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 budgetLooking 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 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