- Role Overview
- Bank Account
- Employer ID Number (EIN)
- Records and Recording
- Club Budget
- Gift from the Treasury
The club treasurer records and tracks the club’s income and expenses and helps the club develop a fiscally responsible plan for the year. It is the treasurer’s responsibility to keep the board fully informed of the state of the club treasury, and to communicate this to the entire club 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 Club 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 Club Budget
6. Facilitate Use of Treasury Funds for Club Gifts
Maintain Club Bank Account
The club treasurer and club president should be co-signers on the club bank account. Information about the bank account and club signatories must be kept on file in the WCAA. 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 club, its status as a subsidiary 501(c)(3), and the club 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 club bank account. If your club 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.
A note on 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.
Fulfill Record and Reporting Responsibilities
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. You will receive a link to the financial report for the current fiscal year in the Top 5 on the 5th in May. The form must be completed and received no later than July 15.
IRS Form 990-N: The WCAA must receive the annual financial report by the July 15 deadline in order for staff to file the federal 990-N form with the IRS in the fall.
Set and Adhere to a Club Budget/Maintain Records
Together with the rest of the club board, the treasurer is responsible for establishing an annual club budget. 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.
Typical sources and uses of club funds are described below:
Club dues are the primary source of funds. Dues are typically collected annually and are tax deductible. If requested, acknowledgement letters are sent to members by the Club treasurer.
Typical Types/Categories of Expenses:
BLUEprint Alumnae Volunteer Training: The club treasury pays for invited club officers’ transportation expenses to and from BLUEprint (usually held on campus in the Fall), while the Alumnae Association provides room and meals for 1-3 club delegates depending on club size.
Club Communications: While we strongly encourage using electronic communication whenever possible, occasional print communications may be helpful to reach out to members without emails. Any printing and postage costs are borne by the club and can be substantial.
Spirit Funds: This is a way to help lessen the financial barriers to entry for club events. Spirit funds serve as financial aid for alumnae who otherwise would not be able to participate.The club can create sponsor tickets which cover more than the cost for one alum to attend an event, designate a portion of club dues toward spirit funds, or accept direct donations to the spirit funds. If you decide to create spirit funds, we suggest that the board decide ahead of an event the dollar amount of aid available per alum and the total amount of aid the club will put aside for this use. If all the funds are not used, they could either remain as spirit funds or revert to the club treasury. The aid request process should be simple and entirely confidential. Based on the honor code, it should also be non-evaluative. Typically, an alum who would like to request funds would email a designated club officer (often, but not always the club president) and the treasurer.
Club Events: The funds collected from dues paying members are used to directly pay for or otherwise support club events.
Gifts/Honorariums: Club funds can be used to provide gifts or honoraria for club speakers, honored guests, etc.
Use of Treasury Funds for Club Gifts to the College
The club may elect to donate a gift to the College. A club gift can be directed to financial aid, a specific program, or the area of greatest need for the College.
If any portion of the club gift to the College is drawn from membership dues, each dues paying member of the club receives participation credit for that fiscal year. The club needs to provide the WCAA with a list of dues-paying members for this credit to be noted. Increased participation positively affects Wellesley alumnae engagement metrics; this benefits both the College and the WCAA. The club may decide what portion of the dues are donated as a gift to the College and can also decide if they wish to augment that amount with a further contribution from their treasury. If a club makes a gift to the College and that gift is made up, in total or in part, of funds the club collected through membership dues, please indicate that on the club gift form at the end of the fiscal year.