ΜΒΨ Policy Library

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====== Finance Policy ======
===== Article I - Fiscal Year =====
==== Section 1. Fiscal Year ====
  - The fiscal year end will be June 30th and shall be split into 4 quarters as defined below:
    - First Quarter: July 1st - September 30th
    - Second Quarter: October 1st - December 31st
    - Third Quarter: January 1st - March 31st
    - Fourth Quarter: April 1st - June 30th
===== Article II - Finance Committee =====
==== Section 1. Size and Membership ====
  - The Finance Committee shall consist of no fewer than three and no more than five Active members, with the Treasurer on the committee as an ex officio member.
  - The Treasurer shall only have a vote on committee business in the case of a tie and shall be the tie breaking vote.
  - The Finance Committee Chair must be an Active member in good standing, and must not currently be a member of the Executive Board of Zeta Chapter.
  - The Finance Committee Chair shall be appointed by the Finance Committee by a majority vote.
  - Brothers may join the Finance Committee by informing the President of their interest in writing. 
    - The President, Treasurer, and Finance Chair must agree by majority before the Brother can be added.
  - A member of the Finance Committee can be involuntarily removed from the committee by a majority vote of the President, Treasurer, and the Finance Chair. 
    - The member in question must be notified no less than 48 hours before a vote to remove them can be held.
    - The member in question has the right to debate all charges and cause for removal to the President, Treasurer, and Finance Chair immediately prior to the vote.
    - If the member in question is the Finance Chair, they can be involuntarily removed from the position by a majority vote of the President, Vice-President, and Treasurer.
  - A member of the Finance Committee may remove themselves from the committee at any time by submitting a written request to the Chair.

==== Section 2. Committee Duties ====
  - The Finance Committee shall assist the Treasurer in maintaining the financial aspects of Zeta Chapter and all other duties of the Treasurer as listed in this policy.
  - The Finance Committee is responsible for creating a yearly budget for Zeta Chapter as described in Article III. 
    - The Budget shall account for all expected transactions of Zeta Chapter from Fall Semester through the end of the next Spring Semester.

===== Article III - Creating a Budget =====
  - The annual Zeta Chapter Budget must be written and presented to the Active membership by the tenth week of the spring semester.
    - The budget shall be presented at two (2) regular meetings with the floor opened for discussion and questions regarding the proposed budget at each meeting.
    - The budget will be voted on by the Active membership after the second presentation, approval of the new budget requires a two-thirds (⅔) majority vote of the Active membership. 
    - The approved budget will be disseminated to the Active membership and a copy will be kept on the shared electronic storage system with collaboration with the National Information and Technology Committee Chair.
  - To begin writing a budget, the Finance Committee Chair shall distribute a copy of the current budget to all Committee Chairs and request any changes to committee budgets.
    - The Committee Chairs shall have three  weeks to make modifications to their committee budget and submit changes to the Finance Committee in writing.
      - All modifications to committee budgets must be submitted with justification for the change. 
    - The Committee Chair has the right to request no changes, which must be submitted to the Finance Committee in writing.
    - If the Committee Chair does not submit a request, the Finance Committee shall budget what they deem appropriate for the committee in question.
  - Once all committee budget modifications are gathered, the Finance Committee shall meet to create the budget.
    - If feasible, the Finance Committee shall use the current operating budget as a template for the new budget.
    - All budget modifications requested by Committee Chairs will be met to the best of the Finance Committee’s ability.
  - Once the new budget has been approved, it goes into effect at the beginning of the next fiscal year.

===== Article IV - Ledger =====
==== Section 1. Chapter Ledger ====
  - A ledger shall be maintained by the Treasurer of Zeta Chapter for each financial account held by the Chapter.
    - The ledger shall be used to track all monetary transactions related to the respective financial account.
    - Each entry shall include: 
      - Date of transaction
      - Full description of transaction
      - Payment method
        - I.e.: Zeta Chapter’s check number or Brother’s payment method/check number 
      - Amount of transaction
      - Whether the transaction is a Debit or Credit
        - All line items where money is deposited a Brother owes Zeta Chapter will be listed as a debit (added to balance).
        - All items where Zeta Chapter owes a Brother will be listed as a credit (subtracted from balance).
      - New balance of the account
    - The first entry in the ledger shall be the balance carried over from the previous fiscal year.  
    - All pages of a ledger shall be numbered in the upper left corner.
    - All active ledgers must be updated on a monthly basis with all financial transactions from the month prior by the Treasurer.
    - All ledgers are to be maintained on a fiscal year basis as defined in Article 1 section 1.
      - For example, upon July 1st of each year, a new ledger would be started, and the previous would be stored in archives.
    - All ledgers are to be saved for a minimum of seven (7) years.

