2021 2022 National Financial Obligations Gamma Phi Delta ...
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2021—2022 National Financial Obligations Gamma Phi Delta Sorority, Inc. Finance Committee: Soror Germain Tyer, Supreme Financial Grammateus Soror Angela Jeter, Supreme Tamias Soror Lenor Reese, Supreme Basileus National Theme: "The Power of Sisterhood: Individually Unique...Together Complete"
Transcript of 2021 2022 National Financial Obligations Gamma Phi Delta ...
2021—2022
National Financial Obligations
Gamma Phi Delta Sorority, Inc.
Finance Committee: Soror Germain Tyer, Supreme Financial Grammateus
Soror Angela Jeter, Supreme Tamias Soror Lenor Reese, Supreme Basileus
National Theme:
"The Power of Sisterhood: Individually Unique...Together Complete"
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National Financial Obligations 2021—2022
The purpose of this document is to serve as a resource for the Regional and Chapter Financial Officers. The responsibilities of financial officers are specified in the Gamma Phi Delta Sorority, Inc. Constitution and Bylaws and Policies and Procedures Handbook. The Financial Officers are encouraged to review this information thoroughly.
Any feedback or suggestions, please email to National Headquarters and the National Financial Officers.
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ALL FUNDS/FINANCIAL INQUIRIES
Soror Germain Tyer
Supreme Financial Grammateus
2120 Catherine Fran Drive
Accokeek, MD 20607
Email:
Phone: 301-980-0195
ALTERNATE FINANCIAL INQUIRIES
Soror Angela Jeter
Supreme Tamias
P.O. Box 19291
Detroit, MI 48219
Email:
Phone: 313-330-0108
ALL MEMBERSHIP INFORMATION
Soror Diana A. Minor
Supreme First Anti-Basileus
3219 Inverness Avenue
Toledo, OH 43607
Email:
Phone: 419-535-5677
ALL YOUTH AUXILLARY INFORMATION
Soror Linda Reed
Supreme Third Anti-Basileus
14916 Minock Street
Detroit, MI 48223
Email:
Phone: 407-628-5598
MEMBERCLICKS ASSISTANCE
Soror Tamarra Causley Robinson
Supreme Anti-Grammateus
18 Metekunk Drive
Ewing, NJ 08638
Email:
Phone: 609-238-2874
NATIONAL HEADQUARTERS CONTACT
Soror Paulette Moore
Executive Secretary
2657 West Grand Blvd.
Detroit, MI 48208-1203
Email:
Phone: 313-873-2691
Fax: 313-873-5254
National Financial Obligations 2021—2022
National Contact Information
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National Financial Obligations 2021—2022
Regional Financial Officers Contact Information
Northern
Regional Financial Grammateus Soror LaShonda Horton
Regional Tamias Soror Jacqueline J. Dixon
Far Western
Regional Financial Grammateus Soror Kay Barrett
Regional Tamias Soror Ronda Sloan
Mid Western
Regional Financial Grammateus Soror Davita King
Regional Tamias Soror Taneisha Pruitt
Eastern
Regional Financial Grammateus Soror Janiece Jones
Regional Tamias Soror Joyce Bell
Quad States Regional Financial Grammateus Soror Helen Jones
Regional Tamias Soror Diana Vaughn
South Atlantic Regional Financial Grammateus Soror Yolanda Amos
Regional Tamias Soror Emma Sewell
Southern Regional Financial Grammateus Soror Malissa McDaniel
Regional Tamias Soror Keshia Kimbrough
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National Financial Obligations 2021—2022
Table of Contents
SUBJECT PAGE
Important Reminders 1
Dues/Assessments/Fees 1-2
Online Payments 3
Annual Financial Report 4
Opening a Bank Account 4
Maintenance of Financial Records 4-6
Liability Insurance 6
Life Membership—Tax Deduction 7
Appendix A—Open Bank Account/Sample Letter 8
Appendix B—List of Finance Forms 9
Appendix C—Audit Checklist 10
National Financial Obligations 2021—2022
IMPORTANT REMINDERS
1. DO NOT SEND FUNDS OR REPORTS TO NATIONAL HEADQUARTERS.
2. Make All Checks Payable To: “Gamma Phi Delta Sorority, Inc.”
3. The Regional/Chapter Remittance is to be used to report by category all membership
dues, assessments, and other fees to Supreme Financial Grammateus. (Form
1002_1003_RCRF) see Appendix B – Region/Chapter Remittance Form)
