Zeta Phi Beta Sorority, Incorporated Centennial Commission Financial Procedures

Zeta Phi Beta Sorority, Incorporated Centennial Commission Financial Procedures At the National Executive Board meeting held in Houston, Texas, January 9-10, 2015, the board voted on the establishment the Centennial Commission as a self-funding ad-hoc committee of Zeta Phi Beta Sorority, Incorporated to lead the Centennial Celebration inclusive of all aspects of planning and execution. The term of service for the Centennial Commission Chair, Dr. Jylla Moore Tearte, 20 th Past International Grand Basileus, will be from date of appointment in 2013 through January 2021, subject only to removal for cause by the Boule. Appointments to the Centennial Commission will be made by the Centennial Commission Chair with required approval from the then-current International Grand Basileus. The Centennial Commission Chair will report to the International Grand Basileus and the National Executive Board and provide formal updates at least twice annually to the Board and must also provide a formal updates at each Boule through 2020. All expenditures of the Centennial Commission must be approved in advance by the International Grand Basileus or the National Executive Board. Officers: 1. International Grand Basileus Shall review, approve and sign (Electronically or actual signature) all payment request submitted by the Centennial Commission. However, expenditures incurred by the Grand Basileus directly are approved by the Chair of the Executive Board. The Grand Basileus and the Chair of the Board are authorized and must sign all Centennial contracts. 2. The Chair of the Executive Board Shall approve any Centennial related expense of the International Grand Basileus. The Chair of the Executive Board and the International Grand Basileus must sign all Centennial contracts. 3. National Tamias Shall review and process for payment the approved invoices from the Grand Basileus, Executive Director and/or Chairman of the Board. 4. The Centennial Chairperson - Shall review, approve and sign (Electronically or actual signature) all payment request for Centennial related expenses except expenditures she has incurred directly. Expenses incurred by the Centennial Chairperson must be approved by the Grand Basileus. 5. Executive Director (or designee) Shall review and sign the payment request of the Centennial Commission approved by the Centennial Chairperson. Centennial Commission contracts: The International Grand Basileus and Chairperson of the Executive Board are the only authorized people to sign Centennial Commission contracts. All contracts must be sent to our Legal counsel for review prior to execution of the contract. 1

Bank Account: The bank account for Centennial Commission: 1. TD Bank Account: All monies and expenses related to the Centennial will be placed in this account such as: Fundraising Vendor / Exhibitor Fees Souvenir Journal Ads Merchandising Royalties Donations Service (accounting, auditing, publications) 2. Centennial Finance Director will have access to view TD Bank account for reconciliation and tracking 2020 Visionary contributions - processing: 1. Electronic contributions processing: The Fundraising Software system will be implemented and used exclusively by the Centennial Commission to register participants, process 2020 Visionary contributions, send correspondence, and provide the Centennial Committee with various Centennial participants reports needed. All contributions will be processed via a secured third party vendor. All funds collected will be deposited directly to Centennial TD Bank account. Payments for the 2020 Visionary program can be made via credit card, debit card, ACH deposit or a similar electronic funds transfer process. The Centennial Commission will not accept any personal checks/money orders or cashier s checks as a form of payment for the 2020 Visionary program. Payments for the 2020 Visionary program will only be accepted when made through the Centennial fundraising software system. Any checks / money orders received as payment for a 2020 Visionary contribution will be returned to the sender. 2. Credits for in-kind services are determined by Centennial Chair proportional to the service provided. In-kind credits for bulk sale of items are determined by the profit of the item sold. Third Party Deposits: 1. Upon the approved third party Royalty agreement the National Tamias will complete the necessary documentation to facilitate the direct deposits electronically. Any third party direct deposits will be verified by the National Tamias. Please send an email to the National Tamias to request confirmation of a third party payment. The National Tamias will notify the Centennial Chairperson and Finance Chairperson upon receipt of funds. Funds for the Centennial Commission may not be sent to an individual s home address or deposited to any personal / other business bank account other than Centennial Commission TD bank account. 2

