Financial Records

Organization treasurers maintain the treasury for the duration of their term. The AASC recommends maintaining records on a computer accounting/spreadsheet system. For treasurers who do not have access to a computer, financial records must be maintained in accordance with standard accounting practices. Organization funds are to be used solely to benefit the organization.

Templates for Record Keeping

These Excel spreadsheets can be downloaded and customized by club treasurers.

Tips for Maintaining a Club Treasury

Caroline Carbaugh ’66, longtime treasurer of the Washington, D.C., club, shares the following tips:

  • Open or update a specified checking account; have several authorized signers, but one signature on a check is sufficient.
  • Develop a budget to control income and expenses and identify sources of income and categories for expenses.
  • Document all treasury transactions.
    • Record sources of income and amounts.
    • Always get copies of receipts and documentation.
    • Balance checkbook monthly and produce a monthly or periodic report with starting and ending balances.

Notes on Event Management

  • Track responses: name, address, number of reservations, amount of donations, amount paid, when received, when deposited.
  • Make deposits and pay all bills.
  • Provide information on tax-deductible amounts to attendees or donors.
  • Produce a final report for events, including the number of reservations, income, expenses, profits or losses.

Bank Accounts

The treasurer should open a bank account in the name of the organization (not a personal account) as the principal signature authority with a second officer, usually the president, also having authority. To open a bank account, the treasurer will need its organization bylaws and the following:

  • Tax number (Employer Identification number (EIN) or Tax Payer Identification Number (TIN)). Go to www.irs.gov and click on the link to apply for an EIN online.
  • The organization’s 501c(3) or 501c(7) tax-exempt number, if applicable.

Setting and Collecting Dues

The treasurer solicits member dues on a regular schedule. It is the general practice to solicit dues in a newsletter, although an organization may also send a separate mailing to alumnae just for this purpose. The range of dues is $20 to $75 annually. The treasurer maintains records of dues received.

The AASC suggests the following basic guidelines:

  • Consider the size of your organization, the financial health of your treasury, and regular and projected expenditures when setting dues.
  • Include a personal note with clear instructions and details about the use of dues. Provide an addressed return envelope.
  • Offer discounts for members at events or for alumnae who pay dues prior to the beginning of the fiscal year.
  • Recognize alumnae who have paid dues in your newsletter.
  • Provide a complimentary copy of your club directory.