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Treasury

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mhcalumnae

The document provides guidance for class treasurers on managing their class's treasury funds. It discusses what a class treasury is used for, how it is funded through dues and fundraising, how to collect dues, financial reporting requirements, how much money should be kept in the treasury, investment options, ideas for raising more funds, guidelines for mini-reunions and using treasury funds for reunion expenses. Treasurers are responsible for overseeing the treasury funds and working with other class officers to set dues and approve expenses.

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New Class Officer Training Managing the class treasury September 10, 2011 Danielle Germain
What is the class treasury? Its a checking account used to cover class operating expenses It pays expenses approved by the class board It should offset class-sponsored activities and projects that are open to the entire class If the event is not open to the entire class, the treasury should not be subsidizing the event
How is the class treasury funded? MHC Class Treasury Dues Class Approved Fundraising Activities
More about class dues Dues are paid in 5-year increments. The Class Treasurer is responsible for collecting dues and for the overall well-being of the class treasury The Treasurer should work with other officers to set dues level for the next 5 years prior to each reunion
How do we collect the dues? Collecting dues at Reunion is the most effective 5-year dues should be a minimum of $35.00 Classmates who pay dues in cash should be issued a receipt Set up a class PayPal account before reunion for the easiest payment transaction
Financial Reporting of treasuries to the Alumnae Association Treasurers are responsible for: Preparing a financial report at the close of each fiscal year (June 30) Filing annual financial reports (including Schedule C) with the Alumnae Association by August 30 th Having the books reviewed every 5 years Saving copies of financial reports, class books, receipts and documentation for 7 years
How much money should be in my classs treasury? Try to keep around $5k in your treasury This will cover mailings and other activities such as birthday cards, memorials, scholarships etc. The 25 th and 50 th reunion classes should plan carefully Evaluate your Treasury at 20 th and 45 th reunion 25 th and 50 th reunions have high attendance. Plan ahead They usually have special projects that are expensive
Can we invest the money in our treasury? Besides a checking account which is mandatory, treasurers may: Open a savings account Invest class money in a Certificate of Deposit Invest in any instrument that has a guaranteed return of the principle No class money may be invested in the stock market or any other at risk financial entity The Treasurer and President have fiduciary responsibility for all the class funds.
Money? What money? Ideas for increasing treasuries When dues dont cover class expenses, get creative Organize a telephone campaign to collect dues. Increase dues and solicit differential from those who have paid and full amount from others who have not Hold class functions such as a luncheons or mini-reunions and use these events to raise money Design a class item to be sold to all classes and clubs through the Quarterly and through emails.
Guidelines for Mini-reunions They should be revenue neutral (i.e. break even). Any profit should be contributed to the treasury If mini-reunions are planned regionally for the entire class, class funds can be used to defray cost with Class Officers approval. It is not appropriate to use class funds for small exclusionary groups that are not open to all.
Its time for reunion. Now what?
Treasuries can be used to supplement the cost of Reunion The treasury can be used to defray costs of items since it benefits the entire class Use funds to defray specific costs such as: Reunion mailings Reunion committee administrative expenses Honorary guests (meals, accommodations, etc.) Reunion scholarships Gifts Large projects that exceed standardized fees
During Reunion, Treasurers and Treasuries are key Leading up to Reunion, class treasury pays up front costs of all reunion expenses Treasurer responsible for recording all reunion transactions and closes books with Reunion chair Treasurer presents preliminary financial report at Reunion Checks from AA for registration fees collected are sent to class treasurers in late May and June
Guidelines for Scholarships Many classes offer scholarships for reunions to members who cannot afford the proposed charge Your Class Board determines if scholarships are feasible and the process for distribution
Resources To learn more about your role, review the Class Officer Handbook http://www.alumnae.mtholyoke.edu/pdf/volres/coh.pdf To learn more about the Alumnae Associations resources, follow the link below http://www.alumnae.mtholyoke.edu/volunteers/res/classes/

