New Treasurer for my Fraternity

Hey! I was treasurer of my fraternity for two years so I think i might be able to help. Do you have experience with quick books? I highly recommend it. Not only is it easy to manage who paid/who hasn't paid you can also email out personalized mass emails to members so they know there bill. If no quick books make sure you use excel. Keep track of members and always make sure you go by semester. So each semester gets there own individual tab on excel.

Another tip is make sure you always have a collection box. I recommend a real one because when money gets tight the worst comes out in people. We put the box in our mail room (we have a gigantic house with a harry potter closet that we use as our mail room). Put a stack of envelopes and pens so people can put money in there easily. Oh and get a safe that can store petty cash as well as large sums of money that you wouldn't feel safe hiding behind a locked door. Make sure it is a key, not a code. The lock code will get spread.

Set bylaws about payment: Official due date (We did first day of the semester), punishment if not paid, etc. An easy way to get paid is the day dues are due hold "office hours". Basically rather then watching Netflix in the comfort of your bed, you watch it in a centralized location that is easily accessible to your members (your chapter house).

Make official promissory notes that if in case you need to, you can take members to small claims courts. I know this may sound silly but get a member that is studying law or that has any experience with contracts. Luckily we got one of our alumni that is a lawyer to look over this and approve it. Many people would like this so they pay over the course of a term rather than upfront.

If I think of more I will update, frankly I am thinking of to many things as treasurer so hopefully this clears some things up.

/r/personalfinance Thread