Treasurer’s Policy

Annual Percentage Yield (APY)

Annually compounded interest rate

Credit

Any funds added to an account

Current Operating Budget

Budget which is currently being used by Zeta Chapter

Debit

Any funds subtracted from an account

Fiscal Year

Finance based calendar that starts July 1 and ends June 30

Liquid Assets

Cash, checking accounts, savings accounts, securities with one (1) month or less maturity

Liquidity

Ratio of Liquid Assets to Total Assets

Maturity

Date which a security is sold back to the financial institution

Security

Any investment of funds not including checking or savings

1. Brother’s Pages are used to track the amount of money a Brother owes (is owed by) Zeta Chapter, and are also used for the calculation of dues. All items where the Brother owes Zeta Chapter will be listed as a debit (added to balance). All items where Zeta Chapter owes the Brother will be listed as a credit (subtracted from balance). For example, dues would be added to a Brother’s balance, and their payment would be subtracted from their balance. Each entry should include: date of transaction, full description of transaction, Zeta Chapter’s check number or Brother’s payment method / check number, and amount of transaction.
2. If a Brother reaches a balance of –$50.00, –$100.00, etc, the Treasurer shall verbally notify the Brother to make them aware of their outstanding credit.

   1. If a Brother reaches a balance of +$100.00 between regular semester payments, they should be given a written notification of their balance, and the Treasurer shall request payment within two (2) weeks.
3. Upon successful completion of pledging, a Brother’s page shall be made for the new Brother within one (1) week. At the top of the page, the last name, first name and pledge term shall be listed. Columns shall be created for date, transaction description, credit value, debit value, and balance. The Treasurer should also immediately enter pledging fees, national, and local dues into the Brother’s balance. Pledging fees and local dues shall be due at the next regular billing date. National dues shall be collected no later than the end of the semester in which the Brother pledged.
4. Multiple pages for the same Brother should have a page number in the upper left corner.
5. Brother’s pages are maintained until the Brother becomes an Alumnus, at which time they will be transferred into the Alumni section of the records.

1. Committee pages act the same as Brother’s pages, but a new page is created at the beginning of each fiscal year.
2. Each committee page shall have the name of the committee printed at the top of the page. The committee page should contain columns for: date, transaction description, credit value, debit value and balance. The starting balance is equal to budgeted expenditures minus budgeted income. For example, if the Executive committee has Expenditures = $975.00 and Income = $2,575.00, the committee’s starting balance would be ($975.00 — $2,575.00 = ) –$1,600.00. All debits (committee expenditures) are subtracted from the balance and all credits (committee income) are added to the balance. The Treasurer should always list how debits were paid (by check number, refunded to [REI], etc.)
3. Crib-sheets are set up the same as committee pages, but designed solely for the committee chair’s use. At the beginning of the school year, the Treasurer shall furnish the chair a crib-sheet with the committee name, budget year and starting balance already entered. It is the chair’s responsibility to keep track of these pages. The chair can check the accuracy of the page by requesting a current value from the Treasurer. The Treasurer shall furnish the chair with an updated balance at the beginning of the spring semester.

1. Bills for dues should be handed out at a regular meeting no later than third (3rd) week, and need to be paid within three weeks (3rd meeting following when they were handed out).
2. Chapter Dues are $25.00 per semester. National Dues are $40.00 per semester. Pledging Fees are a one time fee of $90.00.
3. Bills for dues should reflect all receipts collected and all debits owed up to the date the bills are issued.
4. Dues can be paid by check, cash, an equivalent amount of committee receipts or any combination of the three.
5. At one (1) week overdue, the Brother shall be notified that they are overdue and a $2.50 finance charge shall be added to their bill. At two (2) weeks overdue, a second $2.50 finance charge shall be added and the executive committee shall be notified of the outstanding balance. All finance charges collected shall be listed as credits for the executive committee.
6. Finance charges and due dates can be waived as deemed appropriate by the Treasurer. A Brother wishing to dispute any finance charge can petition the finance committee to rescind the charge. This petition must be submitted to the Finance Chair within one (1) week of receiving notice of the charge.
7. Upon receipt of payment, the Treasurer shall furnish the Brother with a written receipt of payment. The Treasurer shall also apply the payment to the Brother’s personal page. If paid by check, the Treasurer should write the check number on the receipt.
8. If a Brother becomes inactive after dues have been paid, they will receive a refund equal to the remaining number of weeks in the semester times one and three-quarter dollars ($1.75) [$25.00 per semester / 14 weeks = $1.75 per week). This refund reflects chapter dues only, national dues will not be refunded in any case.
9. A check for national dues, along with the payment form, must be received by national no later than September 30th. This payment will include the national dues fee. Once sent, the amount of national dues shall be recorded under the national committee page.
10. The total amount of Chapter dues recorded under the executive committee crib-sheet should be equal to the number of active Brothers × $40. This total should also equal the sum of all cash, checks and receipts received from Brothers as payment.

