1. Welcome to Regional Trustee Financial Management Training Sunday, August 28, 2016 SABO Student Activities Business Office

2. What is SABO? WHO Storrs Trustee/Tier III Organizations Regional Trustee Organizations Storrs Tier II Organizations Department of Student Activities WHAT Banking Tools, Resources and Guidance for sound business practices Financial Advice, Instruction & Recordkeeping Payroll Purchasing Event Supplies and Support WHERE Storrs Student Union Room 314

3. Financial Advisor Role WHO Sylvie Godbout for Regional Trustee/Tier III Organizations Kimberly Meanix Miller for Storrs Trustee/Tier III Organizations Campus Advisor/Activities Coordinator WHAT Financial Training Regular Meetings to Anticipate Needs Inventory Management Budget Support Review every transaction for: Legality & Policy Beneficiary Organization, Officer & Advisor Approval in advance Documentation, Documentation and Documentation WHERE Student Union Room 314

4. Part I Foundation

5. Tier III • Department of Student Activities Established Tiers • Tier III Designated to Organizations: • Supported by Student Fees • High Visibility • High Accountability • Large Constituency • Moderate to High Risk Activities • Reliance on University for Funding and Financial Support • Regular Interaction with University Staff

6. Trustee • Established by the University • Approved by the State of Connecticut • Account established for the “Welfare” of Others • In your case, the fee paying student body, Constituents • In Compliance with: • CGS Sections 4-52 through 4-57a • State Comptroller’s Manual for Activity/Welfare Funds • Relevant University Policies and State and Federal Law • Blueprints Manual

7. Organization Documents • Constitution (Fundamental Organization) • By-Laws (Day to Day Operation) • Codes of Conduct • Internal Policy Examples: • Funding • Travel • Refreshments • Phone Use • Mailing Protocol • Elections • Hiring

8. Leadership and Support • Student Eligibility • Key Student Leaders: • President • Treasurer • Secretary • Program Chair • Ideally in place by end of March to: • Maximize formal training • Allow for knowledge transfer/shadowing current leaders • Hit the ground running for fall semester • Frequent Meetings with Campus Advisor • Regular Meetings with SABO Advisor

9. Part II Transparency

10. Meetings • Organizations establish needs -> Regular Meetings • Wherever decisions are made & business transacted • Trigger Reporting Requirement for all meetings • Emergency/Special Meetings same requirements • Examples: • Executive Committee establishing a budget – YES! • Working group planning an approved event – NO! • Meetings open to Constituents • Consider Designated Constituent Comment Period

11. Agendas • Published in advance to best reach your Constituents • 7 days in advance of the Meeting • Suggest publishing with the following: • Minutes of the previous meeting • Regular Reports (President, Treasurer, Committee Chairs, etc) • Background Information for Discussion Items • Background Information and proposed motions for Action Items • Maintained in Organization Files • Include: • Include Org, Subcommittee, if applicable, Meeting Date, Time, Location, Type (Regular, Special, Monthly, etc), Matters for Discussion and Matters for Action

12. Minutes • Must be taken for all Meetings • Must be published within 7 days of meeting • Must be provided to SABO • Must be retained by the Organization • Must be approved at subsequent meeting • Include all information from Agenda plus: • Voting Members, number representing a quorum and notation of present, absent, late arrival and early departure • Non-Voting Members, if applicable, and notation of present or absent • Guests present during any portion of the meeting • Matters discussed, action taken and regular reports • Include legislative intent, dissent, conflict of interest, vote outcome • Foot the minutes and title document

13. Document Title for Minutes • Include Organization • Include Subcommittee, if applicable • Include Meeting Type, if applicable • Include Date of Meeting YYYYDDMM • Include Fiscal Year Notation and Nmbr • Include the number of the meeting • This is so it is clear if we are missing a set of minutes, 01, 03 • Example: Hfd ASG Exec Monthly 20161122 Meeting Minutes #17-01

