By Edel Pace, IDL SIG Treasurer
How much money do we have?
As of September 1, we have $616.25 pending in our account – $93.11 from community funding and $523.14 in our vested funds. On December 15, all requests for reimbursements must be submitted for the IDL SIG 2023 budget year.
What expenses have we incurred so far?
So far this year, we have incurred expenses for the following budgeted items:
- Payout for a three-part instructional design workshop presented by Jennifer Goode
- Leadership reimbursements for the 2023 Summit
- Our Zoom subscription
- Various incentives for prizes and giveaways
What budget item did we drop for 2023?
We decided to let our subscription to Survey Monkey lapse because the cost was prohibitive. Moving forward, we will use the free version of Google Forms.
What expenses remain?
We will have incentive prizes and simple giveaways for our October Fall FrightFest mini-conference and our November Virtual Open House (VOH). In addition, we anticipate some workshop payouts for the mini-conference.
What is the difference between chapter funds and SIG funds?
Chapters handle their funds directly, while the STC office handles SIG funds. Chapters maintain their own bank accounts and can send money directly to their vendors. Chapters also have to file annual taxes. On the other hand, SIGs send reimbursement request forms and related receipts to the STC office, which then handles the financial request by issuing a physical check or processing the payment via bank wire transfer. SIGs do not need to file tax forms since STC handles their funds. Both chapters and SIGs must submit an annual budget later in the year.
Where do we get our funds?
Our income comes from community funding and vested funds. Community funding is funds we receive from the STC office. Funds are based on SIG membership numbers as of August 31, the end of the membership enrollment year. We receive a specific dollar amount per member. Since these funds do not carry over from year to year, we must use them or forfeit them.
Vested funds are funds we have earned through the years, usually from paid webinar registrations from non-SIG and non-STC members. These funds can carry over year after year.
We constantly review our budget to see where we can save costs and, most importantly, how we can use our funds to best benefit you – our members.