Member Documents: Treasurer
October 16, 2009 by Internet Editor
Filed under Current Documents
TREASURER
BYLAWS, ARTICLE V:
F. The Treasurer shall be a Member or Fellow of The Division, elected for a term of three (3) years. During that term, the Treasurer shall be a member of the Board of Directors with right to vote; shall oversee custody of all funds and property of The Division; shall direct disbursements as provided under the terms of these Bylaws; shall oversee the preparation of an annual budget for consideration and adoption by the President and the Board of Directors; shall make an annual financial report to The Division; and in general shall perform the usual and customary duties of a Treasurer. The Treasurer shall serve as Chair of the Finance Committee.
G. The Officers shall assume their duties on January 1 of the year following their election and shall maintain their offices until their successors are seated. During the period between their election and the assumption of their offices, the Officers shall be given the title of (Name of Office) Designate and shall attend the meetings of the Executive Committee and the Board of Directors.
BYLAWS, ARTICLE XI, SECTION G5:
The Finance Committee shall consist of a minimum of three (3) members of the Division, plus the Treasurer, who shall serve as chair. The Finance Committee shall oversee the fiscal practices and planning of the Division, monitor its financial records; cause a final yearly audit of its annual financial activities; and aid the Treasurer in the preparation of the annual budget to be submitted for the approval of the Board of Directors.
BYLAWS ARTICLE X: FINANCES
A. Membership dues shall consist of those amounts established each year by the American Psychological Association for each member of the Division and disbursed to the Division by APA out of APA annual dues.
B. The assessment of any additional or special membership fees beyond those specified in Article X, Section A of these bylaws may be levied by a majority vote of the Board of Directors.
C. Dues for Student Affiliates shall be set by the Board of Directors on recommendation of the Finance Committee.
D. Once established by the Board of Directors, an assessment shall remain in force each subsequent year unless modified by the Board. A request for such change may be initiated by any member of the Board.
E. The Board of Directors, on recommendation of the Finance Committee and the Executive Committee, shall adopt, for the following calendar year, an annual budget of anticipated income and expenditures at its annual meeting.
F. Disbursements of the funds of the Division shall be made as follows:
1. The Board of Directors shall authorize disbursements within the amount of the approved budget for any and all purposes which are not inconsistent with the policies or Bylaws of the Division or the policies or Bylaws of the American Psychological Association.
2. The Treasurer, with the concurrence of the Executive Committee, is authorized to reallocate unexpended funds from one category of the approved budget to another, provided only that the total approved expenses for the fiscal year are not exceeded.
3. Once a budget has been approved in accordance with Article X, Section E of these Bylaws, disbursements of any amounts for items not contained in the approved budget for purposes harmonious with the aims of the Division may be subsequently authorized by the Board of Directors, provided only that such expenditures will not require an increase in the extant assessment during the fiscal year in which it shall be made.
G. The fiscal year of the Division shall commence on January 1 of the calendar year and end on December 31 of that same year.
H. The Treasurer and President are authorized to sign checks on behalf of the Division or to direct the disbursement of funds duly approved under the provisions of Article X, Sections E and F of these bylaws. Additionally, with the approval of the Board of Directors, the President may delegate or authorize the Treasurer to delegate the signing of checks to other individuals on behalf of the Division. In the event of the incapacity of the Treasurer or of a vacancy in the office, the President-elect, in an emergency, is authorized to serve in his/her stead.
I. Contracts and other financial instruments which obligate the resources of the Division and which are necessary for undertaking programs approved by the Board of Directors in accordance with these bylaws, other than checks, shall be executed by both the President and the Treasurer.
DIVISION POLICIES RE FINANCES
General Financial Policies
2-4-99: BOD voted to have the Division’s tax returns included in APA’s corporate tax returns, with the Division’s Administrator doing the paperwork for the tax return.
2-10-01: BOD voted that the Division develop a $40,000 reserve fund, to be built up over a three year period.
2-28-04: BOD voted that the budget line item “savings account” be changed to “Reserve Fund”. This fund should maintain a minimum balance of $30,000, which cannot be allocated or accessed without a majority vote of the Board of Directors.
Division Member Dues Assessments
The Division of Psychotherapy dues assessments are set by the Board of Directors.
3-20-97: Member dues were raised to $40 with $1.00 allocated to keeping and recruiting members.
8-07-00: The BOD voted that the assessment remain at $40 and it remains so in 2005.
Dues Exempt Member Assessments
8-19/20-99: The assessment for Dues Exempt members receiving the journal is raised to $29, where it remains in 2005.
Student Member Dues
8-19/20-99: BOD voted to increase Student Membership dues to $29.00 for 2001. This fee is still in effect in 2005.
