{"id":50991,"date":"2025-02-26T17:56:43","date_gmt":"2025-02-26T17:56:43","guid":{"rendered":"https:\/\/smps.org\/?p=50991"},"modified":"2025-02-27T18:32:45","modified_gmt":"2025-02-27T18:32:45","slug":"money-matters-financial-updates-and-best-practices-for-chapters","status":"publish","type":"post","link":"https:\/\/smps.org\/2025\/02\/26\/money-matters-financial-updates-and-best-practices-for-chapters\/","title":{"rendered":"Money Matters: Financial Updates and Best Practices for Chapters"},"content":{"rendered":"\t\t
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Overview<\/strong><\/p>

As treasurer of the Society, I would like to share some of the exciting things SMPS is doing this year related to Society and chapter finance, as well as offer some best practices.<\/p>

First, late in 2024 the SMPS board of directors activated this fiscal year\u2019s Finance Committee with the purpose to assist the Society board in fulfilling its oversight responsibilities for financial planning, financial reporting, budgeting, and risk management. The committee ensures the Society\u2019s financial health and long-term sustainability, consistent with the organization\u2019s mission, vision, and legal responsibilities.<\/p>

The committee includes Dr. Paula Raymond Stamp, MBA, FSMPS, CPSM (president), Ben Sawa, FSMPS, CPSM, PMP (president-elect), and Adam Kilbourne, FSMPS, CPSM (treasurer), along with Marci Thompson, DES (chief executive officer of SMPS and the SMPS Foundation), and Antonio Payne, CPA, CDE (chief financial officer and chief diversity officer of SMPS). The committee is meeting at least quarterly in between its regular board meetings.<\/p>

September through December 2024 was a short fiscal year put in place as part of the first phase of the SMPS fiscal-year transition to a January through December fiscal year. Through the work of SMPS HQ with the guidance of the SMPS board, the short fiscal year finished in the black with about 2% surplus. The SMPS HQ staff have put together a realistic budget with slightly conservative goals to help stay on track for the 2025 fiscal year.<\/p>

Chapter Health<\/strong><\/p>

Chapter health is evaluated through the Healthy Chapter Checklists. SMPS HQ analyzes education and financial reports to generate an internal scorecard, which results in a Chapter Health Score updated throughout the year. This score reflects key indicators, such as the submission of financial and educational reports, profitability, chapter growth (membership), financial reserves, and the coverage of the six Domains of Practice for Professional Services Marketing.<\/p>

To find out your chapter\u2019s health, contact Kai Wright, associate director, volunteer relations, \u00a0at kai@smps.org<\/a>.<\/p>

Financial Best Practices<\/strong><\/p>

There are several key best practices that promote fiscal responsibility and transparency that chapters should follow:<\/p>