4. Returned Checks, for any reason, will result in a $35 penalty fee.
5. Review deadlines, late and penalty fees (STRICTLY ENFORCED).
6. Submit a current Universal Roster-Verify Memberclicks database.
DUES/ASSESSMENTS/Fees (Handbook Part I/Part XI)
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Dues and Assessments National Description
National Graduate Dues 150$
Regional Graduate Dues 35$
Total Submission per member 185$
Undergraduate Dues 40$
Regional Undergraduate Dues 15$
Total Submission per member 55$
Associate Member Dues 15$
Chapter Late Fee 100$
Member Late Fee 30$
No Youth Group 60$
Youth Auxiliary dues must be submitted with chapter remittance to be
exempted from the fine.
Scholarship Tax 75$
Chapter Assessment 75$
Joining Fees
*Fall Induction Period - September 1 through November 30
*Spring Induction Period - February 1 through April 30
Graduate Member 300$ $265 remit to National; $35 remains with chapter
Undergraduate Member 125$ $100 remit to National; $25 remains with chapter
Undergraduate Assessments 40$ Graduate New Members Only - 1st year
Other Income Submissions to National
Upon approval of new membership transmittal, submit a check to the Supreme Financial Grammateus or request an ad hoc
online invoice for the applicable fees. The transmittal and chapter remittance must accompany payment. DO NOT SEND
MONEY to the Supreme Financial Grammateus until transmittal is approved by Supreme 1st Anti-Basileus.
Scholarships, Charity Contributions, Global Connections, etc. must be submitted to National Supreme Financial Grammateus
by May 31 to clear regional/chapter accounts by June 30.
All National and Regional Dues are to be paid online by November 30
along with any outstanding UG Assessments. When mailing a check to the
Supreme Financial Grammateus (SFG), complete Form 1002-1003 RCRF
Remittance Form. Complete Universal Roster and submit a copy to the SFG
and Regional Assistant Director.
Late/Penalty Fees: After November 30th, a Soror will become lapsed until
the membership dues and $30 late fee are paid. Members will have from
December 1st to January 31st to pay the late fee. Late fee payments are also
paid online. If membership dues and late fee are not paid by January 31st,
Members will be assessed a $25 reinstatement fee. Chapters that have not
paid membership dues and Chapter Assessments by the deadline will be
fined $100 late fee.
No Regional/Chapter funds will be accepted after the established induction periods unless approved by the
Supreme 1st Anti-Basileus.
Annual Assessments - Graduate and Mixed Chapters
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ONLINE PAYMENTS
All National and Regional Member Dues are paid online. It is intended that each Soror will process their payments themselves to ensure invoices are associated to individual MemberClicks profiles. Under-standably, there will be certain circumstances when a Soror is unable to process payments online. It is recommended that Sorors work with their Chapter or Region Financial Officers if they cannot process the payment themselves. If the Region Financial Officers are unable to assist, the Region must contact the Supreme Financial Grammateus. Chapter Assessments can be paid online with a Chapter credit/debit card. The following Chapter As-sessments can be paid by clicking the Chapter Assessments link under Quick links on the GPD website:
✓ Chapter Assessment ✓ Scholarship Tax ✓ Youth Auxiliary Fine ✓ Undergraduate Assessment (Please provide the names of the Soror(s) you are paying
for in the box provided) ✓ Chapter Late Fee – Membership Dues ✓ Chapter Late Fee – Year End Financial ✓ Charter Request Duplicate
As a reminder, it is incumbent upon the Chapter Financial Grammateus and Tamias to ensure that Chapter Assessment, Scholarship Tax, and Youth Auxiliary Fine (if applicable) are paid online by No-vember 30th each Sorority year. If these assessments are not paid by the deadline, a $100 Chapter Late Fee will be assessed. Please note that Reinstatements, Joining Fees, Life Memberships, Youth Joining Fees, Youth Dues, and Publication Requests will continue to be sent to the Supreme Financial Gramma-teus for processing. Payments can be made by Chapter check or online by requesting an ad hoc invoice from the Supreme Financial Grammateus. All required paperwork must be submitted with payments.
AD HOC INVOICE REQUESTS
Ad hoc invoices are requested by the Region/Chapter Tamias. All required paperwork must accompany the requests, and it is recommended that the Region/Chapter Financial Grammateus is copied on all requests. Please note that ad hoc invoices are not automatically generated, they must be requested. Region/Chapter Finance Teams still have the option to send checks to the Supreme Financial Grammateus for Reinstatements, Joining Fees, Life Memberships, Youth Joining Fees, Youth Dues, and Publication Requests. As a reminder, please do not send funds to National Headquarters.
