Three weeks ago, Hannah Wade and I had the privilege of spending approximately six hours with nearly 100 Phi Kappa Psi chapter treasurers talking about the important role they play in the life of their fraternity. Although spending so much time discussing finances is not especially exciting on the surface, the group was engaged and attentive. It quickly became clear that these fraternity treasurers want to do the right thing for their chapters. They take pride and understand their important role.
We mentioned it on more than one occasion — if the treasurer does not do his job well, the other officers can’t do their jobs well.
In addition, we shared best practices, identified challenges and learned ways to improve financial operations within our fraternities. We talked about many things facilitating the Treasurers Track for the Woodrow Wilson Leadership School in Omaha, Nebraska including:
- How to establish billing groups and project income
- Collecting from members and parents
- Establishing policies to govern the collection process
- The difference between fixed vs. flexible expenses
- Setting an expense budget
- Establishing spending controls and policies
- Transitioning things to the next treasurer
- Filing the IRS Form 990
- Complying with credit card receipt and PCI compliance requirements
During our four sessions together, we used a Workbook to help us make decisions and follow along. A link to this Workbook is below for any Phi Psi treasurer or officer who wants it.
We also promised the treasurers we would place a version of each training session online so they could review it in the future and share it with other officers, as needed. (Non-Phi Psi treasurers might learn a thing or two, too, if they watch it.) Links to online educational sessions are below as well.
Overall, we thoroughly enjoyed our time with everyone in Omaha. We wish each treasurer the best of luck as he begins planning for the fall term.
Addison Schopp, National Relations Coordinator
Hannah Wade, Training Coordinator
Phi Kappa Psi Woodrow Wilson Leadership School Treasurer Materials:
- 2015 Phi Psi Treasurers Workbook
- Session 2: Banking, Taxes and Financial Statements to Understand
- Session 3: Budgeting Income and Collecting Money
- Session 4: Budgeting Expenses and Spending Money
- Session 5: Compliance and Financial Review
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