Chapter Starter Kit:
Finances
Introduction
Everybody needs money, right? If you’re not interested in spending your own buck in making things happen, this section will offer you a few ideas for how to attain other funds. Some SEDS chapters have substantial annual budgets, which allow them to own their own computer(s) , video and book libraries, publications, telescopes, or even to pay travel expenses for members going to conferences. This is the result of careful planning, budgeting, fundraising, and bookkeeping.
Campus Support
Campus organizations can provide funding or equipment donations for your SEDS chapter. Most campuses have a student union or student government, residence hall associations, Dean of Students or Student Activities, or staff members hired by the university to coordinate student activities. They will usually want a detailed item-by-item budget, with the number of students you plan to involve. Sometimes, campus organizations have travel or special events grants that may be used by your chapter. Thank you letters will encourage future donations of money, equipment or time.
Membership Fees
Your chapter may want to consider charging a modest (3 to 5 dollars) membership fee. This can be much needed source of funding for new chapters and can provide a stable income source for future endeavors. Disadvantages are that it may scare off potential members; of course, people may take it more seriously if they have a financial commitment, however small.
Merchandising
Your chapter can sell neat looking posters, you can get a local artist (or better yet, get an art student in your chapter) to design a poster and sell them for whatever your bookstore sells posters for. You can also sell t-shirts based on the same idea, even the same artwork. Pencils and key chains are cheap, but sell only moderately well. You can probably also contact space film producers for rights to sell space documentaries on videocassette.
Soliciting Donations
Your chapter can send letters soliciting donations to alumni of your school or (once it gets going) your chapter. You can also ask the various space-related departments of your college or university (e.g. engineering, astronomy, physics, math, etc.). There exist several space grant consortiums that fund space organizations like a SEDS chapter. You can also send letters to corporations in your area (especially space-oriented). You will be surprised what local businesses will donate. Send letters of thanks immediately after you receive donations.
Event Fundraisers
Many of the events that your chapter puts on can charge a nominal entry fee. The higher level the event, the higher the fee it will command. It is good to make a lot of your chapter’s events be free, but people tend to think higher of events which have an entry fee. A good range is from about $1, for movie (documentary showings) to $5 for speakers and forums or debates by officials. Members get in free, of course; this gives an added incentive to join your chapter.
Bookkeeping
It is very important that your chapter keeps records of your finances. This can lead to further funding and confidence in the chapter. Some of the organizations that will support your chapter may require rigorous financial records anyway. Important points to be included are:
- Monies raised or solicited
- Equipment inventoried or owned,
- Status of the chapter’s treasury,
- Income reflects your expenses.
Bank Accounts
It is suggested that your chapter sets up a bank account soon after it is chartered. In some universities, this is required. It is generally a good idea to get a savings account so that the chapter can earn extra money while it sits in storage. At some universities, bank accounts can be set up through the student government or student affairs office. This also helps with bookkeeping, as banks will send you regular statements. Many bank accounts can be held online, thanks to innovations such as Pay Pal and online banking. This will exponentially decrease the amount of work that goes into bookkeeping.
