Alpha Phi Omega Kappa Chapter, Carnegie Mellon

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Financial Policies

Move that Alpha Phi Omega, Kappa Chapter, shall hold the following policies regarding its financial records and the handling of its money:

  1. The fiscal year shall extend from July 1st until June 30th of the following calendar year.
  2. All allocations made in a session shall expire at the end of that session unless each is explicitly extended into the following session.
  3. Records:
    1. Financial Records include, but are not limited to: all receipts, requests for reimbursement, ledgers and journals, reports of audits, bank statements, totals from zeroing cash registers, paper tapes from registers, check stubs, cancelled checks, and budgets.
    2. The Treasurer shall maintain all Financial Records for the current and previous fiscal year. At the end of each fiscal year and following the audit of the ledgers and journals by the appropriate persons, all records prior to the previous year shall be turned over to the recording secretary for archival.
    3. No dues-paying or advisory member of this chapter can be refused access to the financial records of the chapter.
  4. Receipts shall be issued for all monies received. Receipts for cash shall be numbered and self-duplicating.
  5. The Treasurer may maintain sufficient cash to cover foreseeable needs in a secure location.
  6. The Treasurer shall see to it that all received payments, cash and checks, are properly deposited into chapter accounts within 48 hours of the first following bank opening of the bank where the accounts are held.
  7. Receipt of checks as payment
    1. No check shall be accepted as payment that is not made payable to "Alpha Phi Omega, Kappa Chapter"
    2. All checks received in person must have the name and address of the account holder; the name must be the same as that on the CMU or legal photo identification of the person bearing the check.
    3. All checks not received in person must be credited to the chapter's account before any services or goods are rendered.
    4. If a check deposited by the chapter is returned to the chapter for insufficient funds, the check's account owner shall be assessed a fee of twenty five ($25) dollars plus the amount of any costs or fees incurred by the chapter as a result of the bounced check.
    5. All reasonable legal means will be used to recover the money otherwise to have been transferred by the check.
    6. Bounced checks from members shall be treated as any other financial obligation of the members in question.
    7. Checks will not be accepted from persons or organizations that are known to have bounced checks to us in the previous two fiscal years.
  8. At the discretion of the Treasurer, a check may be issued in an amount equal to money received to be made payable according to the specifications of the person(s) furnishing the money. The treasurer accepts the responsibility of ensuring that the chapter's account is credited with the money in the time specified for deposit of receipts.
  9. All bookkeeping shall be double entry.
  10. Passing On The Books
    1. Before the installation of a new Treasurer, both the incoming and outgoing Treasurers shall audit and sign the ledgers and journals.
    2. At the end of each fiscal year, the ledgers and journals shall be audited, signed by the treasurer and closed, except as here designated.
    3. Accounts Payable and Accounts Receivable shall not be so closed.
  11. Request Forms
    1. The Reimbursement Request form must clearly state all of the following information: Name of Requester, Name on Check, Date, Event/Allocation, Reimbursement Requested.
    2. Original receipts must accompany a Reimbursement Request Form for the request to be valid.
  12. Cash Box
    1. The treasurer shall maintain manuals for the operation of cash boxes.
    2. Any shortfall must be made up by the person to whom the cash box was issued. Discrepancies in excess of $5 shall be investigated and reported to the chapter.
    3. The chapter shall retain Cash box surplus. Cash box surpluses in excess of $5 shall be investigated and reported to the chapter.
  13. Materials for Sale
    1. The Executive Committee, or a person or committee appointed by the Executive Committee, shall set selling prices.
    2. For tickets, coupons, vouchers, certificates, and all other similar items, any person or organization accepting responsibility for sale of the items shall be responsible for any shortfall due to misuse, loss, misappropriation, or theft of items indicated from their inventory. Discrepancies shall be investigated and reported to the chapter.
  14. Disposition of Chapter Equipment
    1. No equipment may be released from the Chapter's inventory without consent of the chapter.
    2. Unless otherwise indicated by the chapter when consent to release is given, disposal of such items shall be:
      • Items worth less than ten dollars ($10) may be disposed of at the discretion of the Sgt at Arms.
      • All other items are to be sold by the treasurer at an auction, on a date set by the chapter.
  15. Disposition of Chapter Supplies
    1. No chapter supplies may be taken for personal use, except as here indicated.
    2. The Sergeant-at-Arms must consent to the disposal of spoiled or outdated supplies.
    3. At the end of an event, the event chair may, at their discretion, dispose of opened food that cannot be used for another event.
    4. Uniformed police, uniformed emergency medical, and uniformed university maintenance personnel are eligible for free food at concessions.
    5. Persons actively participating in the service of the chapter are eligible for free fountain drinks and non-pre-packaged concessions items, as long as it does not interfere with the conduct of business.
  16. National Dues Paid on Member Behalf
    1. Dues Payments for the time period of a semester or less shall be charged against member's chapter dues in the current semester or in the next semester for payments occurring between semesters.
    2. Dues payments for period longer than a semester shall be prorated against the chapter dues for all semesters covered by the payment.
    3. No member shall be required to pay more than the chapter dues effective for the semesters in question.
  17. Contracts
    1. The Executive Committee is authorized to approve all contracts to implement decisions of the chapter.
    2. The President or another Member designated by the Executive Committee shall sign any contract on behalf of the chapter to indicate the chapter's agreeing to the contract.
  18. On a monthly basis, the Treasurer and the President, or the President's designee, shall audit the compliance of the financial records with the rules of the chapter. An audit report shall be generated and submitted to the chapter by the Treasurer in the Treasurer's usual report.
  19. When an allocation is expired, no further expenses may be incurred against that allocation.
  20. Move that the Chapter consider the following policies as financial policies:

