ISA Division Financial Management Guide
1. Financial Management
a. Division Funds - Although Divisions have the responsibility for developing and monitoring income and expenses in their annual budget, the individual accounts are maintained by staff at the International Headquarters in Research Triangle Park, NC. All Division income will be credited by ISA staff to appropriate Division accounts, and charges against each account will be made in accordance with authorization by the Division Director or his designee.
Divisions must immediately notify ISA staff about any transaction involving the receipt and/or expenditure of funds. Every effort should be made to have approved supplier invoices forwarded to ISA promptly for payment. In no event should Division officers or volunteers keep possession of Division funds. A Division's failure to comply with these procedures can jeopardize ISA's tax-exempt status, since all funds must be included in the Society's tax reports to local and federal authorities.
b. Fiscal Period - The fiscal period of the Division shall be the same as the Society's, from January 1 to December 31.
c. Division Budgets - Each Division Director will work with staff to develop annual business plans for the upcoming year. These plans must be finalized by May 1. Staff will then draft a budget for the Division director's approval. Final budgets must be at Headquarters by June 31.
d. Financial Statements- ISA staff will issue a quarterly financial statement for each Division. Financial statements will be issued for periods ending: March 31, June 30, September 30, and December 31.
e. Division Reserves - Division reserves should be adequate, but not excessive. As a general guideline, a reserve fund approximating the Division's annual budget should be adequate. If a substantial reserve exists, Divisions will have to give reasons for such a reserve.
f. Tax and Information Returns - ISA is exempt from federal income tax as a 501(C3), Educational and Scientific Organization. As such, ISA is required to file an annual information form that includes the consolidated transactions of all Divisions at the close of each fiscal year. It is imperative that all Division income and expenses be promptly reported to ISA so that this information is included in ISA's consolidated return.
g. Insurance - The Society provides liability and property damage insurance coverage for Divisions conducting business according to ISA policy. This protection includes: Division-sponsored meetings and exhibits; but because circumstances and conditions differ, Divisions are urged to contact the ISA Director, Finance and Administation to determine if coverage of a specific meeting is adequate.
When a Division-sponsored meeting/exhibit requires the services of a subcontractor, Divisions are required to obtain a certificate of insurance indicating that the subcontractor is insured. It is especially important to request a certificate of insurance when engaging shuttle buses and other commercial carriers for any Division event. Subcontractors should be instructed to mail their certificate of insurance to the ISA.
Divisions sponsoring exhibits must notify exhibitors to hold ISA harmless from any liability, to insure their display materials and insure for injury to persons and property of others
h. Dissolution - In the event of dissolution of a Division, any funds remaining in the Division reserve fund, after satisfaction of all outstanding debts, shall be transferred to the Society's general fund.
i. Officer Expense - Division Directors may use Division funds to support their travel to the President's Meetings. No more than $1000 for any one trip however, nor more than $2000 in any one budget year.
2. Membership Dues and Society Subsidy
a. Division Membership - Membership in any ISA Division includes an annual dues payment of $5.00. All Divisions shall be governed by the following dues collection procedures:
b. ISA Subsidy for New Divisions - The ISA Executive Board may provide a financial subsidy to assist Divisions in attaining their objectives by extending support as follows:
3. TECH/EXPO Programming Honorarium Plan
Honoraria will normally be voted on by the Executive Board and transferred into the budget of the programming Division immediately following the presentation of the program:
The maximum honorarium award to each Division is $4,000. Divisions can earn programming honoraria by participating on Committees, developing Plenary Sessions and Technical Sessions or by organizing an issue/solution-based demonstration in the Technology Center, or by serving as paper reviewers.
