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Finances 101

Finances 101. Fall 2010. Session Goals. Where does your money come from? How to spend your money What to do after you spent your money. Where does your money come from?. JFC: Joint Funding Committee. JFC budget overview: allocation & fundraising expectations Organized by line items

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Finances 101

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  1. Finances 101 Fall 2010

  2. Session Goals • Where does your money come from? • How to spend your money • What to do after you spent your money

  3. Where does your money come from?

  4. JFC: Joint Funding Committee • JFC budget overview: allocation & fundraising expectations • Organized by line items • BudgetTracker: https://stugov.andrew.cmu.edu/budgettracker • Internal line item change approval • SBVPF/SBT=Student Body Vice Pres for Finance (Student Body Treasurer), Eric Wu, sbt@andrew.cmu.edu

  5. Non-JFC Funded Organizations • Receive funding from other sources • Grants, donations, fundraising, special allocations, sponsorship • Similar processes and expectations on spending • Accounts do not “close”

  6. Special Allocation Funding • Appropriate request for a special allocation • Unanticipated costs • New programs and initiatives • Other considerations • Impact on campus • Donation vs. operational costs • Travel • Repeat events

  7. Special Allocation Process • Student Senate • Weekly finance committee meetings • Organization rep must present proposal • Email requests by Friday prior to finance meeting • Will receive committee recommendation within 24 hours of finance meeting • Committee recommendations must be voted upon by general body for approval • Same pool as JFC • Student Senate Contacts & Resources • student-finance@andrew.cmu.edu • https://www.cmu.edu/senate

  8. Graduate Student Assembly Special Allocations Process • Graduate Student Assembly (GSA) • Monthly finance meetings (typically 1 week prior to GSA general body meeting) • Organization rep can discuss proposal • Email requests 2 weeks prior to finance committee meeting • Finance committee recommendations typically upheld by GSA general body • Recommendation can be appealed by any GSA member or requesting organization member • GSA Finance Contacts & Resources • gsa-VPfinance@andrew.cmu.edu • https://www.cmu.edu/gsa

  9. Division of Student Affairs (DOSA) Funding Process • DOSA funds organization initiatives through a central process • Requests can be dropped off at the Office of the Dean (Warner Hall, 3rd floor) or emailed to Jen Cox-Siegel at jcox@andrew.cmu.edu • Bi-monthly committee meeting • For information on dates and to access electronic proposal form: http://www.cmu.edu/studentactivities/info/soh/funding/dosa.html

  10. DOSA Funding Considerations • Tips for success • Organization should contribute a portion of funding (fundraising, budget) • Donation vs. operational costs • Domestic travel can be supported • International travel only supported through STO-IT fund in Office of International Education

  11. Other Sources • Student Dormitory Council (SDC) • Academic Departments • Donations • Fundraising • Outside grants or awards • Outside sponsorship

  12. How to spend your money! $$$$$$$$$$$$$$$$$$$$$$$$$$$$$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$

  13. Student Activities Accounts • Available to any Student Government-recognized organization • Two accounts per organization • Org Account: general account for day-to-day expenses, JFC allocation lives here • Gift Account: all donation monies deposited here, gift account money CANNOT be transferred to your org account

  14. Authorized Signers • 1-2 authorized signers per organization • All financial transactions must be signed-off by the authorized signer • Should be keeping a detailed record of all expenditures and income • Should be reviewing account statements monthly

  15. Authorized Signers (cont.) • Authorized signers will be trained on the following: • Payment requests (POs, cutting a check) • Reimbursements • When a contract is needed • Awarding a gift, prize, or donation • Travel • Journal Entries (JE transfer from 1 on-campus acct to another on-campus account) • On-campus purchases • Deposits

  16. …then what about the rest of us? • You make purchasing decisions • You request funding on/off-campus • You arrange for services • You rent equipment • You run fundraisers • You commit your organization to traveling for an event or conference • As a member of the organization you are equally responsible for the fiscal well-being of your group

  17. Ways to Pay for Goods • Payment Request (cutting a check) • Tartan Trust Card (university credit card) • Reimbursement • Requisition form (on-campus purchases) • JE transfer

  18. Ways to Pay for Services • Requires a contract for all purchases of this type (unless campus vendor) • Payment Request • JE transfer • Requisition form • Payroll

  19. Ticket Sales & Fundraising • Request a cash box and petty cash 2 business days prior to day of sales • Complete a separate deposit envelope for tickets sales/fundraising proceeds and for petty cash • Deposit in the safe daily • Return cash box next business day

  20. Spending from your Gift Account • Will need to indicate on Student Activities form(s) which account you are spending from (gift account vs. org account) • Money designated for a specific purchase by the donor must be spent for that purpose • These funds are not swept at the end of the year • These monies cannot be transferred to your org account • Plan strategically!

  21. Gift Account Example • JFC allocation in org account for Event X: $500 • Donations for Event X in gift account: $500 • Cannot spend $1000 from org account • Must split purchases between accounts

  22. What to do after you spent your money

  23. What to do after you spent your money • Set up a meeting with authorized signer to review total expenses and income • Complete any remaining forms • Collect prize and gift forms • Complete donation forms to cut check • Create file with copies of all receipts and forms • Give appropriate documentation to funding sources, if needed

  24. Questions? Student Activities UC Suite 103 412.268.8704 Eric Wu Student Body Vice President for Finance sbt@andrew.cmu.edu

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