FINANCIAL POLICY
1. It is the responsibility of the Board of Directors to ensure all funds are received and
expended in accordance with sound financial management practices and to support
the overall goals of the Chapter.
2. The President and Finance & Records Director will supervise the Treasury team.
Cash Disbursements, Bank Deposits and Bank reconciliation and financial reporting
must be done by 3 different people, of which the Finance & Records Director can be
one. They will carry out the day-to-day financial operations of the Chapter in
accordance with policies set by the Board of Directors.
3. Finance & Records Director, President and the Cash Disbursements Person can be
signers on the Chapter Bank Accounts.
4. The Finance & Records Director will be responsible for presenting current Financial
Reports at Board of Directors meetings. The Finance & Records Director is also
responsible for overseeing the proper recording of all income and expenses and the
filing of all required tax returns. In the absence of the Finance & Records Director, the
President or another designated Director may fulfill these obligations.
5. All Board Members will be responsible for properly accounting for all Chapter
expenditures for their respective areas and committees.
6. As required by the IRS, all expenditures exceeding $25.00 must be evidenced by an
original receipt. We strongly encourage all expenditures to be supported by an
original receipt.
7. Any expense paid by Cash Disbursements Person for over $500 must be approved
by a Board member. An email is sufficient.
8. The Board must approve any contractual obligations or guaranteed minimum costs
prior to commitment by an individual Board member including deposits and contracts
for golf events or leagues, clinics, social or other events. This clause also applies to
guaranteed minimum participation levels.
9. Annually, each Board Member will be responsible for submitting all budget requests
for the following year. Once approved by the Board of Directors, each Board
Member and their committees may incur expenses to carry out the planned events
and functions for the year. The Board of Directors must approve any additions or
changes to the budget.
10. The Board of Directors will approved Bad Deb Write Off exceeding $50.00. The
Finance & Records Director may write off bad debts less than $50.00 after collection
efforts fail.
11. Any member failing to pay any obligation to the Chapter will not be a member in
good standing and will be unable to participate in leagues or any other functions of the
Chapter, Any obligation owed to the Chapter by a guest of a member to a golf event
is the responsibility of the member to ensure that the obligation is paid. All requests
for refunds, out of the activity guideline, will be put in writing to the designated
person who will submit them to the Board for approval.
12. Cancellation/Refund Policy: When a member signs up for an event and later cancels
her registration or does not show up for an event, every attempt will be made to make
a refund, if possible. However, if the Chapter has confirmed her attendance at an
event and the Chapter has paid out funds for the event and cannot receive a refund
from the vendor or find a member replacement, no refund will be made. This policy
also applies to guests. The Chapter’s cancellation and refund policies should be
included on the registration form for all events. If the registration form policy is
different, its policy will override this one.
Leagues: There are no refunds for league play. If a substitute plays for you, they
should reimburse you directly.
13. If the Chapter has a returned check, the person who wrote the check will be
charged the amount the bank charges the Chapter.
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MAILINGS
Our Chapter has a number of weekly mailings to our members in an effort to communicate new organizational and/or chapter information and upcoming events.
E-mails are sent periodically as reminders to register for the events. We apologize for any duplication this may result in your receiving several mailings for each event