Alpha Kappa Alpha Sorority, Inc.
Mu Kappa Omega Chapter
2011 Financial Guidelines
1.
All funds must be remitted to the Pecunious Grammateus or Assistant Pecunious Grammateus. For all
functions individual sorors are responsible for remitting funds in excess of $250.00 to the Pecunious
Grammateus and/or Teller within seven calendar days of receipts. (Sorors are responsible for coordinating
meeting times and dates with the Pecunious Grammateus and/or Teller).
2.
All funds submitted to the Pecunious Grammateus or Assistant Pecunious Grammateus must have an
accompanying financial payment slip and/or other supporting documentation (i.e., registration form, tickets,
etc.). Financial payment slips may be obtained from the Pecunious Grammateus or via the chapter website.
3.
Funds received by the Assistant Pecunious Grammateus must be remitted to the Pecunious Grammateus within
3 business days. A summary of all funds received must be remitted to the Pecunious Grammateus at the time of
transfer.
4.
All funds received by the Pecunious Grammateus or Assistant Pecunious Grammateus must be remitted to the
Tamiouchos for deposit within 10 banking days.
5.
All checks written require two signatures - Tamiouchos and Basileus.
6.
The Tamiouchos or Assistant Tamiouchos must make bank deposits within seven banking days of receipt from
the Pecunious Grammateus. (Sorors should notify the Basileus and Financial Team of checks outstanding more
than 30 days.)
7.
The Tamiouchos, Assistant Tamiouchos and the Basileus are the only individuals who have the authority to
make deposits.
8.
The Committee Chairman, as applicable, must sign all requests for disbursements.
9.
Only Committee Chairmen are allowed to receive cash advances. Disbursement forms must be submitted by all
committee chairmen prior to receipt of cash advance. The disbursement form must have the respective
committee budget attached. The budget must be an itemized detail statement that explains the sources and uses
of the cash advance. Checks payable to vendors should be written on chapter checks. Where possible, sorors
are encouraged to incur expenditures for events and seek reimbursement. This leads to better accountability of
chapter funds.
10. The Committee Chairman is responsible for submitting, to the Tamiouchos, a final budget detailing the actual
expenditures and supporting documentation to substantiate the sources and uses of the cash advance. In
accordance with chapter guidelines, an unsubstantiated cash advance will become a financial obligation 30
days after receipt of the cash advance. (No exceptions). All receipts must be submitted to the Tamiouchos no
later than the last chapter meeting in December. This is necessary to close the financial records for the year and
to clear all financial obligations.
11. Once a committee wrap up report is given which contains the final budget of the activities of a committee, no
refunds or disbursements will be made against that budget.
12. All requests for disbursement forms must be submitted to the Tamiouchos for reimbursement. Disbursements
will be made only if the voucher has the appropriate signatures and supporting documentation. Absolutely no
disbursements will be made without an accompanying receipt, even if the authorizing signatures are obtained.
Receipts that are not 8 ½ x 11 should be taped to an 8 ½ x 11 sheet of paper and attached to the disbursement
form.
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Financial Guidelines
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13. The Tamiouchos will be responsible for mailing disbursements within seven calendar days of receipt. All
disbursements are contingent upon the availability of allocated funds (i.e., budgeted amounts).
14. Chapter approval is required for all disbursements in excess of budgeted amounts and must be accompanied by
a written report detailing expenditures.
15. Each Tamiouchos and Pecunious Grammateus is responsible for developing her own filing and recordkeeping
system. Any methodology used should provide accurate records and create an audit trail.
16. All financial data should be maintained on CD-ROM or flash drive. Also, a back-up CD-ROM or flash drive
should be maintained in a segregated area. The primary CD-ROMs or flash drives should be passed on to the
successive Financial Team. The back-up CD-ROMs or flash drives should be given to the current Basileus and
Audit Committee Chairman. If members of the predecessor Financial Team disassociate with the chapter, for
any reason, the information should be passed on to the current Basileus.
17. The Audit Committee is responsible for enforcing and implementing audit procedures.
18. Sorors that remit more than two returned personal checks and/or two declined credit card transactions in the
same calendar year must remit all future payments for the remainder of the current calendar year in the form of
cash, cashier’s check, or money order. A $35 charge will be assessed on each returned check.