14. Conflicts of Interest • When an interest is different for one than other members • Disclose conflicts of interest, even if only perceived • Recuse yourself from participation and leave room • Upon conclusion of vote, return and be recognized • Freedom of Speech • If a student feels only person that can advocate, can do so • Must make it clear not speaking as a member of the org • Must still leave during deliberation and vote • Abstention not appropriate for conflict • Abstention is an action on a matter • Abstention conveys the student participated • Students cannot participate when they have a conflict

15. Reasons to Abstain • Protocol • Some organizations have President/Chair always abstain • President/Chair would only vote to break a tie • Deficiency of Information • If a member were absent when information was discussed • Member feels they need more information but vote called • Minor opposition, matter has overwhelming support • Opposition not so strong as to oppose the majority • Opposition strong enough not to want to cast vote in support • True indifference • Should be a rare occurrence • Member truly on the fence and feels outcome no real impact • Red t-shirts vs. blue t-shirts example

16. Importance Organizations can ONLY act in a MEETING AND that action MUST be documented in MINUTES OR …. THAT ACTION NEVER HAPPENED!

17. Other Reporting Requirements • Inventory • Minimally at Officer Transition • Budget Adoption • No later than September 30, for current year • Student Fee Advisory Committee (SFAC) Budget Projection • Deadline determined by SFAC near end of Fall • Monthly Financial Statements • Due 5th of the Month for the previous month end

18. Organization Website • Purpose/Mission Statement • Governing Documents (Constitution, By-laws, Codes of Conduct, etc.) • List of student officers, including office hours and contact information • List of board members/professional staff members (if applicable) with contact information • Up-to-date meeting dates, times, locations, agendas, and minutes • Approved budget information • Information on how to get involved and upcoming events

19. Part III Financial Policies

20. Inventory • Sufficient Controls • President & Treasurer Responsible for Inventory Control • Inventory are items with a lifespan > 1 Year • Capital Inventory > or = $1,000 • Controllable Inventory < $1,000 • Physical Inventory required minimally 1X/Year • Newly purchased items must be added accordingly • Broken/antiquated items must be disposed of following a specific process • Items with no further use to the Organization but with remaining useful life – contact SABO for disposition

21. Budget • Organization should start with the previous SFAC documents • Make changes where appropriate considering: • Actuals differing from projections • Changes in direction of the organization • Changes in quantity or cost of anticipated personnel • Changes in quantity or cost of anticipated purchases • Changes in events or programs • Organization must approve that year’s budget and submit to SABO by September 30, 2016 • Organizations must work with SABO to prepare SFAC Budget Projection due early December

22. Events • Plan a minimum 1 month in advance • Organization Approval • Audience (fee paying students) • Advertise • Budget • Purchases what, how & from whom • Get advice to maximize success • Assess right after event! • Track attendance All fund-raising must be submitted to SABO for review and approval prior to planning

23. Illegal Activities • Per State of Connecticut Division of Special Revenue No Gambling No Raffles http://www.ct.gov/dosr/site/default.asp

24. Revenue Verification • Receipt Books • Written whenever money received • All revenue must be deposited • Total of receipts must equal total deposit • Copies • White Copy to Customer who made payment • Yellow copy documents deposit • Pink copy remains in book for continuity • Completed Receipt Book kept with financial records • Void all three copies and keep with book

25. Receipt

26. Deposits Complete receipts for your Revenue Make timely deposits of all revenue • Establish regular banking visits • Minimum weekly • Have one or two back-up people if you can’t make it • Don’t put off because of amount • If anticipate substantial deposit • Plan special trip for someone to go to the bank • If $500, must deposit within 24 hours • Scan/Copy checks deposited • Separate deposits, if needed DO NOT pay any event expenses from revenues

27. Contributions • If value under $25, may be accepted without DSA approval • If value over $25, considered gifts and must be reviewed and approved by SABO • All donors wishes a donation to be tax deductible, they must go through foundation

28. Risk Management 125.00 • No pencil, blue ink only • Ethics • Separation of duties • Corrections • Meaning of your Signature 125.00 125.00 00 125.00 100.00 DV

29. Treasurer Role Responsibilities • Convey financial information to Organization • Within Organization, only one vote just like every other member • Execute Organization Direction from Meeting Financial Information CFO executes decision ORG is decision maker Direction

