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Let's face it, financial management of a large organization made up of 18-22 year olds is a neverending nightmare. The only way it can be done well is if every officer understands that money drives everything. No money, no parties, no Recruitment, no anything.
Each year at officer transitition I bluntly explain how this works to each new officer. If money doesn't come in, no money goes out. They each have a budget and if anyone exceeds theirs, it comes out of the Social Budget.
You have got to be on top of collections. I highly recommend using an outside accountant or billing agency if you can afford it. Often the increase in collections can offset their fees. They are professionals and know how to deal with irate members and/or parents. (I'm always shocked at how ugly a deliquent member's parent can be over the phone talking to our young Treasurer. It's appalling!) They also usually have contracts with a collection agency. Sometimes the threat of turning the bill over and hurting their credit will shake the cash out of them.
You have to be willing to make hard and unpopular decisions if you don't collect. This might mean cancelling parties. It might mean cancelling memberships and even eviction. It also means not allowing the delequent member to attend parties, vote in elections or membership selection, have a little sister, or eat at the house. Usually it takes an extreme statement for folks to realize that you're serious.
It takes a team effort of all the officers lead by the Treasurer. Again let's be honest, this job is lousy. I try to encourage Accounting, Finance, or some other Business-type major to run for it. I use the sales pitch that it is a fabulous resume builder. Actually this is true for any major. Not only the accounting aspect, but also you have to possess time management skills, people management skills (both keeping officers on budget and dealing with members), negotiation skills, handling pressure and difficult situations. The list goes on and on.
Another thing, some chapters are able to offer the Treasurer a break in rent, but we aren't. We do however provide a parking space at the house (which is highly coveted), the largest room in the house with a small attached office and a computer. (FYI - while the President has a smaller room, it's the only single in the house.)
One other thing, while not set in stone we strongly encourage and expect the Asst Treasurer to run for Treasurer the next year. This way they have an idea of what the job entails and aren't completely overwhelmed when they take over the office. As the year goes by the Treasurer trains the Asst and gives her more and more responsibility. It's been very beneficial.
Hope some of this helps.
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