Delta Sigma Pi collegiate chapter Vice Presidents-Finance perform a critical function in their chapters. As the Vice President-Finance, your duties include:
- Documenting and promptly recording all incoming chapter revenue and outgoing chapter expenses.
- Preparing an annual chapter budget, submitting the budget through the Hub twice a year using the Financial Template linked at left, monitoring revenue and expenses in relation to the budget, and promptly reporting any variances to the chapter.
- Keeping an accurate account of the receipts and expenditures of the chapter in a standardized accounting system, which must be open at all reasonable times for inspection and examination.
- Compiling and forwarding all required and requested financial reports to the Central Office without unreasonable delay.
- Notifying the Central Office if a member of the collegiate chapter is not in good standing upon graduation or upon a member’s withdrawal from the chapter, in accordance with such procedures as may be prescribed by the Executive Director.
- Ensuring that badges are ordered and paid for 21 days before each initiation.
- Ensuring that all financial obligations affiliated with initiations are submitted to the Central Office within seven days following each initiation.
- Ensuring that member dues are paid to the Central Office within 30 days of the first day of classes in each academic term.
- Ensuring that two different people, including the chapter President and a different nationally recognized chapter officer who is not the Vice President-Finance, sign all chapter checks.
- Ensuring that payment to the Central Office for invoices covering chapter liability insurance, regalia use and the Grand Chapter Congress travel fund are promptly submitted.
- Completing an independent accounting review of the chapter’s finances for the prior fiscal year annually by June 1. The reviewer may be a CPA, a member of the school’s accounting faculty, or similar professional.
- Ensuring an annual tax return for the chapter is filed with the IRS no later than November 15 each year. The Central Office staff submit this on the chapter’s behalf for most chapters, however, if your chapter’s gross receipts are more than $25,000 for a given year, the chapter must file their own forms. Please contact the Central Office for further instructions.
- Ensuring that the chapter’s financial records are maintained for at least seven years.
Use Delta Sigma Pi resources to make your job easier! The resources linked at left—especially the detailed explanations in your Officer Packet -- include critical information for your role as Vice President-Finance. This role requires considerable planning and ongoing management, but your success will be both personally rewarding and great training for your future career.
For a complete listing of officer responsibilities as set in Fraternity policy, please refer to section B of the National Policy and Procedures Manual.
If you have any questions regarding your role or responsibilities as Vice President—Finance, please contact the Central Office, your District Director, or your Regional Vice President.