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ANNUAL FINANCIAL REPORT—Due July 31
Chapter Year-End Financial Reports are submitted to Regional Financial Officers (RFOs). ➢ The Audit Checklist must be completed by Regions/Chapters (see Appendix C) ➢ RFOs will review chapter reports for completeness and accuracy. ➢ RFOs will confirm beginning/ending account balances (bank statements, prior year re-
port) ➢ RFO will compare chapter disbursements with National income report (provided by SFG). ➢ RFOs will reconcile discrepancies with the chapter. ➢ RFOs will submit chapter reports (with bank statements) and consolidated report (region/
chapter template) and send to the SFG by the 2nd Friday in September. If frequent errors, RFOs will provide a summary report to SFG with recommendations/corrective actions.
➢ RFOs will provide a list of chapters that submit late reports to levy appropriate fines as outlined in the handbook. Fees/Fines - (Handbook Part I pgs. 11-12)
FINANCIAL OPERATIONS
Good financial management practices are required to ensure all funding is accountable. Financial officers are to prepare a treasurer report, budget-to-actual report, and financial secretary report to the members. The budget should be prepared and approved by November 1. The budget-to-actual report should be reviewed quarterly or as often region/chapter determines. The budget is to be approved by the Region/Chapter membership before spending funds.
OPENING A BANK ACCOUNT
To open a bank account, the account must be established in the name of “Gamma Phi Delta Sorority, Inc., REGION or Chapter Name.” Accounts must be opened with the GPD Sorority’s Employer Identi-fication Number (EIN). The account will have three (3) signatures on the account. The Regional Di-rector/Chapter Basileus, Region/Chapter Financial Grammateus and Region/Chapter Tamias should be the designated signers for the account. Two authorized persons sign checks. The region/chapter should verify with the bank what is required to ensure all documents are available. For information requested by National - Submit on official Region/Chapter letterhead to National in-cluding bank name, bank point of contact, mailing address and email address. (Appendix A) National will send email to bank and region/chapter with the required information. Correspondence will provide region/chapter membership status, EIN, and letter of determination. Please allow three business days to process the request.
MAINTENANCE OF RECORDS
FINANCES
All monies collected will be deposited in the region/chapter account and disbursements will be by region/chapter check or debit card. An audit of the financial records shall be executed annually, and a complete financial report shall be filed with the National Organization at the end of each fiscal year.
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Regions and Chapters must maintain complete and accurate records. Records must demonstrate proper administration of funds and must show a clear audit trail for all transactions. RECORD RETENTION: - must retain all required financial records for a minimum of five years (including supporting documentation). The financial documents that Regions/Chapters must maintain include, but are not limited to:
✓ Records of all transactions deposits receipts disbursements (checks and debit card)
✓ Bank statements for all accounts ✓ Monthly bank reconciliations ✓ Records of fundraising activities ✓ Tax-exempt donations and approvals from National ✓ Online Payment Invoice (from members) ✓ Finances must be aligned with Sorority Calendar (July 1 – June 30)
RECORD-KEEPING The purpose of recordkeeping is to: ensure transparency, compliance with the IRS policies and establish the credibility of the organization’s 501(c) (3) status. The region/chapter financial officers will maintain a file that will contain the monthly bank statements and bank reconciliations. Maintain a folder with all monthly vouchers and invoices paid. Each disbursement should be supported by a receipt, voucher or invoice indicating the date paid and check number, as well as the amount paid. BANK RECONCILIATION At the end of each month, the region/chapter treasurer will prepare a bank reconciliation (See Sample Tamias Report – Form. This will ensure there are no differences between the records of the region/chapter and the records of the bank transactions in the bank statements. When reconciling bank statements, the treasurer will perform the following tasks: 1. Compare the deposits listed on the bank statement with the deposits shown in region/chapter
accounting records. Any deposit in transit should be added to the bank statement. (Any deposits in transit from last month still not listed on the bank statement should be immediately investigated.)
2. Review the checks in numerical order and compare entries with the records of checks issued. List any outstanding checks not shown on the bank statement. (Be sure to include any checks still outstanding from last month.) Deduct outstanding checks from the bank balance.
