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A Network of 18,000+ Professionals working in the field of Public Procurement.
As volunteers serve the Institute, the Institute serves the profession, and the profession serves society.
Each year, NIGP recognizes members who have achieved hallmark status in the eyes of their peers.
Fostering stronger relationships between suppliers and our members.
Register early—members get 20% off when enrolling 60+ days before courses start.
Boost efficiency, transparency, and accuracy in proposal management to improve contract outcomes.
Charting Your Course to Success
From foundational knowledge to advanced leadership skills, NIGP offers a wealth of tools and resources to help you navigate your professional journey and achieve your leadership goals.
Your step-by-step guide to a successful career in public procurement.
Get 20% off by registering 60 days prior to the course start date.
All the tools to help you successfully prepare for certification.
NIGP and Sourcewell are dedicated to lifelong learning and professional development for every member.
Start your job search in the field of Public Procurement.
A Network of 18,000+ Professionals working in the field of Public Procurement.
As volunteers serve the Institute, the Institute serves the profession, and the profession serves society.
Each year, NIGP recognizes members who have achieved hallmark status in the eyes of their peers.
Fostering stronger relationships between suppliers and our members.
Keeping accurate financial records is essential for all NIGP chapters. This resource will help chapter officers effectively manage their chapter’s finances to maximize budgets and deliver the most value for chapter members.
Opening a bank account is a critical step for all chapters. Here are the steps to find and manage your chapter’s bank account.
The two primary accounts to consider for your chapter are checking and money market accounts. You should also have a credit card and debit card attached to your account(s) to make it easy for officers to conduct transactions.
You may also want to open a CD to accrue interest. If you do this, make sure you put the CD in the chapter’s name and not in an individual’s name.
Not every bank is best equipped to handle your money. Note that all banks will require an employer identification number (EIN), which can be obtained from the IRS with Form SS-4.
Before opening a new bank account for your chapter, ask the following questions:
Your treasurer may change from year to year, so make sure you select a bank that all of your members will have easy access to, not just your current treasurer.
Before opening an account, make sure you understand the procedure for changing names and signatories on the accounts. Consider having three signatures on the account instead of two to alleviate problems when one signatory is unavailable.
For transparency, it’s not a good idea to have the same person responsible for both check signing and reconciling bank statements. Finally, have a signature policy, such as one signature required for checks less than $500 and two signatures for anything over that amount.
Make sure you monitor your accounts regularly to catch any discrepancies early. Have an annual audit on chapter funds, which can be run by either a third party or chapter members who are not on the finance committee.
The internal financial controls checklist from NIGP can help chapters find weak spots in their financial management process. If your chapter already has a process in place for managing your financials, you can use this checklist to determine its thoroughness.
All chapters should have a system to securely retain financial records. Here is a suggested record retention schedule that NIGP put together for chapters. This ensures access to financial records for future needs.
Adding a debit card to your bank account can simplify making transactions.