Navigating Club Finances Fall 2013

1. Navigating Club FinancesFall 2013 Catherine Hensly SGA Treasurer henslycm@hollins.edu

2. Possible Scary Penalties Pg. 18 of the SGA Bylaws: • Not attending Club Orientation • 20% budget reduction • Not having a constitution on record with the Club Coordinator • 20% budget reduction • Not participating in mandatory events organized by Club Coordinator/SGA Treasurer • 5% budget reduction for each event • Not maintaining & submitting a monthly ledger • 5% budget reduction per missing ledger

3. Ledgers • Business statements come out around the 15th of each month • I will put these in your club boxes for you to pick up and will send a blast email once they are available • The idea: check your records against those of the Business Office • Ledgers are due the 25thof each month • I will collect them the following morning; penalties will be incurred thereafter • Hard copies can be submitted in the appropriate folder in the SGA Treasurer box • Alternatively, digital copies may be emailed to henslycm@hollins.edu with the name of the club & “ledger” in the subject line • I will reply to these; if you don’t receive a reply after a couple of days, double check that the email actually went through! It is your responsibility to be sure they are completed and submitted!

4. Ledger Example Name of club, date of last revision Account number Reconcile these two columns; they should be the same! Name of treasurer / person who created ledger, date A sample ledger can also be found here.

5. Tips for Completing Ledgers • Best way to do them: record each transaction as you complete it! • I recommend maintaining an Excel or Word document chronicling transactions; then, all you have to do is send the most recently saved copy! • Check and see if your club already has a ledger saved somewhere… • That way, you can just model yours after theirs and keep the log going! • When looking at Business Statements: • “Debits” are amounts deducted from your account • “Credits” are amounts added to your account • “Ending Balance” is the amount currently in the account as of the date issued

6. Petty Cash Vouchers • New policies  Will be available online in Excel (The old vouchers are still accepted and are available through the Business Office) • Only one voucher (up to $50) per week • Put the completed voucher in the appropriate folder in the SGA Treasurer Box by 10AM Mon.-Thurs. • I will sign them and take them over the Business Office where they will be ready for you that afternoon! • Receipts must be turned into the Business Office within a week to complete the request • Cash can only be withdrawn again after closing out the previous Petty Cash request (i.e. returning excess funds and turning in the receipts) • If receipts and/or money are not returned in a timely fashion, the student account of whoever took out the cash will be charged

7. Additional Forms – Pace Martin Other forms that you may need/encounter include: • Advance Request • Advance – Expense Report • Reimbursement Expense Form • Check Request • W-9 Tax form (If not already on file) • SGA Account Transfer Form • Deposit Transmittal These are available from: Hollins SGA Forms  Treasury/Budget Forms and from the Business Office Webpage

8. Advances • The Advance Request form • Designed to acquire cash before an event/purchase • For amounts >$50 (otherwise go for Petty Cash) • Requires supporting documents (i.e. price quotes) • Must follow-up with an Advance Expense Report detailing how the funds were spent • Return unspent money to the Business Office • Requires supporting documents (i.e. receipts) • Often, it is easier to do a Reimbursement • Requires only one form rather than two • Repays cash after an event/purchase • Requires supporting documents (i.e. receipts) • Can be direct-deposited for accounts that are set- up to do so

9. Check Request • Check Request Form • Used for payments made directly to vendors, independent contractors, artists, etc. • Requires supporting documents (i.e. receipts, contracts, etc.) • All original receipts should be saved and given to the Business Office as needed. There are no exceptions to not having a receipt. • Make sure to fill out a W-9 tax form for any new vendor • Attach this to the check request form • But first, check with the Business Office; they may already have one on file!

10. Account Transfers • SGA Account Transfer Form • Perfect for co-sponsoring events • Transfers funds from one club/account to another • Organization/Club to be Debited is the club giving funds • Organization/Club to be Credited is the club receiving funds

11. Deposits • To make a deposit to an SGA account, complete a Deposit Transmittal form • List checks individually by check number • The “Denomination Quantity” section at the bottom will automatically calculate total cash, simply enter the count of each • If funds were fundraised, be sure to denote as much in the description • Fundraised money rolls over from year to year! • Deposits are made directly to the Business Office • These do not require the approval of the SGA Treasurer, just take the completed form and cash/checks to the cashier

12. Submitting Additional Forms • Place all completed forms (other than Petty Cash vouchers and deposits) in the appropriate folders in the SGA Treasurer box by 5:00pm on Sunday • I will review & turn these forms into the Business Office by 3:30pm on Monday** • Funds will be ready starting at 8:30am Friday** **Delays may result if forms are not completed correctly/completely.

13. Purchasing Policy • Purchasing Policy & Tax Exempt Stores • Outlines the general purchasing policy guidelines • Pg. 4 lists Tax Exempt Stores & protocols for each • Tax will not be reimbursed for listed stores • Be sure to check this list first! • Many require a Tax Exemption Card, available from the Business Office • Cards must be returned the following business day • When using a Tax Exemption Form, you must only buy things for the club/organization • If you plan to buy personal items, you must do so on a separate purchase

14. Petitioning Treasury Board • If you need additional funding • You can also fundraise, find a co-sponsor for an event, and/or petition HAB! • Not more than once per semester • Email henslycm@hollins.edu>48 hours before the designated Treasury Board meeting time • We will be meeting on Sundays at 7pm, so notification is due no later than Friday at 7pm or else it will wait until the following week’s meeting • Bring with you: • 8 copies of the petition • 1 copy of your club’s up-to-date ledger • 1 copy of your club’s constitution • Refer to: How to Petition Treasury Board and Title 5 of the SGA Bylaws

15. General Reminders… • Budget hearings happen in the Spring (more on that later…) • Fill out forms digitally (i.e. in the Excel document) rather than hand-writing them • Please paper clip supporting documents • Tape all receipts to a sheet of blank copy paper • Aim for succinct descriptions on forms • Fill out forms accurately and completely, and if you’re unsure, ask! • Catherine Hensly, SGA Treasurer • Pace Martin, Business Office Associate Controller • Doug Smith, Director of Student Activities

16. Helpful Hints • The Business Office is located on the ground floor of the CockeBuilding • Office hours: Monday-Friday, 8:30am-4:30pm • Plan ahead!!! • Keep detailed records • Photocopy or scan forms & receipts before submission • Record transactions as they happen for your ledger • The 2011-2012 Club Handbook has lots of helpful insights! • If in doubt: • Check the SGA tab on My.Hollins & all its nifty links • Email me at henslycm@hollins.edu and/or speak with Pace Martin in the Business Office 