Division Board Reimbursement Policies
It has been customary for the BOD to set reimbursement policies for attendance at Executive Committee, Publications Board, and Board of Directors meetings each year, the level of reimbursement varying with the affluence of the Division and the timing and location of the meeting.
1995: A policy was adopted stipulating that the Division will reimburse for hotel accommodations only that amount charged for a single room at the Host Hotel. Since 1995, per diem rate on the Division reimbursement form has been $65: $10 for breakfast, $15 for lunch, and $40 for dinner, less meals provided.
Historically, elected Officers, Board of Directors members, Publications Board, and Standing Committee chairs, as well as others invited by the President were reimbursed for the number of days necessary for them to attend their meetings, depending on travel schedules, the philosophy being that those eligible for reimbursement should not have to assume a financial burden in order to attend the meetings.
Transportation costs have never been reimbursed for attendance at meetings held during or in connection with the APA Annual Convention. Reimbursement of hotel costs for such meetings has customarily been only for extra nights outside of the actual Convention dates. No double dipping allowed.
For attendance at the Mid Winter Board meeting, reimbursement is generally provided for transportation costs as well as hotel (single room rate) for the number of days required and per diem less meals provided. This policy only applies to voting members of the board. Committee chairs and other invited guests may be invited, and may be reimbursed for some or all of their expenses at the pleasure of the Board and President, and based on the division’s financial viability.
ORIGINAL RECEIPTS ARE REQUIRED FOR REIMBURSEMENT. ALL REQUESTS FOR REIMBURSEMENT, WITH A COMPLETED FORM AND THE ORIGINAL RECEIPTS, ARE TO BE SENT ONLY TO THE TREASURER.
Financial Policies re Pub Bd/Publications
The Publication Board is reimbursed in accordance with the policies set by the BOD. (See Section on Division Reimbursements, above.) In general, the Publications Board is reimbursed for attendance at its meetings in connection with Division Board meetings, at a rate commensurate with the reimbursement of BOD members. Reimbursement is set each year by the BOD.
Bulletin Financial Policies
1-25-03: Bulletin Editor’s stipend eliminated, and replaced by a $500 expense line item.
Procedures
1. The treasurer serves a three year term, and can only succeed him/herself once. During the year in which the treasurer is elected (but has not yet taken office), he/she becomes the treasurer-elect designate, and is authorized to attend EC and Board meetings as ex-officio.
2. The treasurer is responsible for developing and monitoring the Division’s annual budget, with assistance from the Finance Committee and Central Office. This process generally begins in November, with a proposed budget developed in time to be included in the agenda book for the Mid Winter Meeting. It may be necessary to schedule conference calls for the Finance Committee.
3. The Board will review the proposed budget at the Mid Winter Meeting, voting on changes and voting on a final budget for the year. The treasurer monitors the board discussion and voting, ensuring that any changes in the proposed budget are correctly recorded. After the meeting, the treasurer forwards the changes to Central Office, where they are incorporated into the final working budget.
4. The treasurer receives a monthly financial report from Central Office for review. Should there be questions about income or expenditures, the treasurer consults with Central Office.
5. The treasurer receives and approves all requests for travel reimbursement. The treasurer reviews all requests, ensuring that the reimbursement amounts are within the division’s guidelines, and that receipts are presented. After approval or adjustment, the treasurer forwards the travel reimbursements to Central Office for payment.
6. Should it be necessary to adjust budget line items during the year, the treasurer would initiate any adjustment, after consulting with the EC. The Board of Directors would approve any adjustment. This would apply only if the adjustment would adversely impact the bottom line. For routine adjustments, that show a movement of funds from unused areas to those that are marginally overbudget, the treasurer has latitude.
7. The Division has four bank accounts: a checking account; a money market (currently termed the “reserve fund”); a certificate of deposit (CD) and a Capital Campaign money market account.
Central Office
1. Central Office works with the treasurer to devise a proposed annual budget, based on the division’s previous year’s expenditures and income and expected adjustments for the coming year.
2. Central Office ensures that the proposed budget is included in the agenda book for the Mid Winter Meeting.
3. Central Office, at the direction of the treasurer, incorporates any changes made at the Mid Winter Meeting into the final annual budget.
4. Central Office maintains the division’s check book and monitors the check registers, balancing the accounts monthly. Central Office consults with the treasurer should funds need to be transferred from one account to another. Central Office pays all of the division’s monthly bills, including printing, telephone, etc., and also cuts checks for reimbursement after the approval of the treasurer.
5. Central Office provides a monthly financial statement to the treasurer, which includes a balance sheet, profit and loss statement, and a budget report. Central Office also provides the Board/Committee members a quarterly financial report, after review by the treasurer.
6. Central Office does the division’s annual tax report, for inclusion in APA’s taxes. The treasurer will review and sign the taxes prior to their release to APA.
