is finance not your friend? quick tips to help keep your chapters at the top of their game
TRANSCRIPT
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Making Finances Your FriendQuick Tips to Help Keep Your Chapters at the Top of their Game
Erin Morris, Client Relations Specialist
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Budget & Billing
Five Areas of Focus
New Members
Outstanding Balances
Reporting
Budget Review
0102030405
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01 Beginning of Semester August or January
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BudgetThe keys to understanding your organization’s budgeting procedure
Cash Trends Does seasonality make sense?
Recruitment, etc.
01
Analyze BudgetAnalyze last and current fiscal years
Anything weird or out of place?
Large amounts for odd budget categories?
02
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How?How much is billed?Has everyone been
billed correct amounts?
How? Who? What?
Who?Has everybody been billed?
Are members missing?
How?Appropriate items billed for?
Housing? Chapter dues? National fees?
Has the Chapter been Billed?
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02 Middle of the Road September/October or February/March
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New MembersDepending on when recruitment may be for different chapters, considering how to handle/account for new members is key
Billing How and where members
make payments?
Who? How much? What?
02
Updates Update chapter roster and database
01
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03 End of Semester November or April
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Are there any?
Yes
How much?
Are they graduating
seniors?
Identify members that are outstanding
and collect OR
Build payment plans into the next year, if
necessary
Identify members and build plan to collect based on
your organizations’ standards and
policies
Outstanding BalancesYes
No
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Reporting Red Flags
Are Your Member Reimbursements High? Are there receipts for all reimbursements?
Are reimbursements made out for even amounts?
Are they being written to the same members over and over again?
Are the amounts of the reimbursement checks correct?
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Reporting Red Flags
Vendor Checks Are the vendors valid?
Are there receipts for all purchases?
Are the amounts of the checks correct?
Are checks made out for even amounts?
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Reporting Red Flags
Member Credits (if applicable)
Does the chapter credit member bills?
If so, is the credit valid?
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Review BudgetReview reporting to ensure that it is being done properly
RecordsEnsure the Budget is Being Recorded Properly
Any weird budget categories being used?
01
BudgetExamine the Amount Budgeted vs. the Actual Amount Spent
Is the chapter over anywhere? If so, why?
02
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248.273.0074 | www.billhighway.co
Questions?