Alpha Kappa Alpha Sorority, Incorporated Sigma Omega Financial Policies. Whitney Gaskins, Basileus Carole Cutter-Hawkins, Anti-Basileus

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1 Whitney Gaskins, Basileus Carole Cutter-Hawkins, Anti-Basileus Amended January 2017

2 Contents FINANCIAL DUTIES OF OFFICERS... 4 BUDGETS... 6 Budget Time Table... 6 INCOME... 7 Receipt of Funds... 7 Self-Sustaining Ac<vi<es... 7 Returned Checks... 8 EXPENSES... 8 Check Disbursements... 8 Procedures for Electronic Funds Receipt and Electronic Expenditures of Funds... 9 RemiHance of Per Capita Tax and EAF Dues... 9 Credits and Cash Reimbursements... 9 Cash Advances Authorized Signatures Fidelity Bonding Insurance Contribu<ons DUES Dues Structure Discounts Life Members & Life Membership Fees Dues for Members Transferring into the Chapter ASSESSMENTS OTHER POLICIES GiSs to CommiHee Members Courtesies Amended January 2017

3 Cer<fica<ons Meals... 12

4 FINANCIAL DUTIES OF OFFICERS In accordance with the Alpha Kappa Alpha Sorority, Incorporated: Fiscal Fitness Guide to Chapter Financial Procedures (Revised November 2014) and Sigma Omega Chapter Bylaws: The Pecunious Grammateus performs the following duties: 1. Collects all monies and write receipts. 2. Totals collections and prepares a Transmittal Report to be given to the Tamiouchos along with the monies collected. 3. She shall keep duplicate records of the Tamiouchos, and sign orders on the Tamiouchos for money. 4. Prepares a list of financial members for meetings. A financial member report does not need to be prepared if no new members are added since the last meeting. 5. Serves as a member of the Budget and Finance Committee. The Anti-Pecunious Grammateus assists the Pecunious Grammateus in the performance of her duties as follows: 1. Collects monies and write receipts in the absence of the Pecunious Grammateus. 2. Totals collections and prepares a Transmittal Report to be given to the Tamiouchos along with the monies collected. 3. She shall, at all times, also have a current and accurate record of the financial status of each chapter member. Serves as a member of the Budget and Finance Committee. Amended January 2017

5 The Tamiouchos performs the following duties: 1. Makes deposits and maintains a cash receipt journal. 2. Maintains a cash disbursement ledger and journal. 3. Prepares monthly and annual financial statements as outlined by the Fiscal Fitness Guide to Chapter Financial Procedures and the chapter bylaws, including the summarized budget and annual financial statement sent to the Alpha Kappa Alpha Sorority, Inc. Corporate Office (CO or Corporate). 4. Prepares the per capita report sent to the CO. 5. Obtains and reviews disbursement vouchers, issues checks, and prepares monthly bank reconciliations. 6. Chairs the Budget and Finance Committee, analyzes and prepares the annual budget for the Chapter s approval. The Anti-Tamiouchos assists the Tamiouchos in the performance of her duties as follows: 1. Keeps an accurate account of all money transactions, fees, and assessments in the absence of the Tamiouchos, but shall not write checks. 2. Helps prepare for audits/evaluations. 3. Secures necessary signatures on all vouchers. 4. Serves as a member of the Budget and Finance Committee. Amended January 2017

6 BUDGETS The Budget and Finance Committee will prepare two separate budgets: one for Community Service and another for Chapter Operations. The Community Service budget will fund donations to community organizations and chapter programs that benefit the general community. The Operations budget will fund all operating expenses of the Chapter. Modification of an adopted budget should occur only when circumstances have changed to the extent that expenditures for a specific purpose require reconsideration. Standing committees must submit a copy of its yearly budget to Executive Committee and the General Body by February first along with its other chapter reports. Committees must submit a copy of its event specific budget 30 to 45 business days prior the event, also along with its other chapter reports. In addition copies of all budgets must be forwarded to the Basileus, Pecunious Grammateus and Tamiouchos as well as retained for the chapter records. Budget Time Table June - September September - October October November Executive Committee Members asked to prepare individual budgets. Budget Committee meets to prepare budget. Proposed Budget presented to Chapter. Chapter approves budget. January 12, 2017

