Financial Advisor

Undergraduate Officer Overview

Alumni Officer Overview

Board of Governors

Introduction to the Office

Job Description and Major Responsibilities

  • Works with Resident Council treasurer to establish a budget for the year and to be reviewed each semester.
  • Communicates with Resident Council contacts between BOG meetings.
  • Receives a monthly report of receivables and payables from the Resident Council treasurer and reviews at each meeting.
  • Bills or sets up a billing procedure for all Resident Council members.
  • Informs the Board of Governors of any chapter member who is in arrears to the chapter and set-up a time for the individual to meet with the Board of
  • Governors. If necessary, notifies a collection service if a member should become financially delinquent and refuses to pay.
  • Makes sure all bills are paid to the Executive Offices and membership reporting procedures are followed.
  • Works with House Corporation to ensure that all employees’ taxes and compensations are paid and filed.

Undergraduate Officer

Treasurer
House Manager

Budgeting

The Board of Governors should ensure that each chapter is operating on a sound financial basis, that the required forms and fees submitted to the national Headquarters, and that all members of the chapter remain in good standing financially. Accounts payable and receivable should continually be at acceptable levels. The Board of Governors should work with the House Corporation to ensure that proper maintenance to the chapter house is planned and that adequate cash reserves are escrowed for emergencies and eventual renovation or replacement of the chapter house.

The Board of Governors should take every step possible to alleviate high accounts receivable. The disciplinary statutes of the National Constitution and Statutes clearly define a member’s financial delinquency. It states “A Resident Council member remaining in arrears in his account with the chapter for a period of thirty days shall, at the expiration of that time, be automatically suspended from the chapter. This suspension may be terminated only by payment of the arrears or by action of the Board of Governors of the chapter.” It is the duty of the Board of Governors to ensure that statutes are enforced to ensure payment of membership dues.

It is also the duty of the Board of Governors to physically inspect chapter financial statements, chapter books, and the overall budget on a monthly basis. All too often fraternity chapters do not budget funds effectively or draft a budget that is not followed. A review of these records on a monthly basis will help prevent the mismanagement and misrepresentation of chapter funds, which will ensure a financially strong organization.

Annual budget

Each chapter is required to submit to the Executive Offices budgets and financial summaries, which are to include a surplus factor (typically a savings account or investment account with a minimum balance of $1000) equal to no less than 5% of the total budget, and preferably this amount would exceed the 5% level.

This budget should be as accurate as possible and reflect all sources of income and expenditures. The budget form is provided to the chapter each year in the finance section of the CMPG. It is important for the Board of Governors to help draft and approve this document prior to submission.

In preparing the budget, the Finance Advisor should also familiarize himself with the billings that the chapter receives, including bills from the University, National Fraternity, house expenses, etc.

Resources

General BOG Resources

Finance Resources

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