4. Publications Coupon Plan For Divisions
The Publications Coupon Plan is a membership service that enables Division members to purchase publications at a discount. Essentially, when joining a Division(s), a Publications Coupon is attached to the ISA membership card and can be redeemed at face value. The Publications Coupon plan is available on an optional basis to Divisions to help broaden the base of services to their members. The Publications Coupon Plan shall be initiated by authorization of Division Directors to ISA and shall be operated as follows:
5. Division Awards
a. Recognition - Divisions may establish awards to recognize achievements by Division members or other individuals in areas related to the scope of the Division, in accordance with the following procedures: Standing Awards Committee - The Division, having 100 or more members, must establish a Standing Awards Committee, normally chaired by the Past Director. The committee shall meet the following requirements:
b. Specifications for Award - The Division Awards Committee introduces a new award based on the following specifications:
6. Financial Policy for ISA TECH/Symposium Management with Divison Participation
a. Symposium Scheduling and Financial Responsibility - The total responsibility for financing and scheduling a symposium lies with the sponsor(s) who will assume or share the surplus or deficit resulting from the symposium activity. Other participants shall be budgeted honoraria by the sponsors in accordance with a prior agreement, subject to pro rata reduction, in the event of a final deficit. In no case shall "other" participants be required to share a deficit.
b. Headquarters Support - ISA staff support is available to assist in scheduling, laying out publicity programs, collecting papers, or making hotel arrangements without charge to the symposium budget. Direct, non-salary costs incurred to support the symposium for items such as travel, printing, and supplies (badges, labels) will be charged to the symposium budget.
c. Sponsorship - Sponsorship of a symposium may be undertaken by organizational units of the Society. When multiple sponsorship is undertaken, the sponsors shall prepare a written agreement setting forth in specific detail the administration and fiscal authorities and responsibilities of the sponsors, the degree to which each will share in any surplus or deficit, and the arrangements made to furnish honoraria to the other participants. This agreement shall be signed by the administrative head of each sponsoring unit and shall be submitted to ISA and the responsible vice president(s) for review at the same time as the budget request is submitted. ISA staff shall review the agreement and recommend approval, disapproval, or modification of the agreement. The agreement shall be submitted by the responsible vice president(s) to the Executive Board for action.
d. Budget Preparation - Where a Division is involved in sponsorship, the sponsor(s) shall prepare the budget and submit it to the responsible Department Vice President and ISA staff for review at least one year prior to the symposium scheduled date. In those cases where financial responsibility is shared, including any surplus or deficit, all sponsoring parties must approve the budget and have agreement on the method for approval of payment of expenses. Note: The District Vice President is responsible for the Section sponsor(s) and the Department Vice President is responsible for the Division sponsor(s). In case of joint sponsorship, all involved vice presidents must review and approve the budget.
e. Budget Approval - The budget shall be presented by the responsible Department(s) and/or District(s) Vice President to the Executive Board for approval. Any subsequent revisions of the budget shall be subject to the same review procedure and Executive Board approval as the original budget. When a section(s) is the only sponsor, the budget is presented to the Executive Board for information only.
f. Symposium Funding - When requested, the Society shall provide the initial funds for operation of the symposium committee after budget approval. This money must be a budget item and must be repaid before calculation of surplus or deficit.
g. Final Accounting - At the conclusion of the symposium and after all bills are paid, a final report is to be made to the Executive Board by the responsible vice president(s). The report must include a copy of the approved budget with an additional column showing the actual receipts, expenditure, and distributions. The Host Committee shall prepare and send a list of the conference registrants and exhibitors to each sponsor, participants, and ISA staff.
Related FilesDivision Leaders Report Form (Microsoft Word Document)
Event Location and Date (Microsoft Word Document)
Division Special Events Info (Microsoft Word Document)
Business Plan Worksheet (Microsoft Word Document)
Student Games Flyer (Adobe PDF File)
Division Annual Report (Microsoft Word Document)
Events Policy (Adobe PDF File)
Web Hosting Agreement (Adobe PDF File)
B3-7 instructions (Adobe PDF File)
B3-7 form (Adobe PDF File)
Special Event (Adobe PDF File)
Event Location (Adobe PDF File)
Planning Worksheet (Adobe PDF File)