7 INCOME Receipt of Funds Due to the importance of separation of duties in the receipt and disbursement of funds and for appropriate checks and balances, no one soror should be permitted to receive and disburse funds. The Pecunious Grammateus and Anti-Pecunious Grammateus will collect all funds on behalf of the Chapter, regardless of the source, and prepare receipts and a transmittal report for the Tamiouchos. All collected funds, accompanied by the transmittal form, should be turned over to the Tamiouchos within five days of receipt. A signed copy of the transmittal report should be returned to the Pecunious Grammateus within 30 days of receipt. It is not acceptable to submit a postdated check to the Chapter for any reason. In the event that the Pecunious Grammateus and Anti-Pecunious Grammateus are not available to collect funds, funds are to be sent to the Sigma Omega chapter Post Office Box. Nonfinancial officers or non-bonded officers shall not collect any Chapter funds. All funds associated with an event are to be collected prior to the event. The suggested guideline is that funds are collected at least two weeks prior to the event. This timeline will allow the Pecunious Grammateus to: 1. Receive funds which have been mailed to the Post Office Box, 2. Advise payer(s) when there is an error in submission such as payee name or amount, 3. Issue receipt timely, and 4. Submit funds for deposit to the Tamiouchos prior to event. The Tamiouchos will verify the receipt for any funds received. The Tamiouchos should deposit funds within five days of receipt from Pecunious Grammateus. Self-Sustaining Activities All assessments or donations received for self-sustaining activities should be remitted to the Pecunious Grammateus or Anti-Pecunious Grammateus to record and receipt. January 12, 2017

8 Returned Checks It is the responsibility of the Tamiouchos to directly alert sorors of returned checks. She is to inform sorors of the required reimbursement and consequences of a reoccurrence. Notification must be made (1) verbally, no greater than three business days following the event and (2) in writing, no greater than three business days following the verbal notice. Written notification must be sent by way of the US Postal Service and require a signature upon receipt of the letter. Sorors must pay the Non-Sufficient Fund (NSF) fee charged on their personal check. Once the Soror has been notified of an NSF, all check amounts and fees must be replaced by cash, money order or cashiers check within ten business days. A Soror who has incurred two NSF charges within one chapter year must make all payments via cash, money order or cashier s check for the remainder of such chapter year. In accordance with the Alpha Kappa Alpha Sorority, Incorporated Constitution and Bylaws Appeals Process (Article VI, Section 15) and Restoration to Good Standing (Article VI, Section 16) and the Alpha Kappa Alpha Sorority, Incorporated Manual of Standard Procedure Appeals Process and Restoration to Good Standing sorors may petition the Executive Committee for a reconsideration of this procedure. EXPENSES Check Disbursements The Chapter provides reimbursement for business expenses which are: (1) ordinary, necessary and incurred in the active conduct of Chapter business, (2) reasonable in nature and (3) properly documented and authorized on a timely basis. Only legitimate business expenses will be reimbursed by Sigma Omega Chapter. Expenses which do not contribute to the mission and vision of the Chapter will not be reimbursed. All expenditures should be made by check. No check should be payable to cash or bearer. All checks should be payable to an individual or company. Disbursements shall be made for items that are budgeted or approved by a vote of the Chapter. The Tamiouchos will only issue checks with the submittal of original/supporting documentation. Sorors seeking reimbursement must do so by disbursement voucher and within thirty (30) days of expense incurrence. Sorors who submit requests in excess of this time limit forfeit reimbursement. The voucher should contain the purpose for the expenditure, name of the committee requesting the expenditure, the amount, and the budget line item. It should be signed by the committee chair (or other authorized individual) and the Basileus and Pecunious Grammateus as specified in the Chapter bylaws. Vouchers should be submitted to the Tamiouchos for processing. January 12, 2017

9 The Chapter has authorized expenditures when it approves the budget; therefore, sorors and/or committees that expend funds exceeding budgeted amounts, will either have to bear the cost of the overage expended, or obtain approval from the Chapter prior to the incurrence of an overage. Approval of the budget does not guarantee funds will be available. The fiscal year of Alpha Kappa Alpha Sorority, Inc. and Sigma Omega is from January 1 December 31 of each year. Expenses for the prior year should be received no later than January 15 of the current year so that the Tamiouchos has adequate time to prepare the Corporate End of Year Financial report. The Tamiouchos retains voided checks and cancels the instrument by writing VOID on the check. All Chapter checks are voided after 90 days from date of issuance. All contracts with vendors exceeding five hundred dollars ($500) must be reviewed by both the Basileus and the Tamiouchos. All contracts must be signed by the Basileus. To ensure the most efficient use of funds, and to achieve the benefits of economy of scale, a list of approved vendors may be prepared for the Chapter and approved by the Basileus. Procedures for Electronic Funds Receipt and Electronic Expenditures of Funds All Electronic payment services i.e. PayPal, Eventbrite must be approved by the Basileus prior to set up. The Pecunious Grammateus must receive the payment confirmation sheet with amounts and payees. The Tamiouchos must get a copy of the confirmation sheet showing the amount deposited into the account. Any electronic debits from the Operation Budget or Community Service Budget must be approved by the Basileus and set up by the Tamiouchos with receipts/ confirmations attached to the voucher the month of the withdrawal(s). Remittance of Per Capita Tax and EAF Dues The per capita tax and EAF dues shall be remitted to Corporate within 10 days of receipt of the funds from the Pecunious Grammateus. Credits and Cash Reimbursements The Tamiouchos will not issue credit vouchers for expenditures. Sorors will receive checks only. The Tamiouchos cannot use cash on hand to make reimbursements. January 12, 2017

