Finance and Operations
It shall be the duty of the National Finance and Operations
Director to enforce the maintenance of sound fiscal policies in the
budgeting and handling of fraternity funds, in accordance with
procedures and policies as shall be established by the National
Board of Directors: to issue periodic financial reports to the
National Officers and Members of the National Board of Directors;
and to issue annually a finance report to all Chapters.
A monthly financial statement and assessment is presented to
members of the Finance
and Operation Committee for review. A quarterly financial
statement and assessment is issued to all members of the Board of
Directors for information.
The financial records of the National Fraternity shall be audited
by a certified public accountant and a report concerning the
financial affairs of the Fraternity shall be published annually in
an official publication of the Fraternity and sent to all Chapters.
This financial report shall include income and expenditures and a
balance sheet, which summarizes all assets and liabilities.
The fall issue of the Torch &
Trefoil carries an article from the Finance and Operations
Director reporting the financial state of the fraternity, an
assessment of prior yet budget compliance and the prior year
financial statements.
The Finance and Operations Director moves the approval of all Bank
Resolutions at the Board Meeting immediately following a National
Convention.
The Finance and Operations Director moves the approval of the
Certified Public Accountant firm recommended to perform the annual
audit. Written request for quotes are required for
consideration.
The fiscal year for the fraternity runs from August 1st through July 31st.
The Finance and Operations Director is approved to sign checks for
the National Fraternity.
An annual budget setting meeting is conducted in June to develop a
proposed budget for presentation to the Board of Directors at the
July board meeting. Solicitation of budget requirements for each
program area and all special projects is made prior to this meeting
for consideration.
The Finance and Operations Committee also works with the National
Convention Planning Committees to establish the budget for each
National Convention. In cooperation with the National Convention
Coordinator, the Finance and Operations Committee presents the
national convention budget to the Board of Directors for
consideration at the July Board Meeting immediately preceding the
National Convention.
The Finance and Operations Director issues a final convention
budget report upon completion of all debt resolution generated by
the national convention.
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