The Finance Committee is an elected committee responsible for supervision of the Society's financial affairs.

Committee members prepare the budget, present to the Administrative Board for review, present to the Executive Board for adoption, establish guidelines for the corporate secretary regarding investment of all funds and provide for an annual audit by an external certified public accountant. 

 

Goals for 2016-2018 will be forthcoming

  1. Impart information about DKG finances to all members.
  2. Prepare the 2018 - 2020 Available Fund Budget and recommend adjustments for the 2017 - 2018 budget.
  3. Review Available Fund income and expenditures quarterly.
  4. Review the annual audit of Society funds.
  5. Review and make recommendations to the Constitution Committee for changes in the DKG Constitution and International Standing Rules.

Carolyn Pittman
2016-2018 International President

Phyllis Hickey
Operation Services Administrator, ex officio, without vote

Deadlines

  • January 15    ​          
    Form 18 and 18-A reports along with payment to Society Headquarters from state organization treasurer
  • July 15
    Chapter Treasurer Annual Report - Form 15
  • September 1
    State Organization Treasurer Annual Report - Form 16
  • October 31
    Annual dues and fees paid by members to chapter treasurer
  • November 10
    Form 18 and 18-A reports along with payment of dues to state organization treasurer from chapter treasurer
  • November 15
    IRS Form 990 (U.S. only) 

FAQs

  • What is a Finance Ambassador? 
    A DKG Finance Ambassador is a promoter of Society finances who actively works to expand members’ knowledge of Society finances, builds leadership of members in the area of Society finances and promotes pride among members in what their dues and contributions accomplish. 
  • I’ve heard that PowerPoint presentations are available to show to my chapter. Where can I access them? 
    Short PowerPoint presentations have been prepared by the International Finance Committee and include scripted notes. They are available below
  • What is the Available Fund? 
    The operating expenses of the Society at all levels are paid from the Available Fund in accordance with the budget adopted for a given fiscal year. The income from dues and initiation fees is channeled into this fund, except for what is allocated to the Permanent Fund. At each level of the Society the budget is based upon the anticipated revenue for the Available Fund including dues and fees income, interest income, and undesignated contributions. At the International Level, this fund operates on a two-year budget adopted by the International Executive Board. 
  • What is the Permanent Fund?
    The international organization and each state organization maintain a Permanent Fund. The Society sets aside for its Permanent Fund one fourth of its initiation fees and annual dues until the total of the current assets in its Permanent Fund is not less than 30 percent of its Available Fund annual gross income, at which time the Executive Board may reduce or discontinue further allocations. Each state organization should follow this same formula for maintaining its Permanent Fund. Interest income from the International Permanent Fund is allocated to the International Available Fund. Each state organization Executive Board may decide the allocation of interest from the state organization Permanent Fund. The ratio and allocation should be studied every year. The principal of the Permanent Fund can be used for the purchase of initiation paraphernalia and items of a permanent nature, for rent of office space or for the erection and furnishing of a headquarters building. 
  • What kind of financial reports are the responsibility of the state organization? 
    a. A detailed financial report should be presented by the state organization treasurer at every state organization meeting.
    b. Your finance committee chair should present a budget for approval by the state organization.
    c. In the U.S., each state organization treasurer is responsible for the filing of the IRS Form 990 and verification of filing that must be sent each year to the operation services administrator at 
    phyllish@dkg.org 
    d. After developing a process that best fits the state organization, a report of all IRS Form 990 filings should be presented at the state organization meeting.
    e. The Finance Chair must complete Form 39 State Organization Committee Report for the International Finance Committee by Feb. 1 of the even year during the biennium.
    f. The state organization treasurer must complete Form 16 annually and send it to the operation services administrator at 
    phyllish@dkg.org by September 1.
    g. The end of year financial report should be presented to each state organization and a copy should be sent to the operation services administrator at 
    phyllish@dkg.org  
    h. The report of the financial review/audit should be presented to the state organization and a copy sent to the Operation Services Administrator at 
    phyllish@dkg.org 
    i. Form 20 must accompany all Form 18s when dues and fees are sent to Society Headquarters by Jan. 15. An electronic form is available on the Society website under Forms  > Treasurer.
    j. If the state organization hires employees or independent contractors, the appropriate W-2 or 1099 must be completed by the state organization treasurer or accountant by Jan. 31 of each year. 
  • How can I make a tax deductible contribution to DKG? 
    Contributions or gifts should be reported on a Form 43 using a member’s credit card or check. Individuals may also contribute online using a credit card. Contributions made to the eight funds included in the DKG Supporting Corporation are tax deductible in the U.S. and some other countries. The corporation is a 501(c) (3) under federal law. The eight funds are: Educators Award Fund, Emergency Fund, Eunah Temple Holden Fund, Golden Gift Fund, International Speakers Fund, Loretta Halek Memorial Fund, Scholarship Fund, and World Fellowship Fund. Gifts may also be sent to the Delta Kappa Gamma Educational Foundation. The Educational Foundation is also a 501(c) (3) federal income tax-exempt corporation and contributions are tax deductible in the U.S. Check with your state organization to see if they have a separate 501(c) (3) entity for some of their funds. The Available Fund and the Permanent Fund have not been designated as a 501 (c) (3) by the U.S. Internal Revenue Services. Donations are not tax deductible.
  • How can I find out the responsibilities of a chapter treasurer?
    The Society governing documents, Constitution and International Standing Rules , state organization bylaws, and chapter rules contain the policies and procedures to be followed by chapter treasurers. The state organization treasurer is also a resource to chapter treasurers and most will provide training at least once each biennium. International publishes Guidelines for Chapter Treasurers booklet as a reference for chapter treasurers. It is designed to help chapter treasurers fulfill their duties and understand the Society’s business operations. The guide can be ordered from the DKG Society Supply Store
  • How can I find out about the responsibilities of state organization and chapter finance committees? 
    State organization and chapter finance committees are determined by state organization bylaws and chapter rules. The Society publishes Finance Committee Guidelines to help state organization and chapter finance committees fulfill their duties. The booklet can be ordered from the Society Supply Store .
  • What should treasurers know about bonding insurance? 
    All state organizations must bond their treasurers. Chapter treasurers shall follow appropriate procedures to ensure the safety and proper handling of chapter moneys as established by the chapter finance committee. Even though the International Constitution does not require chapters to bond their treasurers, some do. The Society works with AIM insurance company to provide bonding and other insurances for state organizations and chapters. You can also obtain coverage from a company of your choice. 
  • What records should be kept and for how long? 
    A retention schedule is included in the Finance Committee Guidelines and can also be found below. 
  • From which fund can you apply for funding if you are studying for a doctorate degree or advanced graduate study? 
    Apply to the International Scholarship Fund. Scholarships are available only for DKG members. See the scholarship committee page for more specific information. 
  • Can World Fellowship recipients also come from any of our member countries? 
    The World Fellowship Fund shall be used to grant fellowships to non-member women educators who are not citizens or permanent residents of the United States of America or Canada. (DKG Constitution, Section F.10) 
  • Who votes to set the amount for international dues? 
    International dues are an amount recommended by the International Executive Board and approved by the International Convention. (ISR 4.12)
  • Where do I find a calendar for what needs to be done by the chapter treasurer? 
    A calendar can be found under Resources > Chapter Resources. Click on the Calendar for Chapter Leaders. A Google Calendar is shown with a downloadable/printable version linked below. Chapter treasurers’ responsibilities are printed in green.