- Role Overview
- Bank Account
- Employer ID Number (EIN)
- Records and Reporting
- Class Budget
- Gifts from the Treasury
The class treasurer solicits annual dues from classmates and is responsible for promoting the Class Lifetime Membership program (CLM). It is the treasurer’s responsibility to keep the board fully informed of the state of the class treasury, and to communicate this to the class on an annual basis.
The treasurer's role is comprised of the following responsibilities. Click on the tabs above to review details for each responsibility.
1. Maintain Class Bank Account
2. Install and Work with BlueSnap
3. Keep Employer ID Number on File
4. Fulfill Record & Reporting Responsibilities
5. Set and Adhere to a Class Budget
6. Facilitate Use of Treasury Funds for Class Gifts
Maintain Class Bank Account
The class treasurer and class president should be co-signers on the class bank account. Information about the bank account and class signatories must be kept on file in the WCAA for auditing purposes. If you need any documentation to open or document a bank account, such as a letter from the WCAA verifying the non-profit status of the class, its status as a subsidiary 501(c)(3), and the class EIN and supporting documentation, please reach out to your staff contact in the WCAA.
Install and Work with BlueSnap
BlueSnap is an interface which allows payments and purchases made on your website to go directly to your class bank account. If your class does not use BlueSnap, any dues paid and purchases made through your website will first go to the WCAA bank account. WCAA will keep track of the club money, but as treasurer you will need to request a check and then wait for the check to be issued and mailed to you. It is far simpler and faster to use BlueSnap.
Keep Employer ID Number on File
When a class graduates, the WCAA files an application with the IRS for an employer ID number (EIN) for the class. The IRS assigns each class an EIN, identifying the class as a tax-exempt nonprofit subordinate of the Wellesley College Alumnae Association under the 501(c)(3) tax code. A copy of the certificate is mailed to the original class treasurer who saves it in her files, which are passed on to successive treasurers.
Fulfill Record & Reporting Responsibilities
Class Financial Records: The treasurer must keep track of all financial transactions and class life members and record all dues payments made by classmates. They may obtain lists of classmates from the WCAA office to facilitate record keeping. A list of fully paid lifetime members who have been added during the previous fiscal year and a check for the total lifetime dues amount is due to the WCAA each year by June 10. If these funds and names are not received by June 10, the funds will not be invested into the endowment until the next year and the class will miss out on a year’s worth of dividends.
Annual Financial Report: At the close of each fiscal year on June 30, the treasurer is required to submit a financial report to the WCAA to be kept on file. The form must be completed and received no later than July 15.
IRS Form 990-N: The WCAA must receive your financial report by the July 15 deadline in order for staff to file the federal 990-N form with the IRS in the fall.
Audit: Once the treasurer has closed the books after Reunion in the fifth year, the books must be audited before the handoff to the new class treasurer. The audit does not need to be completed by a professional accountant—a classmate can conduct this audit.
Important Dates for Treasurers
- June 10: The list of new class lifetime members and a check for all new class lifetime membership funds is due
- July 15: Annual financial report due to WCAA
Note: In Reunion years only, the outgoing class treasurer is responsible for closing out the books on Reunion by September 1. The annual financial report and IRS form 990-N are still both due on July 15, as the fiscal year still ends on June 30. The treasurer has until September 1 to close out the books on Reunion. Any financial transactions that take place after July 1 are in the new fiscal year. As such, when transferring the books, the outgoing and incoming treasurers must review these transactions carefully, as the incoming treasurer is responsible for reporting on and accounting for them at the end of that fiscal year.
Set and Adhere to a Class Budget
Together with the rest of the class board, the treasurer is responsible for establishing a class budget. Budgets may be set annually or on a five year cycle. When planning, be aware that typically a class should maintain a minimum of funds sufficient to cover transportation expenses for alumnae training such as BLUEprint, other anticipated expenses such as hard copy mailings, and any event costs. It is very important that the treasurer keep accurate records of all treasury matters during their term as well as the records for the previous seven years.
Everyone is a member of the class, and has the option to support the class by becoming a paid member. Class dues are used directly to support class events and to keep costs manageable. Class members pay this optional fee annually. Dues are deposited directly into the class bank account if the class is using BlueSnap.
Class Dues Notices
After consultation with the Board, each year the treasurer should send a class dues notice to classmates, typically in a newsletter or email. This can be included in a general class newsletter. Dues notices are not required, but highly recommended in order to obtain a successful level of funding. The notice should explain that class dues are tax deductible. Dues are used solely to support class activities and do not count as gifts to the College. It is very important to highlight the distinction between dues paid to the class and donations made to the College. Work with the website chair to ensure that the website is set up to allow online dues payment, and be sure to use BlueSnap so that any membership funds collected go directly into the class account.
A Class Lifetime Membership (CLM) is a donation which, combined with other CLMs from your class, is used to purchase shares in the Wellesley College endowment on behalf of the class. The investment will pay dividends to the class which can be used to fund class activities such as Reunion. The endowment investment dividends are a wonderful way to grow the class treasury, but they are not tax deductible.
Regarding Membership Functions
Earlier this year, the WCAA began our Finalsite roll-out. This roll-out is continuing in stages, with new features being added periodically. Some membership features, including membership expiration reminder emails, the ability to look up an individual's membership status, and internal lists of members, have yet to be rolled out. The launch of these functions has been postponed due to COVID related delays, and we appreciate your patience while we prepare these upcoming features. In the meantime, we recommend utilizing Forms Manager to review all membership transactions and maintain your own records of members' status. Membership chairs and treasurers will be contacted when we are ready to launch these additional membership features.
Sources of Expense:
BLUEprint Alumnae Volunteer Training: After the first class Reunion, the class treasury pays for class officers’ transportation expenses to and from BLUEprint, while the Alumnae Association provides accommodations and meals.
Mini Reunions: A portion of class treasury funds may be used to publicize mini reunions. Some classes opt to subsidize the cost of mini reunions or offer financial aid in the form of spirit funds.
Class Communications: While we strongly encourage using electronic communication whenever possible, print communications may be necessary in some circumstances.
Reunion and Record Books: The class treasury provides seed money for Reunion and the class record book. The treasurer should ensure that funds are set aside for these initiatives as part of setting the class budget. Reunion and the record book must be self-supporting, unless the class officers elect to subsidize some portion of the projects.
The 60th Reunion Class: After the 60th Reunion, the class treasury is typically turned over to the WCAA to be managed in consultation with the class treasurer.
Facilitate Use of Treasury Funds for Class Gifts
The class may elect to add a portion of treasury funds to the total class gift to the College at Reunion. A class vote, in accordance with the class constitution, is necessary to allot funds for this purpose. When determining the amount of any such gift, class officers should remember that the treasury should maintain sufficient funds to cover officer transportation expenses for BLUEprint, seed money for the next Reunion, and other anticipated expenses.