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Home : Chapter Information : Start a Chapter : Maintaining Honor Society Finances

Maintaining  Honor Society Finances

During the Operations phase (phase 3), the developing honor society shall continue to develop the honor society's budget and financial policies and procedures. Growth and development will be based on the honor society's annual goals and planning.

For the chapter charter application, the developing honor society will need to submit:

  • the past year's financial report/budget
  • the current year financial report/budget
  • the upcoming year's estimated financial report/budget

Template of financial reports

Planning the developing honor society's first budget

Looking Ahead

Chapters have a few more financial responsibilities than developing honor societies. Visit the links below to become familiar with additional financial responsibilities you will have upon approval of a chapter charter application.

  • Chapter Financial Calendar
  • Chapter Checks
  • Chapter Assessment Fee
  • Chapter Verification of Renewal Fees
  • Chapter Liability Insurance
  • Chapter Finance Guidelines 
  • Federal IRS tax filing requirements United States chapters submit by 15 November each year
  • IRS 990 Filing Requirements for Chapters (presentation outline)
  • IRS 990 Filing Requirements for Chapters webcast (11:38)
  • Investing Your Chapter Assets
  • Making Cent$ Out of Chapter Finances (presentation from 2011 Biennial Convention)
  • With additional responsibilities come additional resources that are available to approved and chartered chapters.

  • Automated Clearing House (ACH) electronic deposit program 
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