==== Section 2. Committee Subledgers ====
  - The Treasurer shall create and maintain individual copies of all committee 
subledgers. 
    - Each committee’s budget shall be kept as a subledger within the main ledger. 
    - These ledgars shall be accessible by the committee chair at all times. 
  - Each committee subledger will contain the same information outlined in Article III
    - The starting balance shall be the total amount budgeted to the committee and listed as the first entry in the subledger. 
  - The Treasurer will be responsible for maintaining all committee subledgers with counsel from the Committee Chairs.

===== Article V - Dues and Fees =====
==== Section 1. Chapter Dues and Fees ====
  - Chapter Dues will be as follows:
    - Chapter Dues shall be defined per the current Zeta Chapter budget.
      - Chapter Dues may be assessed and adjusted as needed every year with the approval of the Chapter budget.
    - Bills for dues and fees shall be handed out at a regular meeting no later than the third (3rd) week of each semester, and need to be paid within the next three (3) weeks.	
    - If a Brother becomes inactive after dues have been paid, they will receive a refund equal to the total amount of local dues divided by the total number of weeks in the semester, multiplied by the remaining number of weeks.

==== Section 2. National Dues and Fees ====
  - National Dues and Initiation Fees shall be defined per the National Finance Policy.
    - Payment of National Dues and Fees, along with the appropriate payment form, must be received by nationals no later than 30 days upon request from Nationals.
      - Once sent, the amount of national dues shall be recorded under the national committee subledger.
    - Bills for national dues and fees shall be handed out at a regular meeting no later than the third (3rd) week of each semester, and need to be paid within the next three (3) weeks.	

==== Section 3. New Member Dues and Fees ====
  - New Brothers will be charged a one time initiation fee upon completion of the New Member Education Process.
    - This  one time initiation fee will consist of two parts:
      - Chapter Fees
        - Chapter Initiation Fees shall be defined per the current Zeta Chapter budget.
          - Chapter Initiation Fees may be assessed and adjusted as needed every year with the approval of the Chapter budget.  
      - National Fees
        - National Dues and Initiation Fees shall be defined per the National Finance Policy.
    - New Member fees will be due at the next regular meeting upon completion of the New Member Education Process.

==== Section 4. Payment Plans ====
  - Brothers can request a payment plan to pay for dues and initiation fees owed to the Chapter.
    - To qualify for a payment plan, the Brother must meet the following criteria:
      - The request for a payment plan must be submitted in writing to the Treasurer no later than 1-week before the final due date for dues.
      - The Brother cannot have any outstanding balance owed to the Chapter.  
      - The Brother must meet with the Treasurer to discuss the details of the plan and payment timeline.  
        - Details of the plan must be approved by both parties.
      - Their first installment of the payment plan must be due upon approval of the payment plan.
  - At one (1) week overdue, the Brother shall be notified that they are overdue and a meeting with the Treasurer to discuss the reason for late payment.
  - At two (2) weeks overdue, the Brother is made involuntarily inactive and the Executive Board shall be notified.
    - The Executive Board shall call the Brothers Court to review the activity of the Brother if dues are not paid or discussed by two weeks overdue.
      - If the Brother goes inactive, local dues will be prorated to the number of weeks they were considered active and late fees will remain in full.

==== Section 5. Disputes ====
  - Finance charges and due dates can be waived as deemed appropriate by the Treasurer.
  - A Brother wishing to dispute any finance charge may 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.

==== Section 6. Receipts ====
  - Upon receipt of payment, the Treasurer shall furnish the Brother with a receipt of payment. The Treasurer shall also apply the payment to the Ledger.
    - If paid by check, the Treasurer should write the check number on the receipt.

