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Alpha Phi Omega, Alpha Delta Xi Chapter Fiscal Procedure Manual

Fiscal Procedure, Last Amended April 2009

The Alpha Delta Xi Chapter of Alpha Phi Omega uses standard procedures to ensure the fiscal responsibility of the chapter.  Below is a description of our methods.  Attached to this letter are the expenditure vouchers forms and deposit summary forms.

1.      Check Register: Each check written is logged onto a check register that records the:

Payee
Date
Check Number
Corresponding Account for the Chart of Accounts
Description
Amount

The check register is also used to create a running total of the balance of the amount available in the checking account.
 

2.      Expenditure Vouchers Form: All expenditures have evidence that the payment was approved by an authorized person.  The Finance Vice President does not prepare a check unless such information is provided. An authorized person would be the President or the Chair of the Project.  The amount cannot exceed what is in the budget.

The bottom portion of the form is for the Finance Vice President to use to cross reference to the Check Register.

3.      Deposit Summary Form: Deposits should be summarized and categorized by the attached form.

4.      Reconciliation of all Bank Statements:  Every month the Finance Vice President reconciles the bank statement with Check register and supporting documents.  Each item cleared on the bank statement (Checks, withdrawals, deposits, etc.) have a corresponding entry in the check register.  Any items not matching are noted as to why they did not match.  Typical occurrences of these are timing differences like checks written on the last day of the month but not clearing the bank until the following month.  Special concern would be given to legitimate expenses or deposits that were not entered on the check ledger or entered in error (transposition items etc.).  For these, correcting entries would be made to balance the check register with the bank statement.

To document the reconciliation the Finance Vice President signs and dates the bank statement stating reconciliation was done.  All expenditure voucher forms for items that cleared that month are attached to the bank statement.  Notations are made on the check register that an item was reconciled and cleared the bank.  Also, all deposits clearing during the month of reconciliation are noted on the check register and attached to the bank statement as well.

5. Chart of Accounts: Below are the Accounts used by Alpha Delta Xi Chapter of Alpha Phi Omega. Additional accounts to keep track of how specific moneys such as grants are used are given a separate temporary account. At the end of each semester the remaining balance left in the Pledge, Service, Fellowship and Fundraising Accounts will be transferred to the Administrative Operations Account.  All Accounts may be funded by dues and money from fundraisers. Money may be transferred between Accounts to support Chapter Functions as needed. The Christopher Newport University Campus Account can also be funded by a check from the Chapter to the University from the Administrative Operations Account. All Account transactions are to be recorded in the Chapter Accounts Ledger.

Pledge Program
            Service Program
            Fellowship Program
            Fundraising
            Administrative Operations
            Christopher Newport University Campus Account