A critical responsibility of Chapter Officers in managing Chapter operations is to ensure protection of the Chapter’s assets. Each Chapter should have an established set of operating controls, including controls specifically relating to financial management. These controls should include management of day-to-day financial operations, establishment of accounts, preparation and review of financial statements, and monitoring of financial activity.
The Chapter’s Board of Directors has oversight responsibility for Chapter financial management and must monitor financial control activities and ensure that proper controls are in place. To ensure that proper oversight is taking place, Chapters should consider adopting a Separation of Duties Policy. A model policy can be found in the Chapter Playbook here!
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