30. Expenditure Decisions • Approved in Minutes before money spent or committed (up to $ language) • Organization Consider: • Legality and adherence to policies • Cost/Benefit to constituents/student body • Budget • Need and all alternatives to meet the need • Reasonableness • Cost Benefit to Organization • Travel must be approved in advance even if no cost is associated

31. Bank Account Signers • The Bank of America (BOA) signature card takes about 3 weeks to get approved through State Treasurer office and BOA • BOA signature card needs 4 signatures: • 2 University Staff - Regional Campus Student Activities Coordinator and their supervisor or designee • 2 students - Properly elected/appointed President and Treasurer • Two signatures are needed on checks: • Treasurer and Activities Coordinator • No one can authorize a check payable to themselves • There is an exception to allow two staff to sign should there be a gap in student leadership, however, the expense still must have been APPROVED BY THE STUDENT ORGANIZATION

32. Purchasing • Lead time, lead time! • Before commit or pay- • Minutes & three signatures always required • Must pay directly, minimize reimbursement • Cannot sign contract OR pay in advance! • Questions - • What? Product or Service? • Who? Vendor Choice? • How much? • Method of Purchase?

33. Purchasing a Product(s) • Life Expectancy over a year? • YES? • Durable item, add to inventory • Not appropriate for reimbursement • NO? • Expendable product, do NOT add to inventory • Okay to reimburse if not possible to pay direct • How much is it? • Quotes >$1,000, >$5,000, >$10,000 • If small purchase, SABO Check okay

34. Purchasing a Service • Federal Tax Reporting Obligation • Never appropriate for reimbursement • Speaker, Entertainer, Coach? • Over $1000? • State Requires we withhold taxes OR get a waiver form • If Student, must process via payroll • If State Employee, must be approved by University Office of Audit, Compliance and Ethics

35. Methods of Payment • Hits KFS/Kuali – Monthly Bill • Husky Buy • University Department like Catering • University Contract via Purchase Order • Pro-card • Amazon which goes through the Pro-card • Direct • Check via Student Government Account • Use of Organization PO & Payment Works • Reimbursement • Requiring Proof of Payment by Student

36. Accounting/Bookkeeping • Record transactions: • Use SABO Financial Workbook • Check register, spreadsheet, etc. • Report financial status: • Total Income • Total Expenses • Current Balance

37. Outstanding Checks • Outstanding Checks • Collect contact information from payees before payment • Deliver payment quickly • Follow up on your outstanding check • Escalate contact as time passes • This is the organization’s responsibility!

38. Travel • Must be approved in advance with up to $ • Pay directly whenever you can • Reimbursement okay for travel • Save all receipts • Mileage rate, insurance levels • Tips up to 20% • ITEMIZED ORIGINAL receipts are required!

39. University (KFS) Bill • Monthly • Pay timely • Gather documentation throughout month • Use campus business office to deposit payment • Ideal Organization review budget vs actual and vote authorizing payment • Organization responsible for all documentation • Payroll • Any University Purchasing • Procard Transactions • One Card Credits

40. Miscellaneous • Tax Exempt • Advances • Gifts • Gift Cards • Prize Forms

41. Voucher • Complete Voucher Information • Do not indicate, “See Attached” • Be certain all documentation is included • Require it “Scan Ready” • No staples • Small receipts taped down • Be sure beneficiary information added (attendance)

42. Establish Process • Set expectations for your Tier II groups • Regular Meetings where funding is addressed • Minutes produced quickly and accurately • Mailbox set up for drop off of funding requests • Funding Officers meet weekly to address • Students/Organizations notified of checks cut • Students/Organizations pick-up during office hours

43. Summary • Where do we go from here? • Updated Policy Documents going through approvals • Establishing procedures to incorporate use of electronic resources • Establishing Regular Training such as this • Updating the workbook • Policies need not be memorized but used as references • Martin Luther King’s Birthday Training

44. Questions • Sylvie Godbout, Accounting Manager, Sylvie.Godbout@UConn.edu • Kimberly Meanix Miller, Financial Manager, Kimberly.Miller@UConn.edu • SABO Office 860-486-3163 Thank you for your time and attention!