3. Add to the balance any interest earned, per the chapter books. 4. Deduct from the balance, per region/chapter books, any debit memoranda issued by the bank, such
as non-sufficient fund checks and service charges that are not yet recorded on the chapter books. 5. Adjust for any deposits that were incorrectly recorded in the region/chapter books. NOTE: If returned checks are included with the bank statement, the treasurer should trace the checks to the statement from chapter records, making sure that all checks were issued by the chapter, properly charged to the chapter’s account and properly signed.
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Financial documents and Year-end financial records must be maintained in an acceptable format. If there are discrepancies in the report, National Financial Officers may request supporting documentation to verify transactions. It is highly recommended that the provided financial forms be utilized to ensure proper financial recordkeeping. Financial records must be readily available for review by National Financial Officers, Regional Financial Officers, Designated GPD Certified Public Accountant, or Auditors. Financial records for accepted donations under the 501(c)(3) guidance must be maintained and properly documented. Federal Taxes: As a 501(c)(3), GPD Sorority, Inc. is exempt from federal income tax. To obtain GPD Sorority’s Letter of Determination, the Region/Chapter must contact the National Grammateus and National Headquarters Staff. Please review the 501 (c)(3) Tax ID Number Usage Request Process/Guidelines. State Sales Taxes: GPD Sorority, Inc. is exempted from the State of Michigan paying sales taxes. Chapters located in various states may not be exempted from paying sales taxes. Provided is a link (https://www.harborcompliance.com/information/register-sales-use-tax-license-permit) to review your state requirements for sales tax exemption. In many states, only an IRS Determination Letter is required. The Regions/Chapters are required to verify sales tax exempt requirements and submit documentation directly to the state for exemption.
LIABILITY INSURANCE
GPD Sorority, Inc. annually purchases a general liability insurance policy covering the National Organization. Undergraduate Chapters require Liability Insurance to be recognized at colleges or universities; the Undergraduate Chapter must be chartered, in good standing, and financial at all levels. When requested, sororities are required to provide the college or university proof of insurance under the National liability insurance policy. Each Chapter shall obtain the coverage amount per occurrence specified by college/university. An email or letter shall be submitted to the Supreme Grammateus and National Headquarters staff requesting an Insurance Certificate. Correspondence should include specifics such as coverage amount, when required, contact information, mailing address and mailing address. SPECIAL EVENTS – If liability insurance is required, provide a copy of the proposed contract and submit an email, or letter to National Grammateus and National Headquarters requesting an Insurance Certificate. Please include insurance requirements such as coverage amount, date of the event, location contact information, and mailing address.
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BUILDING FUND -LIFE MEMBERSHIP: TAX DEDUCTION
The Building Fund Life Membership Program is a source of financial support for the upkeep and improvement of Gamma Phi Delta Sorority, Inc. National Headquarters. Building Fund Life Membership donations are tax deductible. When Life Memberships are purchased, the National Executive Secretary sends a thank you letter that will also include tax deduction information. The table below provides the deduction that can be claimed for each Life Membership. The following costs were considered in calculating the deduction:
✓ Life Member Plague ✓ Headquarters Wall Plaque ✓ Certificate ✓ Mailing ✓ Labor ✓ Life Membership Pin ✓ Life Members Discount (conference registrations)
Building Fund—Life Membership
Regular Life Tax Deductible Amount $227
Golden Life Tax Deductible Amount $587
Platinum Life Tax Deductible Amount $1,037
Please note the deduction amount is subject to change based on the cost considered for the calculation.
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Appendix A: Opening a Bank Account
Sample letter
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Appendix B: List of Finance Forms
Forms can be downloaded from Memberclicks
FORM NUMBER FORM NAME
1000_NFO National Financial Obligations
1001_PV Region/Chapter Payment Voucher
1002_1003_FCRF Region/Chapter Remittance
1004_ARF Auxiliary Remittance Form
1005_URF Universal Roster Form
1006_FGMR Financial Grammateus Monthly Report
1007_TMR Tamias Monthly Report
1008_CYER Chapter Year End Report
1009_NPV National Payment Voucher
1010_IAS Individual Allocation Sheet
1011_RRF & 1003 Regional Remittance
2000_NPOF National Publication Order Form
2001_LMF Life Membership Form
2002_HHF Heritage Tile Form
2003_TF Transfer Form
2004_RF Reinstatement Form
2005_LOA Leave of Absence Form
3000_NMTF New Member Transmittal Youth Auxiliary Form
4000_STF Scholarship Transmittal Form
5000_RYER Region Year End Report Master
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Appendix C: Audit Checklist
