The Treasurer is responsible for handling the funds of the Section, assuring their safety and prudent use. He/she is responsible for furnishing National the amount of local Section dues by the ensuing year by September 1, paying Section obligations, and assuring expenditures of the Section are in accordance with the budget approved by the Board. He/she recommends, and, with the approval of the Board, invests Section funds. Serves as Board contact for Audit Committee and the Budget Committee, if one is appointed, and may be assigned responsibility as Board contact for other committees.
The Treasurer is responsible for:
· Maintaining a positive balance in the account. Preparing a monthly fiscal report that is distributed at the Board meetings. At year end, the Treasurer initiates an audit of the books by the Audit Committee.
· Maintaining the Section's checking and savings account in a bank or savings institution approved by the Board. Investing Section funds as directed by the Board.
· Preparing financial section of the Annual Report to National.
· Defining who is authorized to withdraw funds besides the Treasurer.
· Preparing an annual accounting of the Horace J. Whitacre Scholarship at St. Martin's College, including the fund's principal, new endowments made during the year, interest earned, amount awarded, and recipient(s) of scholarship awards. Provides an accounting report to the President.
· Preparing the Section's annual budget and referring to the Board for approval. Ideally, the first draft of the budget should be submitted to the Board by the August Board meeting so that the amount of Section dues can be established and transmitted to National for collection.
· Issue IRS 1096 & 1099 for contracting services over $600.00 per year.
Note: For tax purposes, the local Section is covered under Section 501(C3) because of its educational activities. National files a joint tax return each year for most Sections, including the Tacoma-Olympia Section. If the Section receives tax forms and IRS correspondence, it is to be sent to the Controller at National for disposition.
The form of the budget submitted to the Board follows the format established by National in that there are certain accounting categories for which funds are budgeted. The submitted budget should also include a comparison of the previous year's expenditures and receipts to those proposed for the new budget.
The major sources of funds are:
1. Allotments from National based on the previous year's Section dues paying Members as reported in the Annual Report plus additional funds for the student chapters. Currently, the amount received is $4.00 per dues paying member, and $50.00 for each section.
2. Interest is received on the checking, savings, and any investment accounts.
3. Scholarship funds are received for the Horace J. Whitacre Scholarship Fund. (See Section XIV.)
4. Local dues income is collected by National. The amount passed to the Section depends upon Associate Members, Affiliate Members, Members, Student Members, and Fellows paying local dues on the National notice.
5. Miscellaneous.
The major expenditure items include:
1. Postage and newsletter costs. There are normally ten newsletter mailings per year.
2. Payment to the Pacific Northwest Council at the per capita rate established by PNC for every dues paying Section Member as reported on the Annual Report.
3. Plaques and certificates given out by the Section.
4. Funds budgeted for Board-authorized delegates' travel and out-of-pocket expenses to ASCE conventions and/or meetings. (See Section XIII)
5. AELC and special allotments authorized by the Board.
6. Dinner dance may require seed money and/or subsidy.
The budget shall include a reserve equal to at least 25 percent of the total budgeted expenditures.
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