19. Sorors with outstanding returned checks and NSF fees will not be considered in good standing with the chapter
until all checks and related fees have been satisfied. This includes Sorors previously affiliated with this chapter
who have outstanding returned checks and fees from any previous years.
20. Unless payment is made via PayPal, all credit card transactions should occur at chapter meeting and must be
swiped for all payments and accompanied by a financial payment slip with the relevant credit card information,
including account number, type of card, expiration date and signature.
21. A voucher must be completed thoroughly for every written check. Incomplete vouchers or missing
receipts/documentation will result in delays in processing of payments or disbursements.
22. Receipts will be distributed to Sorors making cash payments only upon request.
23. Financial books must be submitted to the Audit Committee no later than February 1st annually.
24. An interview of the Financial Team, by the Audit Committee, will take place before the audit commences.
25. Approval signatures on Disbursement Forms (vouchers) are not required for remittance sent to International
Office, Post Office Box Rental, Storage Space, Bonding Fee, Website Hosting and Domain Fees, Pan Hellenic
Council Membership, Meeting Room Expenses, Chapter Retreat Expenses, Conference Expenses, and Pass
through expenses: Founders’ Day, Area Retreat, and Conference Registrations.
26. The following signatures are required on the voucher for all reimbursements: Basileus, Pecunious Grammateus
and Committee Chairman. Please Note: Committee Co-Chairmen must sign for all disbursements requested by
the committee chairman.
27. Members should attach minutes and receipts to all disbursements approved by the Chapter.
28. Disbursements approved by Chapter, should be submitted to the Tamiouchos with 60 days of Chapter approval
along with supporting documentation such as minutes and receipts.
29. Installment payments are available for chapter dues from September through December.
RATIONALE: to eliminate excessive recordkeeping and to fund the budget for the New Year.
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Financial Guidelines
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30. On-site payments will not be accepted for chapter events. (i.e. Chapter retreat, chapter picnic, Founders' Day,
Scholarship luncheon guest(s), etc.) RATIONALE: most events are prepaid which requires sorors to pay in
advance of an event and to eliminate soror debt to the chapter.
31. All disbursements should be conducted at the chapter meetings. During the summer months when there are no
chapter meetings, special instructions may be given well in advance of an event.
32. Financial obligations must be handled PRIOR to sorority meeting to be considered a member in good standing
AT sorority meeting. Therefore, the Finance Teams asks that Sorors remitting funds via PayPal should do so on
or before the Monday prior to sorority meeting. PayPal payments remitted after the Monday prior to sorority
meeting will not be processed until after sorority meeting.
33. Payments to Julia F. Thompson, Inc. should not be submitted to Mu Kappa Omega Chapter. (i.e. POG golfers,
raffle tickets, POG assessment, etc.) NO EXCEPTIONS.
34. Reactivating sorors should pay dues in full. Sorors transferring in to Mu Kappa Omega from another chapter
must pay dues to the chapter for the remainder of the year on a pro-rated basis as directed our national
documents provided Per Capita and EAF dues have been received by the corporate office for the current
year. (Alpha Kappa Alpha Sorority, Inc. Constitution and Bylaws Article IV, Section 43: Membership,
Transfers)
35. The finance team accepts payments in the form of Checks, Money Order, Cashier’s Check, Credit/Debit Card,
and exact Cash. The option to make payments online via Pay Pal is also available.
Additional Thoughts:
• Each Committee Chair should try to attend the Finance Committee meeting when her respective budget is
being drafted. If the Committee Chair is unable to attend the meeting, she should make sure her budget
request is submitted in writing to the Finance Committee Chair in a timely manner. The Operating Budget
is preliminarily drafted prior to the September meeting.
•
Each Committee Chair should be responsible for tracking her own budget.
•
Each Committee Chair should be mindful of the not-for-profit status of our organization. When possible, a
Soror should effectively use the resources available to her. She should try to patronize organizations,
which understand and cater to the needs of not-for-profit organizations.
•
Every Soror who submits vouchers and receipts to the Tamiouchos should try to maintain a copy for her
own personal records.
•
If sorors remit funds to the Pecunious Grammateus via U.S. Mail, a copy of the payment slip form should
be included with the funds sent.
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Financial Guidelines
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