2. Records used in the review: The Committee examined chapter financial records consisting of monthly financial reports, bank statements, receipts and invoices, the budget, and review reports for the previous year.
a. The Chapter has two accounts.
b. The name of the accounts are: NNOA (name of Chapter) Chapter Operating Account, Account # ( ); and NNOA Chapter Scholarship Account, Account # ( )
c. Both accounts are with ( ) Bank, ( ).
d. Account # ( ) is a checking account for day-to-day operations. It is a non-interest-bearing account with no service charges for writing checks. Account # ( ) is a savings account to support chapter scholarships. It is an interest-bearing account with no monthly service fee.
e. Bank statements were reconciled monthly.
f. Each monthly financial report addressed all accounts owned by the Chapter.
g. Appropriate receipts and/or invoices supported all expenditures of Chapter funds.
h. All checks are required to have and do contain signatures of two Chapter officers to expend Chapter funds. The signatories on the checks are (list those who have signed for checks).
i. Chapter debts were paid via checks and debit cards.
j. The Chapter Treasurer made deposits of funds to chapter accounts within a reasonable time.
k. Were there unreasonable delays (more than ten working days) in sending membership dues to the Board Membership Director?
l. The Chapter’s EIN or Tax Identification Number exemption was used at the Scholarship Banquet held at the ( ).
m. The required Annual Financial Report was filed with the Board Treasurer on ( ).
n. The Chapter experienced a loss of $958.11 on its annual scholarship banquet. The damage was covered by profits from other successful events deposited in the Chapter accounts.
o. The Chapter does not own any equipment; therefore, there was no need to address depreciation.
p. The Chapter has liabilities totaling $3,000.00 from its commitment to grant three (3) $1,000.00 scholarships this academic year. There are sufficient funds in the Chapter’s liquid accounts to pay these liabilities.
q. The Chapter has an annual budget, which is attached. It exceeded (under-executed) its annual budget by __%, due to unexpected liabilities (income) at the time the annual budget was developed.
r. The Chapter does not report on financial Pro-forma statements. Financial information is kept in an Excel spreadsheet.
s. The financial transactions have proven to be auditable and traceable.
t. All executive decisions that have potential financial impacts are discussed with the Executive Chapter Officers and do not rest with one- or two-chapter officers. No one particular person can commit the Chapter to financial obligations. Obligations are at the directives of the chapter board.
u. Summary: The Review committee found that the Chapter's financial records accurately reflect its financial position. The (name of Chapter) Chapter is healthy with no noted financial problems.