​Each year local chapters must plan for the income and expenses so the president works with the Board of Directors to establish a budget. Each board member submits their estimates to the president who works with the treasurer to combine the inputs into a budget for the year. Then, the president reviews these inputs with the board for approval and inclusion in the Operating Plan. ​​The chapter treasurer reports on budget status at each monthly board meeting. At the end of each year, the chapter treasurer will submit a complete annual financial report to INCOSE headquarters (the INCOSE Operations PM will send the chapter president and treasurer the spreadsheet template to complete). Each year an annual audit is also required. The chapter president assigns a lead to conduct the audit who is not the treasurer or member of the board. The Audit Lead conducts the audit and completes a report that is presented to membership in the spring of each year.

Example of End of Year Chapter Annual Financial Report Submitted to INCOSE International:


Category and SubcategoriesIncome/ ExpenseDescriptionIDResponsible Board MemberExpense
AwardsExpenseScience Fair 121Outreach  
AwardsExpenseScience Fair 222Outreach  
AwardsExpensePast President Pin19Past President  
AwardsExpenseVolunteer Awards (for Chapter, Board Service)20President  
BooksExpenseBooks for Chapter Meeting Raffle24Programs  
Capital Expenditures (7 year amortization)ExpenseCapital Expenses Treasurer  
Donation ExpenseExpenseINCOSE Foundation Contribution26President  
Donation ExpenseExpenseEngineering Society of  Employee Holiday Awards29Treasurer  
Donation ExpenseExpenseDonation to Professional Society 130Treasurer  
Donation IncomeIncomeCorporate Advertising Donation Support (Web Site, Newsletters, etc.)2President  
Donation IncomeIncomeIndividual Donations3President  
Donation IncomeIncomeSub-committee Carry-Over from 2015 Budget Sub-Committee  
Donation IncomeIncomeSub-committee Corporate Donations (Small & Large)  Sub-Committee  
Dues ExpenseExpenseEngineering Society of Baltimore Past President  
Dues IncomeIncomeINCOSE Dues Shares1Membership  
Event Expense/ExpenseSpecial Event 2 Dinner Meals39Programs  
Event Expense/ Awards Dinner-DecemberExpenseSpecial Event 1 Dinner Meals34Programs  
Event Expense/ Awards Dinner-DecemberExpenseHoliday Dinner Gift Baskets & Supplies36Programs  
Event Expense/ Awards Dinner-DecemberExpenseEvent 1  Photographs (Professional Photographer)37Programs  
Event Expense/ Special Event 2ExpenseEvent 2  Photographs (Professional Photographer)38Programs  
Event Expense/ TrainingExpenseTutorial-Workshop Meals32Programs  
Event Expense/ TrainingExpenseTutorial-Workshop 33Programs  
Event Income / Awards Dinner Silent AuctionIncomeSpecial STEM Event Programs  
Event Income / TrainingIncomeTraining Session Programs  
Event Income/ Awards DinnerIncomeAwards Celebration Dinner Tickets11Programs  
Event Income/ Special Event 1IncomeSpecial Event 1 Dinner12Programs  
Event Income/Sub-CommitteeIncomeSub-Committee Ticket Sales Sub-Committee  
FeesExpenseSpecial Event 1 PayPal Fees41Programs  
FeesExpenseAward Celebration  PayPal Fees42Programs  
FeesExpenseTutorial, Workshop PayPal Fees43Programs  
FeesExpensePay Pal Use Fees40Treasurer  
Interest IncomeIncomeInterest Income13Treasurer  
Meeting ExpenseExpenseStudent Dinners Membership  
Meeting ExpensesExpenseDinners for Chapter Meetings46Programs  
Meeting IncomeIncomeDinner Meetings14Programs  
Meeting IncomeIncomeSub-Committee Lunches @ Meetings Sub-Committee  
Merchandise ExpenseExpenseCoffee Mugs Programs  
Merchandise IncomeIncomeChallenge Coins16Programs  