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Treasury

  • 1. New Class Officer Training Managing the class treasury September 10, 2011 Danielle Germain
  • 2. What is the class treasury? Its a checking account used to cover class operating expenses It pays expenses approved by the class board It should offset class-sponsored activities and projects that are open to the entire class If the event is not open to the entire class, the treasury should not be subsidizing the event
  • 3. How is the class treasury funded? MHC Class Treasury Dues Class Approved Fundraising Activities
  • 4. More about class dues Dues are paid in 5-year increments. The Class Treasurer is responsible for collecting dues and for the overall well-being of the class treasury The Treasurer should work with other officers to set dues level for the next 5 years prior to each reunion
  • 5. How do we collect the dues? Collecting dues at Reunion is the most effective 5-year dues should be a minimum of $35.00 Classmates who pay dues in cash should be issued a receipt Set up a class PayPal account before reunion for the easiest payment transaction
  • 6. Financial Reporting of treasuries to the Alumnae Association Treasurers are responsible for: Preparing a financial report at the close of each fiscal year (June 30) Filing annual financial reports (including Schedule C) with the Alumnae Association by August 30 th Having the books reviewed every 5 years Saving copies of financial reports, class books, receipts and documentation for 7 years
  • 7. How much money should be in my classs treasury? Try to keep around $5k in your treasury This will cover mailings and other activities such as birthday cards, memorials, scholarships etc. The 25 th and 50 th reunion classes should plan carefully Evaluate your Treasury at 20 th and 45 th reunion 25 th and 50 th reunions have high attendance. Plan ahead They usually have special projects that are expensive
  • 8. Can we invest the money in our treasury? Besides a checking account which is mandatory, treasurers may: Open a savings account Invest class money in a Certificate of Deposit Invest in any instrument that has a guaranteed return of the principle No class money may be invested in the stock market or any other at risk financial entity The Treasurer and President have fiduciary responsibility for all the class funds.
  • 9. Money? What money? Ideas for increasing treasuries When dues dont cover class expenses, get creative Organize a telephone campaign to collect dues. Increase dues and solicit differential from those who have paid and full amount from others who have not Hold class functions such as a luncheons or mini-reunions and use these events to raise money Design a class item to be sold to all classes and clubs through the Quarterly and through emails.
  • 10. Guidelines for Mini-reunions They should be revenue neutral (i.e. break even). Any profit should be contributed to the treasury If mini-reunions are planned regionally for the entire class, class funds can be used to defray cost with Class Officers approval. It is not appropriate to use class funds for small exclusionary groups that are not open to all.
  • 11. Its time for reunion. Now what?
  • 12. Treasuries can be used to supplement the cost of Reunion The treasury can be used to defray costs of items since it benefits the entire class Use funds to defray specific costs such as: Reunion mailings Reunion committee administrative expenses Honorary guests (meals, accommodations, etc.) Reunion scholarships Gifts Large projects that exceed standardized fees
  • 13. During Reunion, Treasurers and Treasuries are key Leading up to Reunion, class treasury pays up front costs of all reunion expenses Treasurer responsible for recording all reunion transactions and closes books with Reunion chair Treasurer presents preliminary financial report at Reunion Checks from AA for registration fees collected are sent to class treasurers in late May and June
  • 14. Guidelines for Scholarships Many classes offer scholarships for reunions to members who cannot afford the proposed charge Your Class Board determines if scholarships are feasible and the process for distribution
  • 15. Resources To learn more about your role, review the Class Officer Handbook http://www.alumnae.mtholyoke.edu/pdf/volres/coh.pdf To learn more about the Alumnae Associations resources, follow the link below http://www.alumnae.mtholyoke.edu/volunteers/res/classes/

Editor's Notes

  • #3: Class Treasury covers expenses associated with operating class business and offset class-sponsored activities. Responsibility of President and Board to collect dues, raise funds, and use funds for benefit of their entire class. Treasury will reimburse the officers after supporting documentation and receipts for expenses are submitted to Treasurer. General Guidelines - Annual class letters, reunions, mini-reunions, special class projects, birthday cards, memorials Mini Reunions should break even. Each classmate pays her own way. If mini-reunions are planned across the country and open to entire class, Treasury can be used to subsidize. If the event is not open to entire class, Treasury should not be used. Treasury covers all coordinators expenses. Excess monies may be returned to attendees or contributed to Treasury. Reunion c harges cover: housing, meals, parade accessories, signs, Alumnae Association administration, student workers, entertainment, publications, class charges (food, service, costumes, decorations, honorary guests, social hour). Each alumna pays her total charges prior to reunion. Treasury can be used to cover things that are generally available to / for benefit entire class (cost of class reunion booklet, reunion mailings, reunion scholarships etc).
  • #7: Review Class Books handout and Sample Class Books spreadsheet online. Review Sample Form C handout and how to fill the Form out.
  • #14: All reunion costs are fully paid by the Alumnae who attend. The AA collects all reunion monies both for the Class and Association. Reunion Treasurer deposits monies received from AA and pays all reunion expenses. TOTAL Reunion costs = Alumnae Association registration fee + College charges + Class charges Association fee admin costs, publications, workers, bands, fireworks, and reunion programs. College - bed and breakfast, Friday lunch, Friday reception (Reunion II), Saturday picnics, and Sunday brunch. Class - decorations, refreshments, signs, flowers, gifts, costumes, Friday social hour, Saturday social hour, Friday dinner, and Saturday dinner. Class Treasury used to fund up-front costs. Class Treasury can be used to cover things generally available to entire class, such as cost of publishing the class reunion booklet, reunion mailings, reunion scholarships etc. During reunion, any remaining expenses should be reimbursed. At Class Meeting, Treasurer presents Class Treasury (beginning balance, dues and other income, expenses and reunion).