Most state networks are funded in one or more of four basic ways:
- Funds are collected through fees charged to attend an event hosted by the state network, such as the annual conference or regional meeting.
- The organization solicits sponsorships or grants from institutions of higher education or other organizations, foundations, or businesses interested in supporting the advancement of women into leadership positions within higher education.
- Institutions of higher education pay dues to join the organization.
- Individual members pay dues to join the organization.
Appropriate provisions may need to be added to the organizational or operational documents to describe the sources of funding. Procedures for determining, soliciting, collecting, accounting for, and managing the funds should be adopted, implemented, and reviewed periodically in accordance with sound business and financial practices. An accountant should be consulted to create the appropriate accounting system for purposes of managing and safeguarding the funds collected.
Once
the organization of the network governing body has been established and
an employer identification number issued, the state chair and/or
treasurer (as authorized in the organizational or operational documents)
should open a bank account to manage the finances of the organization.
We recommend having two individuals authorized to sign checks of a
substantial amount, though double signatures are not necessary.
When the organization has excess funds, financial advice should be obtained to establish appropriate investment policies and strategies.