10 Cash Advances The Tamiouchos will not issue cash advances. Sigma Omega Chapter s method of expense reimbursement allows for goods and services to be billed directly to the chapter thus enabling payment in advance of the time that such charges are due. All such submissions are to be sent directly to the Chapter mailing address: Alpha Kappa Alpha Sorority, Inc. - Sigma Omega Chapter PO Box Cincinnati, OH Authorized Signatures The Basileus, Tamiouchos, and Anti-Basileus are the authorized signatures for check disbursements and savings withdrawals. Any two of the above officers can authorize disbursements. The Basileus and Tamiouchos are the preferred signatures. Fidelity Bonding Insurance Fidelity bonding must, at a minimum, cover the Basileus, Anti-Basileus, Tamiouchos, Anti-Tamiouchos, Pecunious Grammateus and Anti-Pecunious Grammateus. Contributions When made, contributions to the following organizations must be sent directly to the International Corporate Office: National Council of Negro Women, Education Advancement Fund (EAF) and Corporate Office Improvement Project (COIP). January 12, 2017

11 DUES Dues for the next year are to be paid by the December meeting, so that they can be submitted to the Corporate Office by December 31 of each year. All officers must pay dues prior to December 31, and if dues are not paid the soror will not be installed as an officer. Dues Structure The Chapter s dues are calculated based on the budget and consists of both the local dues, per capita, and EAF dues. Chapter dues should be paid prior to December 31 of the prior year for which membership is sought, e.g. dues for the 2017 Membership year are due by the December 2016 Chapter meeting. If Sorors pay dues after January 31, a 10% late fee for per capita will be assessed as such dues will not be remitted to Corporate until after February 1. An additional fee for the International Manuals will be assessed and added to the chapter dues for years where the Boule has amended these manuals. The Chapter will not accept General (Boule) dues from General Sorors. Discounts When financial conditions permit, chapter dues shall be discounted for the categories outlined in the chapter bylaws as apportioned by the Finance Committee and approved by the body. A soror may only receive one discount based on her membership and/or student status. Life Members & Life Membership Fees A life member must meet the Chapter s financial obligations if she wishes to vote or participate in Chapter activities (International Constitution & By-laws, Article IV, Section 9C). A life member pays the Chapter dues, and any special assessments. Life members do not pay per capita, but are responsible for EAF dues. A soror applying for life membership must pay full membership dues, including per capita, if her life membership fees are NOT paid in full by February 1. If a soror wishes to pay life membership fees through the chapter, the life membership fees must be paid to the Chapter in one calendar year. Any soror wishing to pay life membership fees in installments must do so through procedures set forth by and through the Corporate Office. January 12, 2017

12 Dues for Members Transferring into the Chapter Corporate requires that each soror wishing to transfer her membership to Sigma Omega provide an official transfer notice from the Chapter transferring from or the International Office if the Soror is a General Member. The transferring Soror will pay Sigma Omega Chapter dues, per capita tax, and EAF dues. An additional fee will be added in odd years for the International manuals. An inactive soror will pay Sigma Omega Chapter dues, per capita tax, EAF dues, and the International re-instatement fee. Inactive sorors who are reactivating and have not previously paid the Corporate Office Improvement Plan (COIP) assessment must pay the COIP assessment in order to reactivate their membership with the Chapter. ASSESSMENTS Sorors must meet all chapter financial responsibilities and all assessment requirements prior to becoming financial for the next year. The per capita tax shall not be transmitted to the Alpha Kappa Alpha Office until financial obligations to the Chapter have been met in accordance with the Chapter s by-laws. (Alpha Kappa Alpha Sorority, Incorporated Constitution and Bylaws, Article VI, Section 7). OTHER POLICIES Gifts to Committee Members Committee chairmen and officers cannot use chapter funds to purchase appreciation gifts for committee members (this includes the executive committee). Courtesies The cost of gifts and special courtesies (including cards, flowers and small token items) is reimbursable when deemed appropriate for the Chapter to send such items concerning situations such as illness, death and special occasions. CertiNications If the budget allows, the chapter shall pay for the Basileus, Graduate Advisors, Tamiouchos or Pecunious Grammateus to maintain her certification if such will expire during her term in office. Meals The Chapter will not pay for meals for any committee meetings, including that of the Executive Committee. January 12, 2017

I. GENERAL INFORMATION A. Fiscal Year B. Chapter Tax C. Per Capita Tax D. Due Dates II. III. IV.

TABLE OF CONTENTS INTRODUCTION I. GENERAL INFORMATION A. Fiscal Year B. Chapter Tax C. Per Capita Tax D. Due Dates II. III. IV. OVERVIEW OF CHAPTER FINANCIAL PRACTICES A. Financial Officers and Separation