How to manage Chapter/Sig money

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There are different options for managing Chapter/Sig funds:    

 
Treasurer: Every Board should have a Treasurer.  This individual is generally responsible for managing chapter funds and tax-related activities.  Treasurers may work in concert with other Board members or committee members to manage these responsibilities.   

Volunteer Accountant:  Even with a Treasurer in place, it can be worthwhile to reach out to membership and ask for volunteer accounting help.          

Paid Accountant: Should accounting responsibilities become overwhelming for the Treasurer, it may make sense to hire an accountant for advice or assistance in managing funds and/or taxes.  

 

 

 

Do we need an accountant or attorney?

There is not absolute need for either and attorney or an accountant.   Getting an tax ID number/EIN, setting up a bank account, and incorporating can all be done by with professional assistance. That said, organizing and managing Chapter/Sig finances can seem a daunting task, and some may feel more comfortable getting professional advice and/or support