Merchandise IncomeIncomeCoffee Mugs15Programs  
Miscellaneous, BusExpenseDiscretionary -Funds Communications  
Miscellaneous, BusExpenseDiscretionary Funds (Membership Drives, etc..) Membership  
Miscellaneous, BusExpenseDiscretionary Funds President  
Miscellaneous, BusExpenseDiscretionary Funds50President-Elect  
Miscellaneous, BusExpenseDiscretionary Funds Programs  
Miscellaneous, BusExpenseDiscretionary Funds Secretary  
Miscellaneous, BusExpenseDiscretionary Funds51Treasurer  
Postage and DeliveryExpensePostage55Communications  
Postage and DeliveryExpenseSpecial Event 1 Invitations Postage54Programs  
Postage and DeliveryExpensePostage53Secretary  
Postage and DeliveryExpensePO Box Rental63Secretary  
Postage and DeliveryExpensePostage and Delivery52Treasurer  
Printing and ReproductionExpenseTrifold (Printing Costs)58Communications  
Printing and ReproductionExpensePrinting & Supplies for Tutorials, Workshop56Programs  
Printing and ReproductionExpenseSub-committee expenses (posters, etc)57Sub-Committee  
Printing and ReproductionExpenseBusiness Cards Sub-Committee  
Printing and ReproductionExpenseSub-Committee Signage Sub-Committee  
Printing and ReproductionExpenseSub-Committee Name Tags Sub-Committee  
Publicity ExpenseExpenseAdvertising, Publicity59Membership  
Publicity ExpenseExpenseLocal Regional Conference Sponsorship/Table62Membership  
RepairsExpenseHourly Web Site Maintenance and Repair Communications  
SIG MeetingsExpenseSub-Committee INCOSE CC Lunch Meeting Meals64Sub-Committee  
SIG MeetingsExpenseSub-Committee Intern/Speaker Event65Sub-Committee  
SIG MeetingsExpenseSub-Committee Outreach Activity Sub-Committee  
SIG MeetingsExpenseSub-Committee-STEM 1 Outreach66Sub-Committee  
SIG MeetingsExpenseSub-Committee STEM 2 Outreach Activities Sub-Committee  
Sponsor DonationsIncomeSpecial Event 1 Program Sponsor Programs  
Sponsor DonationsIncomeSpecial Event 1 Appetizer Sponsor Programs  
Sponsor DonationsIncomeSpecial Event 1 Name Tag Sponsor Programs  
Sponsor DonationsIncomeSpecial Event 1 Cocktail Hour Sponsor Programs  
Sponsor DonationsIncomeAwards Celebration Program Sponsor Programs  
Sponsor DonationsIncomeAwards Celebration Appetizer Sponsor Programs  
Sponsor DonationsIncomeAwards Celebration Name Tag Sponsor Programs  
Sponsor DonationsIncomeAwards Celebration Cocktail Hour Sponsor Programs  
Storage Unit & InsuranceExpenseStorage Unit & Insurance President  
Subscriptions ExpenseExpenseBasecamp Collaboration Software Communications  
Subscriptions ExpenseExpenseEvent Espresso Subscription44Communications  
Subscriptions ExpenseExpenseConstant Contact Subscription60Communications  
Subscriptions ExpenseExpenseSoftware Upgrades to Current Levels Communications  
Subscriptions ExpenseExpenseDomain Name Registration Fee 67Communications  
Subscriptions ExpenseExpenseWebsite Hosting68Communications  
Subscriptions ExpenseExpenseChapter File Storage (Google)69Communications  
Subscriptions ExpenseExpenseWebsite Maintenance70Communications  
SuppliesExpenseMailing Tubes & Address Labels79Communications  
SuppliesExpenseBusiness Cards Corporate Relations  
SuppliesExpenseSpecial Event 1 Invitations, favors, programs and Other Supplies74Programs  
SuppliesExpenseSpecial Event 1 Certificate for Speakers75Programs  
SuppliesExpenseSpecial Event 1 Awards76Programs  
SuppliesExpenseSpecial Event 1 Name Badges, Name Tents77Programs  
SuppliesExpenseTable Cover for Meetings and Events Secretary  

Example of Chapter Audit Report (this should be performed annually):


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