3. Establish a Plan
Answer
- The newly formed leadership team should now schedule another call with its staff liaison. Your staff liaison will share best practices from other clubs and offer guidance and feedback.
- Your staff liaison can also connect you with experienced volunteers from established clubs for mentorship and advice.
- With the help of your staff liaison, your club will:
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- Create a mission statement: A mission statement is the foundation of the club’s goals and priorities. Every club should have a clear and defined vision for their purpose.
- Institute bylaws: Bylaws offer organizational governance, set precedent for mediating conflict, and set forth your succession plan. You may draft your own version of bylaws, or adapt those provided on the Wharton Officers website. The entire board must be involved in creating bylaws and all must agree to terms and articles of coorporation.
- Open a bank account: A bank account should be opened in the club’s name for bookkeeping purposes. Most clubs offer check-signing privileges to the President and Treasurer.
- Launch an online presence: All club must have a platform to communicate to members, plan events, manage finances, charge dues, and bring visibility to the alumni in the region. For clubs that are not on the School provided platform, your staff liaison will provide you with the list of alumni in that respective region.
- Consider obtaining non-profit tax status (for US-based clubs): 501(c)(3) and 501(c)(7) are US Internal Revenue Service codes providing tax-exempt status to charitable organizations, including alumni associations, operating in the United States. The School does not advise for or against this process. International clubs are not similarly situated; however, we recommend that you contact your staff liaison if you have any questions.
- Create a mission statement: A mission statement is the foundation of the club’s goals and priorities. Every club should have a clear and defined vision for their purpose.