FINANCIAL MANAGEMENT SERVICES

GENERAL ACCOUNTING SERVICES

• Reconciliation of Chapter bank statements each month
• Financial Statements prepared and delivered to the house each month (e.g. balance sheet, income statement, general ledger, cash receipts journals, cash disbursements journals)
• Budget preparation each semester (during “dead week”) with select officers/alumni for the following semester
• Budget revision after each new semester begins (after new pledges are accepted)

ACCOUNTS RECEIVABLE MANAGEMENT

• Member billing each semester prepared and mailed to home/permanent address prior to the start of each semester.
• Pledge billing each semester prepared and mailed to home/permanent address within 10 days of receipt of new pledge information.
• Letters included with all bills outlining payment terms and explaining any billing changes the fraternity has made (arrangements can also be made to also include a letter from the Chapter president with this mailing).
• Appropriate debits and credits issued for changes in member status after the start of each semester (e.g. moved in-house, change from full meals to dinner only, etc.)
• Weekly collection of member payments from the treasurer at the house
• Record all deposits and deliver to the banking institution
• Updated Accounts Receivable Reports delivered weekly to the house
• Accounts Receivable Aging Reports delivered in person bi-weekly, and additionally via email by request
• Statements prepared and mailed to all members; “friendly reminder” letters to parents of members with unpaid balances prepared and mailed to members’ home/permanent address; both will arrive before Thanksgiving and Spring Break.
• Stronger reminder letters to parents of members with unpaid balances prepared and sent at the end of each semester.
• Warning letters to delinquent members with significantly overdue balances prepared and sent by Certified Mail prior to sending the account to a collection agency
• All materials prepared and delivered to appropriate agency regarding delinquent accounts turned over for collection
• Postage for all mailing is at house’s expense.

ACCOUNTS PAYABLE MANAGEMENT

• Establish credit with vendors
• Collection of vendor invoices and bills received at the house
• Match all invoices to statements and reconcile any vendor billing errors
• Prepare disbursement checks for Chapter operation obligations
• Mail payments according to due dates, vendor terms, and availability of Chapter funds.
• Meet with the Treasurer weekly to obtain his/her co-signature on all disbursement checks as needed and review all current cash disbursements.

EMPLOYEE SERVICES

• Conduct employee evaluations each semester
• Handle all payroll for employees
• Prepare and deliver and/or direct deposit employee paychecks
• Assist with interviewing, hiring, firing, for candidates for open positions in the house. For example house director, chef, cook, janitor, housekeeper, maintenance man.
• Make sure all employees are working to their best capacity

TAX MANAGEMENT

• Completion of monthly Sales Tax Reports
• Preparation of quarterly and annual payroll reports including:
• o 940, 941, UCT -6, UCT -7, coupons, deposits, W-2, W-3
• Preparation of annual IRS 990
• Preparation of annual state report if need be

PROPERTY MANAGEMENT

• Handle general property management functions.
• Provide house with names of outside vendors that would provide best services for maintenance that is too big for house to handle.
• Create a rapport with vendors
• Establish credit with vendors who may not want to work with fraternities
• Make suggestions as to aesthetic and structural repairs to house
• Ensure that property is maintained in a fashion that will provide longevity

FIRE INSPECTION

• Conduct pre-fire inspection and make recommendation of items that need to be fixed prior to fire inspection
• Conduct an actual fire inspection with UF’s Fire Marshall on a semester basis
• Remind House Manger and House Director as to when reports need to be filed and the fire inspection date
• Provide list of items prohibited in house