The Gamma Beta Phi Society

Treasurer Duties

It is the specific duty of the Treasurer to receive safeguard, and disburse the funds of the organization and to keep a complete and accurate record of all financial transactions. He or She should be prepared to give a financial report at each business meeting and a summary report at the last meeting of the year.

The Treasurer must prepare the Treasurer’s Report for submission to Headquarters as part of the Chapter Report. The form may be found on the website. This statement is used for income tax purposes and enables each chapter to avoid having to file an individual tax return. A copy of the statement should be given to the succeeding Treasurer and also to the Advisor. All Financial records should be turned over to the Advisor at the end of the year. The Advisor will then give the new Treasurer what is needed and hold the other records in safekeeping. All financial records must be kept in case of an Internal Revenue Service audit.

Both a “Treasurer’s Record Book” and a “Receipt Book” are available from Headquarters for use in keeping financial records. Each chapter should have a checking account at a local bank unless the college or university requires that transactions be handled through its Financial Office.

Each chapter is assigned an Employer Identification Number (EIN) by the IRS. Headquarters applies for this number on behalf of the chapter, and it can be obtained from Headquarters. You will need it if you have a bank account, or seek special mailing privileges from the United States Postal service.

The Treasurer will work closely with the Secretary in the prompt payment of bills and in sending the national membership fees and other payments to Headquarters.