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Overview:
The Vice President Finance is the Chief Financial Officer
of the chapter. In this role he/she is responsible for
managing all chapter financial assets (e.g. bank deposits),
paying all bills in accordance with the Financial Procedures
Manual, maintaining financial records, and the timely
filing of regulatory documentation. The VP Finance oversees
the budgeting process and produces monthly budget status
reports.
Detailed Position Activities:
Activities performed each month:
• Deposit all revenue (e.g. dues, fees, etc.), and
pay all bills (e.g. telephone, monthly meeting expenses,
etc.) in accordance with the Financial Procedures Manual.
• Prepare all State and Federal forms as required
by law.
• Arrange for an annual independent compilation
and audit of financial records.
• Prepare financial reports on the activities and
financial status of the Chicagoland Chapter and forward
monthly to the board.
o Income Statement
o Cash Flow Statement
o Fund Balance Statement
• Pay bills as necessary including reimbursing chapter
officers for expenses incurred.
• Balance chapter bank accounts.
• Maintain and safeguard 7 years worth of financial
records in an organized fashion.
• Appoint Directors, committees, and committee chairs
on a project or task basis, with the approval of the Board.
Activities performed periodically:
January
• Provide new signature cards to Chapter bank account(s).
Authorized board members are: VP Finance, and President.
• Close the financial books for the previous year
and submit final statements to the Board of Directors
at the January meeting.
• Prepare and submit annual federal forms (e.g.
1099) to the IRS and vendors prior to the deadline.
• The VP Finance is responsible for maintaining
financial records for all assets. Other officers may have
physical control of specific assets, however financial
audits may require that the financial records be reconciled
with the physical asset.
March
• Present to the board, a report by the Audit Committee
concerning last year’s finances by March 31.
May
• Prepare and submit annual federal forms (e.g.
990-T) prior to the deadline.
December
• Assist incumbent and incoming board member to
prepare budgets for the upcoming year. Prepare a consolidated
budget for the upcoming year and submit to the Board of
Directors at the December Board meeting for approval.
• Turn over files and other records to the incoming
VP Finance.
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