Financial Updates and Best Practices for Chapters
Overview
The Society recently finished its new fiscal year. HQ did a fantastic job this year bringing in revenue and controlling expenses. Barring any unforeseen circumstances, we will finish the year in the black with some reserves to put towards existing content, programming, and new initiatives. Amplify A|E|C and AEC.AI exceeded expectations in 2025.
New Fiscal Year for Chapters and Extended Board Terms
HQ transitioned to a calendar fiscal year for 2025, and chapters are transitioning in 2026. To make sure we are all on the same page, the structure is the following:
- Chapter boards starting September 1, 2025, will serve until December 31, 2026.
- There will be a short fiscal year from September 1, 2025, to December 31, 2025.
- Then chapters will be on a calendar fiscal year, January 1, 2026, to December 31, 2026, and stay on the calendar fiscal year going forward.
Treasurers, keep an eye out for information about closing out your short fiscal year of Sep-Dec 2025. The following forms are due:
- 990 Form – Due January 15
- 1099s Forms – Due January 31
Kai Wright, associate director of volunteers relations at SMPS HQ, will host a treasurers meet-up in February. Date TBD.
Has your Chapter Finance Committee met?
The chapter Finance Committee is one of the best practices for oversight of the chapter’s finances. There have been numerous chapters over the years that have dealt with theft and embezzlement.
The size of your chapter and its financial health will determine who should be on the committee and how often to meet. The Finance Committee should consist of the treasurer, president or president-elect, and another member. When I was a chapter treasurer, I liked to include the previous treasurer as the outside set of eyes. If your chapter by-laws designate the members of the committee, you should follow the by-laws.
A smaller, less active chapter can probably meet twice a year. Larger, more active chapters should consider meeting at least quarterly, if not every other month.
In your Finance Committee meetings, you should review the Income Statement (P & L statement), bank statements, and program/education reports to compare expected income/expenses to actual income/expenses.
SMPS Foundation for Treasurers
As you finalize your annual budget, consider how your chapter is giving back to the industry. Budgets aren’t just numbers—they reflect your priorities and the impact you want to make.
The SMPS Foundation is one of the easiest ways to show that commitment. By including the Foundation as a line item in your budget, your chapter helps advance research, education, and industry-wide impact while also bringing value back to your members.
Here’s what your support makes possible:
- Emerging Trends Programming– High-quality, timely content for your members
- Scholarships & Internships– Through our partnership with ACE Mentor, you’re investing in the next generation of AEC leaders
- Chapter-Level Programming and its value:
- Webinar programming ($500 value)
- Senior leader in-person roundtable ($1,500 value)
- Main stage/panel programming at joint industry events (pricing varies)
- Scholarships through the ACE Mentor network, with built-in engagement opportunities for your chapter
Action Step: When you submit your final budget, please include a dedicated line item for the SMPS Foundation. Even a modest contribution amplifies our collective ability to give back, strengthen the profession, and elevate your chapter’s programming. Together, we can make a greater impact!
Best Practices for a SMPS Chapter Treasurer
There are several key best practices that promote fiscal responsibility and transparency that chapters should follow:
Core Financial Responsibilities:
- Maintain Accurate, Timely Records – Use re:Member (BillHighway), reconcile monthly, and retain documentation
- Prepare Regular Financial Reports – Share monthly/quarterly P&L, balance sheet, and budget vs. actual comparisons with your Board of Directors
- Develop and Monitor the Budget – Collaborate with board and committees, monitor spending, and recommend changes
Governance and Oversight:
- Ensure Internal Controls – Implement dual signatories, clear reimbursement policies, and avoid commingling funds
- Stay in Compliance – File IRS 990 forms, renew state registrations, and protect non-profit status
Strategic Role and Communication:
- Educate and Advise the Board – Explain financials to non-financial board members and flag concerns.
- Ensure Transparency – Grant board access to financials and present updates at member meetings.
Chapter-Specific Functions:
- Track Event and Program Finances – Forecast and track event budgets and break-evens
- Coordinate with HQ – Submit reports and align with national policies
Operational Best Practices:
- Maintain Financial Continuity – Document procedures and train successors; use chapter-specific accounts
- Leverage Technology – Use tools like Google Drive, Expensify, or Bill.com to streamline operations
See you next time for Money Matters!
Adam Kilbourne, FSMPS, CPSM
SMPS Secretary/Treasurer
akilbourne@tecinceng.com
