Chapter Summary Report
The Chapter Summary Report, which is updated monthly and compiles information so it can be used for year-end IRS reporting requirements.
This report is available to chapter leaders in Chapter Leadership Administration under Reports/Listings. Reviewing this report, balancing the checkbook and categorizing transactions every month will help to ensure no additional work will be needed at year-end.
Review the Report Monthly
Information on the report comes from activities entered by leaders online. It is the board's responsibility (preferably the financial director's) to carefully review the report every month to make sure numbers seem reasonable and align with the chapter activity level.
Reading the Chapter Summary Report
For further explanation on how the numbers were calculated refer to the quick-reference guide called Explanation of Chapter Summary Report (Link opens in new window) (PDF, 181K).
Year-end Chapter Summary Report
The year-end Chapter Summary Report, which is usually available by mid-February of the following year, is used for the annual audit process. Unlike the monthly Chapter Summary Report, the year-end report includes the beginning and year-end checking account balances and a verification or signature page.
For more information about using the year-end chapter summary report during the annual audit, view Year-End Audit.
IRS Form 990 Booklets
The IRS may send Form 990 booklets or other correspondence to some chapter leaders. If you receive anything from the IRS, please remove the outside cover from the booklet (which contains the chapter leader's address label) and send that page or any other letters to:
625 Fourth Avenue South
Minneapolis, MN 55415-1665
No response is needed on the chapter's part.