Ways and Means Committee
Standing Committee

Contact #:

Roosevelt Meads

The Ways and Means Committee shall consist of the Budget and Finance Subcommittee and the Economic Development Subcommittee.

About The Ways and Means Committee


·      Mission is to investigate and recommend such business opportunities and practices as would improve the fiscal and financial status of the Ninth District and its members.

·      In consultation with the District Keeper of Finance, the Committee shall be responsible for constructing the proposed budget for the Ninth District after giving due consideration to the financial needs of each committee.

·      Execute, in conjunction with the District Keeper of Finance, both an internal and external review, examination, and audit of the financial records of the Ninth District with a Certified Public Accountant.

·      In consultation with the District Keeper of Finance, the Committee shall be responsible for developing a comprehensive investment plan for the District discretionary funds to maximize the contributions that the District can make to the community.


PURPOSE: Operating Procedure Recommendations

There is a need for a Uniform Accounting System review for use by all Districts and Chapters of Omega Psi Phi Fraternity.  This dimension enables the District not only to better understand the source of financial information, but will also provide them the complete comprehension of the use of such information.  We all must agree and remember that keeping adequate records is primary. If they are also to be meaningful and have purpose, these records must be used and referred to as often as necessary. This should enable the officers and members to get a clear picture at any time of the financial status of the District.  Although the procedural aspects of accounting are minimized in this operational procedure, recording and controlling techniques are described to the extent necessary for financial statements and International Headquarters and governmental reporting. The selection and development of this system is designed to comprise a system to review an accounting and recording uniformity.



  1. Prepare an INTERNAL USE ONLY Reconciliation Management Report of the findings of the reconciliation in preparation for an outside audit.
  2. Assist outside auditor with financial review and required work papers.
  3. Receive and review financial reports for any material weakness in internal controls and propose improvements.
  4. Prepare and present Internal and External audit reports to the District Council (“DC”) of any weakness in financial structure and provide recommended improvements.
  5. The audit committee will be tasked with interviewing and changing outside auditor(s) for consideration for the District Council, with further execution of the audit with results forthcoming to the Council and the body, in accordance with by-laws.
  6. The audit report of the Committee must by regulation follow the District Keeper of Finances report and be presented to the District. 
  7. The District will adhere to the recommended Timetable (see attachment 1)
  8. Meet monthly or as needed to ensure meeting the recommended Timetables.


  1. Seek input from District Keeper of Finance (DKF) and First-Vice District Representative (FVDR) for the DRAFT BUDGET within 30 days after the end of the fiscal year end, for Committee review.
  2. Prepare an INITIAL PROPOSED BUDGET for District Council (“DC”) review within 60 days of end of the prior fiscal year.
  3. Present the INITIAL PROPOSED Budget to the DC during the Winter Council Meeting.
  4. After receipt and review of the annual audit and the DC approval present the RECOMMENDED BUDGET to the body at the next district meeting.
  5. Document and archive the APPROVED Budget with its approval date and attach a copy of the meeting minutes to document its approval by the District, to be stored by the District Keeper of Records and Seal.
  6. Review quarterly with the District Keeper of Finance, within 30 days after the quarter end, for presentation to the council, actual income and expenses versus the budgeted income and expenses at the next schedule council meeting.
  7. Work with the District Marshall, past and present, regarding questions that will streamline the district meeting budget process
  8. Meet monthly or as needed to ensure meeting the recommended Timetables.


  1. Implement an INVESTMENT POLICY STATEMENT, identifying the assets of the District, the liabilities of the District, the commitments of the District, the investment time horizons required for the District and the desired returns for the District.
  2. Distribute ideas to the DC for dissemination to the body on investment ideas within the District.
  3. Develop a comprehensive investment plan for the fraternity’s reserved funds to maximize the contributions the fraternity can make to the community.
  4. Consider and review the tax status of the District for investment purposes.
  5. Meet monthly or as needed.



 The Committee propose the following:

  • Perform a quarterly review of the control procedures of the cash receipt and disbursement process.
  • Provide a preliminary report at the Summer Council Meeting and annual report at the District Meeting
  • To ensure a timely review is performed, a list of documents below are needed within the next 15 days


Support Documentation


Audit Report:

  • Annual Audited Financial Statements
  • Copy of the Management Letter and  audit engagement letter
  • Copies of any and all other corresponding documentation by and between the external auditor and the Ninth District


Internal Reviews:

  • Monthly financial statements of activities, position and cash flow
  • All bank statements and correspondence between (All) Bank/Investment Institutions of record and the Ninth District
  • Banking signature card verification (two signature required)
  • Copies of monthly statements from all PayPal accounts of the District
  • Monthly reconciliation between the District Keeper of Finance and District Keeper of Records and Seal
  • Review check request and corresponding budget approval process
  • Review petty cash policy for compliance
  • Review compliance to Expensed Reimbursement policy
  • Any and all other correspondences and documentation deemed necessary


Bonding Process Review:

  • Submittal process to bonding company (who has the responsibility?)
  • Money flowchart through the organization
  • Screening characteristics establish by organization and/or insurance provider


                                         Ways & Means Operating Schedule

                                                            Typical Calendar Year




Target Finish              Date








Winter Council Meeting

1) Review annual reconciliation / internal audit.

2) Present Proposed Budget for Council approval

3) Review Draft IRS Forms 990 & 1099’s & submit 1099’s

4) Review Draft of State Reporting Forms



External Audit


1) Receive external audit & submit finding to District Council

2) Submit Recommended  Budget to District

3) Submission of IRS 990



District Annual Meeting

1) Present audit with District Keeper of Finance Report

2) Present Recommended Budget for District approval

3) Present Committee Report of Activities



Summer Council Meeting

1) Implement audit findings & recommendations

2.) Start solicitation of auditor bids for next audit, if needed

3) Review semi-annual reconciliation

4) Review Approved Budget for District


September / October

Fall Council Meeting

1) Review, approve & initiate external audit for fiscal year

2) Review quarterly reconciliation

4) Provide recommendations on investments


November / December

Draft Budget

1) Review preliminary Year End Actuals

2) Initiate input for Draft Budget