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Chapter Financial Procedures
Chapter Financial Procedures In order to ensure Chapters have control over funds and are in
compliance with IRS
reporting requirements, the following procedures shall be implemented and maintained by each Chapter:
The chapter will establish a checking account for all receipts and disbursements. The chapter will maintain a check register and reconcile the balance in the check register to the bank statement on a monthly basis. The bank reconciliation will be reviewed for accuracy by another officer of the chapter (other than the person responsible for preparing the bank reconciliation).
The chapter will maintain a cash receipts log of all deposits made to the bank account. The cash receipts log will summarize each deposit by date, name, amount, and the category to be reflected on the Chapter Fiscal. The deposits listed on the log should agree with the bank deposits tickets.
The chapter will provide acknowledgement letters to individuals who make contributions. The acknowledgement letters will clearly indicate that any contributions made to the chapter are not tax deductible because the chapter is a membership organization and not a charity. The acknowledgment letter will also indicate that only contributions made to the Army Aviation Scholarship Foundation are tax deductible since the Foundation is a charity under internal revenue code regulations.
The chapter will maintain a cash disbursements log of all checks paid from the bank account. The cash disbursements log will summarize each check or withdrawal by date, payee, amount, and the category to be reflected on the Chapter Fiscal Report. The disbursements listed on the log should agree with the cancelled checks.
The disbursements and withdrawals listed on the cash disbursements log will be supported by an invoice or other forms of documentation. The invoice will be approved by an officer (other than the person responsible for maintaining the log) prior to payment. Approval of an invoice will be indicated by initialing the invoice. The date paid should be indicated on the invoice in order to prevent an invoice from inadvertently being paid twice.
A Chapter Fiscal Report will be emailed to chapter officers annually for revision and submittal.
An officer will prepare the year end Chapter Fiscal Report. The opening cash balance on the chapter fiscal report should agree with the ending cash balance on the previous report submitted. The adjusted balance on the December bank reconciliation should agree with the ending cash balance on the Chapter Fiscal Report.
The category totals in the cash receipts log should agree with the receipts reported on the Chapter Fiscal Report.
The category totals in the cash disbursements log should agree with the disbursements reported on the Chapter Fiscal Report.
All items including bank statements, deposit tickets, cancelled checks, invoices, and other supporting documentation relevant to chapter finances must be saved for a minimum of three (3) years.
Chapter Fiscal Report Forms
Chapter Fiscal Report form SAMPLE ONLY
Chapter Fiscal Reminder letter SAMPLE ONLY
IRS Compliance/Annual Chapter Compliance Certification form