Resources for Alumni Volunteers

Finances

Every year you have to do two things:

  1. Keep accurate financial records
  2. File annual 990 form with IRS

Bank Accounts

  • Transition to electronic record keeping
  • Two signatures required on each bank account and all financial transactions
  • Max of two local accounts (group checking account & group savings account)
  • President & Treasurer have access to all banking documents
  • Weekly monitoring of all financial activities by President & Treasurer to ensure account accuracy
  • Monthly bank statements should be sent from the bank directly to office in addition to the treasurer, preferably the club President. (This officer should review the statement, canceled checks and deposits for accuracy and appropriate use of funds). Email is an acceptable delivery method, but should also be directly from the bank
  • Provide copies of banking statements to the executive board at meetings. Utilize “banking alerts” for transactions over $x dollars. The group needs to decide what “x” is because it will likely be different for each group

University Fund Types

  • Types of university scholarship accounts: current use and/or endowment
    • Current Use: Funds can be used at any time provided the use aligns with the fund description (NOTE: Funds raised for scholarship may not be used for any general club expenses)
    • Endowment: Gifts to the principal are not eligible for use each year, the funds generates an annual distribution that can be used in alignment with the fund description

Events

  • Two or more people must count and record monies collected at events (must be done prior to leaving facility); documentation then provided at meetings confirming accurate deposit.
  • It is recommended to use standard agreements to protect group and individuals. Template is here: Indemnification Agreement

Taxes

Club/Society Incentive Program – To receive reimbursements for incentive amounts