VICE PRESIDENT OF FINANCE

Responsibilities

The Chapter Vice President-Finance should be elected by the undergraduate chapter and approved by the local Association Board. He has responsibility for all the financial affairs of the Chapter. His main responsibility is the preparation of a budget and maintenance of that budget. In order to maintain the budget, it is necessary that the Vice President of Finance work closely with the Director of House Operations, Director of Administration, kitchen manager, cook and housemother and other officers who are provided with budgeted funds to ensure prudence in the maintenance of their budgets. Additionally the VP Finance is responsible for collecting all fees, dues, assessments and fines. He shall collect all new member registration and initiation fees for the Director of Administration. Specific responsibilities include:

• Prepare a budget for the year to the chapter and FarmHouse International Headquarters.
• Establish accounts receivables for membership dues and other expected revenue sources. Account for all fines levied against members of the chapter.
• Maintain the checkbooks and accounts of the chapter.
• Maintain all the financial records of the chapter.
• Manage the chapter's relationship with any billing group, collection agency, accountant, or other financial vendor.
• Help to emphasize and direct the chapter fundraising program.
• Prevent the accumulation of debt to the Headquarters, Housing Corporation, or other parties and, if applicable, develop a plan to reduce or eliminate past debts.
• Approve all chapter expenditures, either in person or by use of a reimbursement form.
• Submit all bills to FarmHouse International Headquarters.
• Cooperate with other officers of the chapter to set up financial incentive plans to award or punish members' behavior.
• Supervise the completion and submission of the IRS tax forms (990) applicable to your chapter.
• Attend to any other paperwork or tasks related to the fiscal health of the chapter.
• Serve as President Pro Tempore (“for the time being”) in the absence of the Chapter President

  Chapter Assistant Treasurer

This individual should be elected by the chapter to work with the VP Finance. He should be interested in eventually becoming the VP Finance and also be organized and responsible. He should be available to communicate with brothers about bill payment or other financial concerns. The duties of the Assistant Treasurer vary greatly from chapter to chapter depending on the workload of the VP Finance. These duties include, but are not limited to:

• Aid in record keeping
• Prepare and collect bills
• Prepare deposits
• Fundraising
• Inventory
• Balancing the Checkbook
• Assist in the control of the budget

It is essential that the Assistant Treasurer become familiar with all aspects and functions of the treasury since his position is generally a preparatory position for higher office. Chapter Audit Committee/Financial Review Board This committee is optional, but can have a positive effect on chapter operations and communications. The committee should be monitored by the VP Finance and be composed of three undergraduate brothers. The executive board should conduct their selection. It is advisable to select the members from different class standings as to have distributed representation from the chapter. An alumnus with particular accounting or finance expertise should serve as the advisor to this committee. The duties of this committee include:

• Reviewing financial statements concerning the budget to ensure spending is following the budget and that funds are being handled responsibly.
• Check the accounts receivable and help determine its potential impact on the chapter.
• Support collection efforts by exerting peer pressure on the individuals involved.
• Review the accuracy of the chapter books before the audit by an external accountant.