Prior Beaton intends to include a monthly Treasurer’s Report for the Priory in his newsletter distributed on the third Thursday of each month.
Have you ever wondered what is covered in the Priory Treasurer’s Report? The following is a review of the financial information that is tracked.
It begins with the bank account balance from the last report.
Next, any income received is added. Some of the categories of income that may be listed are such things as C&I registrations; membership application fees; funds to cover award, promotion, or other items ordered from the GPUSA Armory; scholarship fund donations; a Mite collection; any designated gifts; oblation payments made directly to the Priory; an oblation payment deposit from GPUSA ($25 per member who pays their annual oblations to GPUSA); or similar items that provide money to the Priory.
The next section itemizes any expenses for the Priory. These include such things as payments to GPUSA for Armory items, new member investiture fees and accoutrements, or oblations for members who paid directly to the Priory; C&I expense payments to the venue(s); scholarship invoices; any administration fees charged by the bank for receiving Zelle payments (1%) or by Square for using their credit card processing services ($0.35 + 2.9% per transaction); and any other similar expenses.
The final bank account balance on the day of the report reflects the addition of the listed income to, and the subtraction of the listed expenses from, the previous balance.
All remaining funds in the account are considered discretionary funds.
The April Treasurer’s Report will be posted in the 2nd newsletter each month.