1. The Treasurer shall endorse the backs of all checks with the “For Deposit Only” stamp and write “Mu Beta Psi” before depositing the checks.
2. Before depositing, list all checks on the deposit form with all pertinent information (check number, origin of check and amount). Also add up all cash in the deposit and enter in the CASH row. Finally, total up all amounts in the deposit and enter into the total row.
3. Once the deposit is made, compare the deposit receipt to the deposit form and staple the two together if accurate.
4. If the deposit receipt and the deposit form do not match, determine where the error is and correct it.
5. When making a deposit, the Treasurer shall make sure the checking account has enough money in to cover any outstanding drafts, and to maintain a reasonable balance. A reasonable balance level will be determined by the Treasurer and Finance Chair at the beginning of each school year.

1. Once the Monthly statement from the financial institution is received, the balances for both the checking and savings accounts should be compared to the recorded values.
2. Each check listed on the statement should be checked with the one listed in the ledger, and, if accurate, the check on the ledger should be highlighted to show it has been checked.
3. If all entries in the statement match, the monthly statement should be dated and signed by both the Treasurer and a member of the finance committee.

1. All checks should be written in a standard fashion, and the memo field shall be filled in for later reference.
2. All deposits should be entered in the checkbook (carbon copy) as well as in the ledger. All checks should be entered into the ledger for double-checking purposes. All fund transfers should be entered into both the ledger and the checkbook.
3. At the end of each month, the ledger should be compared to the checkbook to check for accuracy.

1. The budget must be written by the end of the tenth (10th) week of spring semester.
2. To begin writing a budget, the Treasurer shall give each committee chair a copy of their portion of the current operating budget. The committee chairs shall then have two (2) weeks in which to make modifications to those values. If the chair has any modifications, they shall also furnish a reason for the change. All modifications and reasons must be submitted in writing to the Treasurer or Finance Chair. The chair also has the right to request no changes, which shall also be submitted in a written format. If the chair does not submit a request, the finance committee shall budget what they deem appropriate for the committee in question.
3. Once all committee modifications are gathered, the Treasurer and finance committee shall meet to create the budget. They should, if feasible, use the current operating budget as a template for the budget being created. Once the new budget is complete, the finance committee will present the budget at the next regular meeting. The finance committee should also make two (2) printed copies of the budget to pass around the Brotherhood for reference during the meeting.
4. The budget shall be presented at two (2) regular meetings and will be voted upon after the second (2nd) presentation. Once approved, the Treasurer shall furnish the secretary with a copy of the finalized budget for the minutes.

1. All summer investments must mature on or before September 15th. This means that three (3) month securities should be purchased no later than June 15th, and six (6) month securities should be purchased no later than March 15th. Any security which matures in more than six (6) months should not be considered for summer investments.
2. Zeta Chapter shall never have less than 25% total liquidity (not including scholarship endowment fund).
3. Investments may not reduce Zeta Chapter to less than $500.00 in total liquid assets (checking + savings + cash) at any time.
4. All investments shall be recorded in the security record book when purchased. The book shall also be updated when the security matures.
5. All investments must be classified as a low risk investment. These types of investments include: Certificates of Deposit (CD), AAA corporate bonds, Treasury Notes (T-Note), Treasure Bills (T-Bill) and Mutual Funds. No investment in stocks shall be permitted at any time.
6. Authorization for making an investment depends on the maturity and the value of the investment.

   1. Treasurer can purchase investments with a maturity of three (3) months and a maximum value of $500.00.
   2. Treasurer and Majority of Finance Committee can purchase investments with a maturity of twelve (12) months and a maximum value of $1,500.00.
   3. Two-thirds (⅔) majority of the Brotherhood can purchase all other investments.

1. When a new Treasurer or Finance Chair takes office, both the new officer and the old officer must go to the financial institution(s) at which Zeta Chapter conducts business and update the account ownership records.
2. The Treasurer will be the account owner and the Finance Chair will be a joint owner.

As passed by the Brotherhood on January 29, 2001
Effective February 5, 2001
Last Updated April 12, 2009