If there are any special or unusual circumstances that any member of the Centennial finance committee or team are not sure how to handle, please contact the National Tamias before proceeding with any actions that may jeopardize the tax exempt status of Zeta Phi Beta Sorority, Incorporated. Centennial Payment Processing: 1. Invoice / reimbursement processing: All Centennial expenses will be processed through the Bill.com system. The Centennial Commission has its own Bill.com system, separate and apart from Headquarters current bill pay system. All Centennial related bills will be uploaded into the Bill.com system. Payments will be paid out of the Centennial TD Bank account after the proper approvals have been obtained and the verification of available funds to make required payments. All requests for expense reimbursements must be submitted on a Centennial expense voucher form (an electronic form will be provided). Please note that all supporting documents must be scanned and uploaded into Centennial Bill.com system for approval and processing. The Approval process: The Centennial invoice/payment process will be as follows: First level of approval Centennial Chairperson Second level of approval Executive Director (or designee) of the Sorority Third level of approval Madame Grand Basileus (If the Grand Basileus is not available the Chair of the Board can provide the final level of approval.) 1. The Centennial Chairperson shall review, approve and sign (Electronically or actual signature) all expense voucher request for Centennial related expenses except expenditures she has incurred directly. Once expenses have been approved by the Centennial Chairperson the expenses are forwarded to The Executive Director (or designee). 2. The Executive Director (or designee) will review and approve all documents before forwarding them to the Grand Basileus. 3. The Grand Basileus will review and give the final approval. Upon approval by all required parties the invoice / expense voucher request will be ready to be processed for payment. 4. The National Tamias receives email notifications when invoices / expense voucher requests have been fully approved for payments. The Tamias will do a final review of the approved documents. Pending no additional questions or concerns about the payment request, the Tamias will release the invoice / voucher for payment. However, if the Tamias has a question or concern she can question the invoice / voucher request prior to the release of payment. 3

Expenses incurred by the Centennial Chairperson must be approved as follows: 1. The Chairperson of the Board or Executive Director (or designee) will review and approve. The Grand Basileus will review and give the final approval. Upon approval by all required parties the expense voucher request will be processed for payment as stated above section (#4) for the National Tamias under the Approval process section. Transfer of funds processing: The transfer of fund out of the Centennial Commission s account will follow the same approval process as invoice / reimbursement processing in section 1 under the Centennial Payment Processing header. All Centennial transfers will be processed through the Centennial Bill.com system. Payments will be paid out of the Centennial TD Bank account after the proper approvals have been obtained and the verification of available funds to make required payments. All requests for transfer must be submitted on a Centennial expense voucher form (an electronic form will be provided) with Transfer noted on the form. Please note that all supporting documents must be scanned and uploaded into Centennial Bill.com system for approval and processing. The Approval process: The Centennial transfer process will be as follows: First level of approval Centennial Chairperson Second level of approval Executive Director (or designee) of the Sorority Third level of approval Madame Grand Basileus (If the Grand Basileus is not available the Chair of the Board can provide the final level of approval.) The Centennial Chairperson shall review, approve and sign (Electronically or actual signature) all transfer request. Once the transfer have been approved by the Centennial Chairperson the request is forwarded to The Executive Director (. The Executive Director(or designee) will review and approve all documents before forwarding them to the Grand Basileus. The Grand Basileus will review and give the final approval. Upon approval by all required parties the request will be ready to be processed for transfer of funds back to Zeta Phi Beta Sorority National Headquarter s account. The National Tamias receives email notifications when requests have been fully approved for transfer. The Tamias will do a final review of the approved documents. Pending no additional questions or concerns about the request, the Tamias will release the voucher for transfer. request prior to the release of payment.reporting requirements: The Centennial Commission will generate various reports via the Fundraising Software system and the Bill.com system every two weeks initially. All month end data required for financial report will be sent 4

to Zeta Phi Beta s CPA firm electronically at the end of each month. The CPA firm will proved financial reports on a quarterly basis. (This is the same current reporting requirements as National Headquarters). Centennial Exchange Manual check processing: Payments sent to Zeta National Headquarters for the Centennial Exchange should be sent in the form of a check or money order. A copy of the Centennial exchange order form will be used as the support documentation for the payment. Make checks payable to: Zeta Phi Beta Sorority, Inc. Payments should be mail to: Zeta Phi Beta Sorority, Inc. 1734 New Hampshire Ave. NW Washington, DC 20009 Attn: Johnetta Diggs Re: Centennial 2020 **Please note: Any checks made payable to any person/entity other than Zeta Phi Beta Sorority, Inc. will not be processed and returned to the sender. Once a check has been received by Accounting the following processes are required: 1. Make a scan copy of the check / money order and the supporting documentation. 2. Accounting will notify the Centennial Exchange Director via email @ centennialexchange@zphib2020.com when checks / money orders have been received. If there are multiple checks/money orders for deposit prepare a summary spreadsheet listing all deposit items. (Spreadsheet template attached). 3. Accounting will make the deposit via the remote check deposit machine into the Centennial account. If accounting receives cashier s check for deposit these will have to be sent via courier for deposit. The remote check deposit system: The Accounting department receives checks and money orders these checks are scanned by the remote check deposit machine. Once scanned and verified the original checks will be stamped and securely stored by processed date for 90 days. After 90 days the checks will be properly destroyed. Please note: The remote check reader can t transmit checks drawn on foreign banks or cashier s checks. Any such payments will need to be manually processed and sent to the bank for deposit. Check deposit notification process to the Centennial Exchange Director: 5

