Is your treasurer/main financial officer bonded?

[Kevin]

An undergrad officer called me the other day asking about a provision in The Law of Sigma Nu (our governing document promulgated by our Grand Chapter) which specifies that the treasurer, i.e., the chief financial officer of the chapter is to be "bonded."

It doesn't go into any detail whatsoever -- it doesn't specify the amount of the bond or anything.

I'm assuming this is referring to some sort of a surety bond. I'm assuming that somewhere out there, there's a financial institution which issues surety/performance bonds for fraternity treasurers. Maybe not -- maybe I'm just looking for a performance bond with a certain amount of liability.

Of course I'll contact my HQ about this, but do any of y'all buy bonds on your officers? If so, what sorts of bonds do you buy and who sells them?

[DJMoneyInDaNati]

I just read through the law, and I would say contacting HQ is the best idea.

However, I feel that it means that the Treasurer has to be an acting member of the chapter, not suspended/expelled/inactive etc.

[Fawn Liebowitz]

Kevin, I am bonded (for something different) through my multi-line (car/home/life, etc.) insurance company. Mine is renewable on an annual basis, and isn't very expensive at all.

[Kevin]

Originally Posted by DJMoneyInDaNati

I just read through the law, and I would say contacting HQ is the best idea.

However, I feel that it means that the Treasurer has to be an acting member of the chapter, not suspended/expelled/inactive etc.

Brother, I don't think you're on the money there. I'll contact HQ if I can ever remember to do it before they close (damned EST).

I'm pretty sure it's some sort of surety/performance bond. I'm actually kind of surprised it's not part of the Pursuit of Excellence.

[AGDee]

I was always told that several of our Finance rules (like two signatures on checks) are requirements to be bonded. Therefore, I always assumed that our IHQ takes care of getting those people bonded. I honestly don't know for sure though.