be done to raise funds. Some chapters have done the following:
Professor Dunk Tank ($1/throw)
Sell programs at games
Pick up stadium after the game
Other ideas can be found at: http://www.tbp.org/Chapters/References/CPI.cfm
Awards
District Chapter Recogntion Program – Up to four $250 awards per District will be given out to Chapters that are implementing or have successfully completed projects relating to the ICE Chapter Growth Cycle in order to impact leadership, membership, projects, or image. Imrpvoments must be measurable and funding can be provided in advance for Chapters wishing to undertake a project during the next acadmic year. Chapters must complete a ICE or DICE chapter improvement plan and review it with a District Director at Convention.
Chapter Projects Award - $500 if you get this 3 years in a row! Awarded for getting an Outstanding Rating on your chapter’s Project Book and Chapter Survey (turned in at the end of the year).
Greater Interest in Government Award (G.I.G) – up to $750 per chapter (can be sponsored by more than one chapter). Chapters can submit proposals for projects that encourage government or community awareness.
They must be submitted by June 1 to be considered by the Executive Council.
Dean
Your Dean usually has several fund sources available that they can use toward travel expenses or for scholarships that your chapter may want to give out. If you already have a scholarship (such as from winning the Secretary’s Commendation three years in a row, mentioned above), many deans have been known to match those funds to either double the award or create another scholarship.
Alumni
Many chapters are close to a Tau Beta Pi Alumnus Chapters (like the Ohio’s North Coast Alumnus Chapter or the Southeastern Michigan Alumnus Chapter). Chapters like these are available to chapters as a resource (both physically, as in speakers for banquets, and monetarily). The monies given by Alumnus Chapters are usually given in the same way as by Dean’s (listed above). In addition, consider speaking with the alumni association of your college (if one exists) because they sometimes have money to fund worthwhile projects.
Role After the Initiation: Dues
Within 10 days after the initiation, the treasurer must pay $39 for each person initiated into the chapter during that initiation. The $39 fee is broken up as follows:
$32 is for initiation fees
cost of key and certificate
4 year membership to The Bent
plus other small secretarial type expenses
$7 is for the Convention Assessment (to help pay for the Convention)
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Financial Evaluation Report
The Financial Evaluation Report is a required report by Headquarters. The purpose of the report is to communicate a general understanding of the financial affairs of your chapter to the national organization. The report is entered online via the Tau Beta Pi website. You will need to get the login id and password to fill out the information.
Setting Chapter Budget for the next year
Usually about March or April of each year, the officers of the chapter need to sit down and determine a budget for the next year. The budget should include all major expenses (initiations and banquets, etc.), other possible debts
(bank debts, Convention Assessments, etc.) and income (initiation fees, fundraisers, etc.). This is explained in more detail in the Tau Beta Pi Constitution, Bylaw V, Section 5.04(c).
Transfer of Funds
At the end of the year, the outgoing treasurer is required to obtain the necessary paperwork from the chapter’s bank to transfer signature authority to the incoming treasurer. These forms should be signed by both treasurers and returned to the bank before the end of the term. All checkbooks and ledgers should also be in the incoming treasurer’s possession before the outgoing treasurer leaves office.
Fines
According to Bylaw VIII of the Constitution, certain fines can be assessed to the chapter’s account for certain infractions. Most infractions are due to a failure to turn in Reports required by Headquarters and cost $5 per infraction. These reports include:
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Addresses of Chapter Officers
Election of Chapter Officers and Advisors
List of Eligibility
List of Electees
Report of Final Action
Duplicate of Convention Credentials
Copy of the Chapter’s Bylaws
Other fines will be assessed to the chapter’s account for the following, much heavier infractions:
$50 for an Unapproved Initiation
$25 per Ineligible Candidate initiated into Tau Beta Pi
$25 per Initiate with a Lack of Proof of Worthiness
The above fines can also be doubled by Headquarters for every 2 weeks that the chapter fails to send in the belated report or remittance.
Tax Status
Most chapters never have to worry about this, but if you are really, really good at fundraising or just have a very big chapter that has a net revenue over $25,000, then you will need to file with the IRS. Don’t worry, you won’t have to pay taxes, they just want to keep an eye on you in a very governmental sort of way. The form you will have to fill out is the 990 (the non-profits equivalent to the 1040) which you can probably download off the web.
For chapters that don’t have to file a form 990, you will have to fill out an online form on the IRS web site. This is a graded report for the Secretary’s Commendation and failure to do so could result in your Chapter losing its tax exempt status and could result in probation. The due date is a little tricky. It is due by the 15 th day of the fifth month following the close of the Chapter’s fiscal year. For example, if your fiscal year ends May 31, the form is due October 15 th . More information about what you will need to fill out the form is available on the Tau Beta Pi web site at http://www.tbp.org/Chapters/Reports/OtherOnline/IRS990-N.cfm.
Other Reports
Convention Delegate’s Travel Plan, Convention Delegate’s Expense Report
The main reason you should be aware of them is if the Voting Delegate comes to you looking for funds to get him or her to the Convention. All expenses will be reimbursed by Headquarters for the Voting Delegate once the Expense
Report is filled out and sent in. If you paid for the delegate out of the chapter’s funds, you may request that
Headquarters either sends a check made out to your chapter or credits your account with them.
If your chapter is sending Non-Voting Delegates, they will also have to fill out a Travel Plan but not an Expense
Report. Any money to send a Non-Voting Delegate will have to come out of the chapter’s funds.
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