1. Accounting will use the remote check deposit machine for check / money order deposits. There will be two (2) remote deposits weekly. If accounting receives a cashier s check the check with have to be picked up by the courier for deposit. Deposits requiring special handling will have longer timeline before reaching the bank. 2. The National Tamias will notify the Centennial Exchange Director when the deposited funds become available via email. In the event a deposited Centennial Exchange check is deposited and returned for insufficient funds (NSF), the National Tamias will notify the Centennial Exchange Director. The National Tamias will send correspondence to the check issuer about the returned item and provide instructions on what is required to remedy the NSF situation. All returned checks will be assessed a returned check fee charge of $25.00. Only money orders or cashier s checks will be accepted as form of re-payment for any NSF checks. Headquarters accounting will process Centennial deposits in a timely manner. Any specific questions with regards to merchandise sells, delivery or order problems should be directed to the appropriate Centennial committee person not to Headquarters accounting staff. The Centennial Commission will not accept any personal checks/money order or cashier s checks as a form of payment for the 2020 Visionary program. 2020 Visionary payments will only be accepted when made through the fundraising software system. Any checks received at Headquarters will be returned to the sender. On site Sales: Before the onsite sale begins an inventory of the product for sale must be taken. All sales are to be recorded in one of the Commissions Receipt books. Three forms of payment can be taken cash, checks (made payable to Zeta Phi Beta Sorority, Inc.) or credit cards and the form of payment should be noted on the receipt. At the end of the sale the remaining inventory must be counted again. The checks, cash and credit cards sales should be counted and validated against the receipt book. The cash should be converted for sending to National Headquarters. Send all checks and a detailed report to: Zeta Phi Beta Sorority, Inc. 1734 New Hampshire Ave. NW Washington, DC 20009 Attn: Johnetta Diggs Re: Centennial 2020 **Please note: Any checks made payable to any person/entity other than Zeta Phi Beta Sorority, Inc. will not be processed and returned to the sender. 6

At the same time of mailing to Headquarters an email should be sent to the following of what is being sent: Headquarters staff, currently Johnetta Diggs PIGB Tearte National Tamias Centennialexchange@zphib2020.c0m Centennial Commission Finance Director A second email with details of the sale and remaining inventory should be sent to the following: PIGB Tearte National Tamias Centennialexchange@zphib2020.c0m Centennial Commission Finance Director If inventory remains a decision will be made after the sale of what to do with the inventory. DIRECTIVES 1. Use of Centennial Funds Date Recommended: April 16, 2015 Recommender: Commission Chair, Jylla Moore Tearte Funds collected for the Centennial are to be used specifically for the purposes designated by the approved Centennial Budget. The majority of the funds raised have been generated as a result of specific funding designated by donations. These funds are not to be intermingled with the operational accounts of the Sorority and its programming. These funds are set aside in a money market account with a separate account number to ensure the funds are kept separate from other Sorority Funds. Access to this account requires the permission of the Grand Basileus and the Centennial Commission Chair. The Budget will need to be approved by the 2016 Boule in session and changes to the Budget will need to be documented for ratification by future Boules if made prior to 2020 The National Executive Board is empowered to dispense or change the allocation of funds greater than $50,000, cumulative, only with the approval of the Boule. 7

Zeta Phi Beta Sorority, Inc. Centennial Commission Expense Voucher National Headquarters 1734 New Hampshire Ave., N.W. Page of Washington, DC 20009 (202) 387-3103 1(800)-368-5772 Name (First, Last): Business Purpose: Title: Street Address: City, State, Zip: Telephone #: DATE DESCRIPTION AMOUNT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 1. Total Amount To Be Approved $ - I certify that I have incurred the expenses in connection with official 2. Total Advanced $ - Centennial Commission related business. 3. Subtract ( 1-2) $ - Signature: (+) Amount Due / (-) Owed to Sorority Classification of Expenditures (For Headquarters Use Only) Sub Account Amount Approved: Reviewed: (Grand Basileus / Chair of Executive Board) (Tamias / Centennial Chairperson / Executive Director)