New Class Officer Training: Treasury Training. An introductory guide for new treasurers and class presidents.

1. Money Matters
Managing the Class Treasury
2013 New Class Officer Training

2. What is the class treasury?
• Monies used to support class activities that are open to the
entire class such as Reunion and class board operations.
– If the event is not open to the entire class, the treasury should not
be subsidizing the event
• Held in a checking account or other guaranteed investment.
• Pays expenses approved by the class board.

3. Establish & Maintain Bank Account
• Account should be named “Mount Holyoke College Class of _______”
• Use class EIN number, not personal SSN
• Class President and Treasurer should both be signatories on all
accounts

4. Manage the Funds of the Class
• Maintain records on fiscal year basis (July 1–June 30)
• Collect dues authorized by the class board.
• Record and promptly deposit all receipts and pay all bills as approved
by the Class Board.
• Reconcile bank statements on a monthly basis.

5. How is the class treasury funded?
Dues Class
Approved
Fundraisin
g
Activities

6. Class Dues – the details
• Dues are paid in 5-year increments.
• The Class Treasurer is responsible for collecting dues and for
the overall well-being of the class treasury.
• The Treasurer should propose a dues level for the next 5 years
prior to each reunion.

7. Class Dues – Collecting
• Collecting dues at Reunion is the most effective.
• 5-year dues should be a minimum of $35.00.
• Classmates who pay dues in cash should be issued a receipt.
• Set up a online merchant account (PayPal, Google Wallet, etc.)
for the easiest payment transaction.

8. Financial Reporting
• The Alumnae Association will complete the required annual IRS
filings if you complete and file Annual Financial Report (Form C)
by August 30 each year.
• Update Class Board periodically (minimum annually) on activity
and balances.
• Participate in class board meetings or conference calls and give
financial report.
• Keep copies of financial reports, class books, receipts and
documentation for 7 years.

9. Form C
• The IRS requires all classes, clubs and affiliates to file Form
990, 990-EZ or 990 N annually.
• The Alumnae Association does a group filing – you must
complete an on-line annual financial report (Form C) before
August 30th of each year.
• Information needed: class name, officer contact
information, bank account information, opening balance (7/1)
and closing balance at end of fiscal year (6/30).

10. Transferring the Treasury
By September 15 following reunion:
• Make arrangements to add the new Treasurer and President to the
bank accounts.
• Plan a conference call to brief the new treasurer:
– Fiscal standing and background on the treasury.
– Dues – how much? Suggestions?
– Reunion finances.
• Provide the following:
– All bank statements and records.
– Access to bank accounts, PayPal, etc.
– List of dues paying members.
Pg. 10

11. REUNION!

12. Can we use our treasury?
• The treasury can be used to defray costs of items since it benefits the
entire class
• Use funds to defray specific costs such as:
– Reunion mailings
– Reunion committee administrative expenses
– Honorary guests (meals, accommodations, etc.)
– Reunion scholarships
– Gifts
– Large projects that exceed standardized fees

13. Reunion and Treasurers
• Leading up to Reunion, class treasury pays up front costs of all
reunion expenses
• Treasurer responsible for recording all reunion transactions and
closes books with Reunion chair
• Treasurer presents preliminary financial report at Reunion
• Checks from AA for registration fees collected are sent to class
treasurers in late May and June
• A final Reunion financial report should be submitted to the Class
Board

14. FREQUENTLY ASKED
QUESTIONS

15. How much money should we have?
Try to keep around $5k in your treasury to cover mailings and other
activities such as birthday cards, memorials, scholarships etc.
For 25th and 50th reunion classes, plan carefully:
• Evaluate your Treasury at 20th and 45th reunion
• 25th and 50th reunions have high attendance. Plan ahead – they
usually have special components that are expensive and might be
subsidized by the class treasury.

16. Can we invest our treasury?
Besides a checking account (which is mandatory), class boards may:
• Open a savings account
• Invest class money in a Certificate of Deposit or any instrument that has a
guaranteed return of the principal.
• No class money may be invested in the stock market or any other at risk
financial entity
• The Treasurer and President have fiduciary responsibility for all the class
funds.

17. Money? What money?
When dues don‟t cover class expenses, get creative:
• Organize a telephone campaign to collect dues.
• Increase dues and solicit differential from those who have paid and full
amount from others who have not
• Hold class functions such as a luncheons or mini-reunions and use these
events to raise money
• Design a class item to be sold to all classes and clubs through the
Quarterly and through emails.

18. Mini-Reunions
• They should be revenue neutral (i.e. break even). Any „profit‟ should
be contributed to the treasury
• If mini-reunions are planned regionally for the entire class, class
funds can be used to defray cost with Class Officers‟ approval.
• It is not appropriate to use class funds for small exclusionary groups
that are not open to all.
Pg. 18

19. A note on fiscal responsibility
• Have the books reviewed every 5 years by another class officer.
• All decisions about money must be approved by a majority of class
officers.
• Reimbursements should only be made for approved expenditures and
receipts must be provided.
Pg. 19

20. Banking Suggestions
• Utilize the services of a bank that has branches all over and is friendly
to non-profits.
• Treasurers change but the accounts don't have to – will eliminate
some of the current challenges involved with changing
signatories, ordering new checks, etc.
• Strongly recommend setting up the account for on-line banking.

21. Resources
• To learn more about your role, review the Class Officers‟ Handbook
– http://www.alumnae.mtholyoke.edu/volunteers/files/2012/10/Class-
Officer-Handbook-FINAL.pdf
• To learn more about the Alumnae Association‟s resources, follow the
link below
– http://www.alumnae.mtholyoke.edu/volunteers/res/classes/
• Amanda Carr, Alumnae Association, 413-538-2738

22. Classes and Reunions Committee
In addition to your class liaison from the Classes and Reunions
Committee, please feel free to reach out to us:
• Diana Deane, ddeane75@gmail.com; 609-737-1845
• Kate Gordon, kkgordon@gmail.com, 410-726-1201

23. Thank you!