By Jamye Sagan, IDL SIG Treasurer
How much money do we have?
As of March 25, 2022, we have $1,937.92 in our account: $1,645.00 from community funding and $292.92 in our vested funds.
What expenses have we incurred so far?
So far this year, we have not incurred any expenses. In the next couple of months, we anticipate some expenses for the upcoming STC Summit in May. These expenses include shipping our IDL SIG banner to the conference hotel for our Communities Reception table and purchasing reception swag and door prizes for the table. In 2020 and 2021, we did not incur any Summit expenses because Summit was held virtually.
What is the difference between chapter funds and SIG funds?
Chapters handle their funds directly, while the STC office handles SIG funds. Both chapters and SIGs must submit an annual budget later in the year.
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 issues a physical check or processes the payment via bank wire transfer. SIGs do not need to file tax forms since STC handles their funds.
Where do we get our funds?
Our primary sources of income are:
- Community funding: 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 certain dollar amount per member. Since these funds do not carry over from year to year, we must use them or forfeit them.
- Vested funds: funds we have earned through the years. 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.
We’d like to hear from you!
If you have any questions about SIG finances, please email me at firstname.lastname@example.org.