Financial Planning Resources

A chapter that operates like a business is one that is well-positioned for the future. That’s why you’re in charge of your chapter’s finances. It’s an important job that not everyone is well suited for. At the end of each month, your board should be able to review your budget to date so everyone can see the financial health of the chapter. Remember, your chapter is acting as a steward for your local members.

It’s important to create a chapter budget and stay current on your bills and your income. Your budget acts as a guide or road map throughout the year. If your chapter has the resources to hire a professional to help you manage your finances and funds, do it! It’s a worthwhile investment in your chapter’s viability. Turning in your financial information to ARMA International on time is also quite critical to your chapter’s financial communication.

Most importantly, make sure your board has policies in place for spending money. Who signs (and how many signatures are required) for your checks? Are you getting estimates before spending money? Processes for approving cash outflows are an important way to make sure your chapter is positioned well for the long term.