===== Article VI  - Reimbursements =====
  - If a purchase needs to be made that is not included in the budget, it must be approved by consensus of the Brotherhood prior to the purchase. 
  - An itemized receipt, or copy of an itemized receipt, accompanied by a completed Reimbursement Form must be presented to the Treasurer before reimbursement is made.
  - Budgeted reimbursements must be requested within 14 days of the time of purchase, unless otherwise specified by the Treasurer.
  - Reimbursements will be distributed at the next regularly scheduled general meeting, unless otherwise specified by the Treasurer.
  - Any officer with access to the Fraternity bank account cannot write themselves a check of any nature.

===== Article VII - Financial Accounts =====
==== Section 1 - Bank Account(s) ====
  - Types
    - Checking Account
    - Savings Account
  - Account Signers
    - There will only be three signers on the account as follows;
      - Treasurer (primary account holder)
      - Finance Chair
      - President
    - List process of adding/removing signers from account
    - To add signers to the account:
      - Meeting minutes with a motion and vote to get someone on the account must be provided to the bank.
      - Also bring a piece of mail with your address, your ID, and know your SS number when you are getting added.
      - Make sure to request that the current Treasurer is put as the primary account holder. If the Treasurer is not the primary account holder, there will be issues with accessing the online bank account. 
    - To remove signers to the account:
      - Above applies, but only ID necessary
    - Adding and removing signers to the account should be done within 14 days of a new President, Treasurer, or Finance Chair taking office. 
    - Authorized signers are assigned to manage the account and are the only individuals with access
    - All accounts shall have more than one authorized signer when applicable
      - The Treasurer shall be the primary signer with the Finance Committee Chair and the Chapter President as secondary signers
    - All authorized signers must have their own personal login information when applicable.
      - Authorized signers are responsible for changing their login information in the event they feel their current login information has been compromised.
      - In the event that the login information for an authorized signer is used by a third party to access the account, the signer in question may be held liable for any repercussions if it is found that the signer willingly provided the information to said 3rd party.
        - Such situations shall be handled at the E-board’s discretion
      - Addition of new signers shall be handled by the primary signer listed on the account
  - Deposits
    - Making a Deposit
      - The Treasurer shall endorse the backs of all checks with “For Deposit Only” and “Mu Beta Psi” before depositing the checks.
      - When making a deposit, the Treasurer shall make sure the checking account has enough money in it to cover any outstanding drafts, and to maintain a reasonable balance. 
  - Debit Card
    - The debit card should be held by the Treasurer. It may be loaned to another Brother for short-term use.
    - All purchases must be done in the presence of another Brother
    - All purchases must be for Fraternity purposes and be approved by the Treasurer.
  - Writing Checks
    - All checks should be written in a standard fashion, and the memo field shall be filled in for later reference.
    - 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.
    - At the end of each month, the ledger should be compared to the checkbook to check for accuracy. 

==== Section 2 - Other Financial Accounts ====
  - Accounts
    - An account of the Fraternity shall encompass anything that contains/manages financial assets of the Fraternity including but not limited to: Money Market Accounts, Bank Accounts, Paypal Accounts, Investment Accounts, etc. and are subject to the following requirements:
      - Setting up the Account-
        - Any new/existing accounts shall be under the name “Mu Beta Psi, Zeta Chapter.” 
        - Any new/existing accounts shall be tied to the Zeta Chapter Treasurer’s Fraternal email address (mbpsi.zeta.treasurer@gmail.com) when applicable
        - Authorized Signers-
          - Authorized signers are assigned to manage the account and the only individual(s) with access
          - All accounts shall have more than one authorized signer when applicable
            - The Treasurer shall be the primary signer with the Finance Committee Chair and one Chapter Adviser as secondary signers
          - All authorized signers must have their own personal login information when applicable.
            - Authorized signers are responsible for changing their login information in the event they feel their current login information has been compromised.
            - In the event that the login information for an authorized signer is used by a third party to access the account, the signer in question may be held liable for any repercussions if it is found that the signer willing provided the information to said 3rd party
              - Such situations shall be handled at the E-board’s discretion.
          - Addition of new signers shall be handled by the primary signer listed on the account
==== Section 3. Change of Officers ====
  - When a new Treasurer, President, 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.
    - Required documents for updating signers are as follows:
      - Meeting minutes stating the change of officer, signed by the president and secretary
        - A form for the change in officers and all needed information to establish the change in ownership will be provided by the bank
      - Forms of identification
        - Government issued ID
        - Social Security Number
        - Mail with local address
      - Account numbers
  - The Treasurer will be the account owner and the President and Finance Chair, shall be joint owners.
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