    Policy on Cash Registers

    • The treasurer shall maintain manuals for the operations of cash registers.
    • Cash Register "Cash-in-drawer" (X) totals shall be taken and reconciled with drawer contents when the register is closed or on a change of operator.
    • Complete cash register 'Z' reports will be run at the close of each day of cash register operation. Drawer shortfalls in excess of $5/hr or 2% of gross receipts (whichever is greater) shall be investigated and reported to the chapter. Any shortfall greater than the allowed shall be made up by the operator.
    • Any drawer surpluses shall be retained by the chapter. Drawer surpluses in excess of $5/hr or 2% of gross receipts (whichever is greater) shall be investigated and retained by the chapter.

    Allocations [1]
    November 11, 1996
    If Members wish to allocate an amount not in the Budget, or in excess of the amount in the Budget for that item, the Treasurer shall advise the Chapter that the amount is not covered by the budget and the effect such an allocation will have on Chapter finances.

    Composition of Budgets
    November 11, 1996
    The Semesterly Budget passed by the Executive Committee shall list the total anticipated income, total anticipated expenses, and net profit or loss for every planned project or other budget item, with individual entries for every income greater than $1000.00, capital expense greater than $100.00, or non-capital expense greater than $400.00.

    Discretionary Funds
    November 11, 1996
    The President and Chairman of the Advisory Committee may be allocated discretionary funds of no more than $200.00 per Semester.
    No other officer may be allocated a discretionary fund.
    Once allocated, such a discretionary fund may be spent by that officer without requiring further action by the chapter or approval of another officer.

    November 11, 1996
    Chapter dues shall be $10.00 per Semester.
    Chapter Fundraisers (Modified)
    November 11, 1996
    The expenses incurred in the operation of a charity fundraiser will be deducted from the money raised. The remainder will be donated to the charity.
    "Magic Bus" and concessions projects shall be Chapter fundraisers. The net profit from all other projects will be donated to charitable organizations. The recipient organization(s) will be chosen by the Chapter prior to the project and advertised as such throughout the project.

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