Chapter Treasury

Each Chapter will have a set of financial statements, i.e., an Income Statement and a Balance Sheet. These financial statements will display the monies raised from donors and expenses incurred for chapter-related purchases. Each month, after the monthly Chapter Goals Progress Reports have been received from all chapters, the Treasurer of each chapter will be sent a copy of their chapter's Income Statement and Balance Sheet. The Treasurer will report the chapter's financial position to the members at the chapter meeting immediately following receipt of the chapters financial statements.

Income Statement

The Income Statement will contain the Revenues and Expenses of your chapter.

Revenue - The revenue account will only contain "Contribution Revenue".

Contributions - This will show all monetary donations made to your chapter. All donors will be directed to make their contributions to your chapter by making a check payable to:

The Pacific American Foundation

c/o your chapter name

146 Hekili Street, Suite 203

Kailua, HI 96734

When a donation is received, the PAF will issue a tax-deductible donor letter to the donor and record the donation to your account.

Expenses - The expense side of your chapter income statement will generally consist of the following accounts:

Travel - This account will show all travel-related chapter expenses, e.g., outer island teams funding non-officer positions airfare, hotel, etc., or a trip to visit the New York Stock Exchange.
Materials & Supplies - This account will capture all chapter expenses such as business cards, letterhead, uniform polo's, uniform coats, and the like.
Dues & Subscriptions - This account will primarily be used to show all payments made toward the annual cost of the Bloomberg Pro subscription, but could also include the cost of other items like a full page spread in your school's yearbook for your chapter.
Conferences & Meetings - This account will contain all expenses related to chapter meetings and other meeting-like events.
Indirect - This is the cost of administering the account through the Pacific American Foundation, which averages between 5% to 10% of total expenses.

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Balance Sheet

The Balance Sheet will generally list the Assets and Liabilities & Net Assets of the chapter.

Assets - The assets side of the balance sheet should generally contain cash from donations received and pledges of donations receiveable.

Cash - The Cash account will show the amount of cash the chapter has in the bank.
Pledges Receiveable - This account shows the amount of pledges made for which cash has not yet been received.

Liabilities - The Liabilities section of the balance sheet contains the accounts and amounts owed by the chapter to pay for commitments such as the annual subscription for the Bloomberg Pro data feed.

Accounts Payable - this account will primarily contain the annual subscription for the Bloomberg Pro data feed.

Net Assets - The Net Assets section shows the net difference between Assets and Liabilities, e.g., if total assets is $100 and total liabilities is $40 then Net Assets = A - L = $100 - $40 = $60.

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Incurring Expenses

Chapters have full spending discretion on all donation revenue in excess of the cost of the annual Bloomberg Pro subscription obligation and related indirect if any.

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