Student Organization Treasurer Workshop

1. Student Organization Treasurer Workshop Ahmad Khairee bin Ahmad Julaihi Life Skills Development

2. Objective

3. Outcome Student Organization will have clearer view on the role of Treasurer and the importance of keeping track of the organization financial flows as well as preparing an Annual Budget which will contribute to preparing a proper Annual Action plan.

4. Treasurer’s Role • Report to and support the President, Vice President and Advisor. • Keep financial books up to date and in accordance with prescribed accounting requirements and TU fiscal policy. • Develop the Annual Financial Budget with the EXCO and BOD. • Responsible for all cash inflow and outflow. • Submit the quarterly financial statement, first week of the next month. • Submit the Annual Financial Report by the end of the reporting term (September). • Be responsible for depositing and withdrawing funds from / to the Advisor at the beginning and end of every event. The records shall be filed in the Student Organisation file. • Oversee and monitor the overall budget and expenses of all events. • Submit all Post Project Financial Statements to the Advisor in time and file into the Student Organisation file. • Maintain confidentiality with regards to all financial matters, only disclosing such matters to the EXCO, Advisor and the Life Skills Development. • Train and guide the Project Treasurer(s) on the Group’s Project(s). • Be a positive example all times. • Assist in any other matters as and when required by the President, Vice President, Advisor or Life Skills Development.

5. Student Organization Income

6. Membership Fees • TUSC – no membership fee charge • Clubs/Societies are allowed to charge a membership fee. • To be kept with the TU finance department at the end of every month. • Amount for subscription fees shall be determined by the Club / Society with the approval of the Advisor and the Life Skill Development. • Subscription fees : reflect and justify the needs of the Club / Society. • Maximum fee : Malaysia Ten (RM 10.00) per year. If wishes to charge members more than this, approval must be obtained from the Advisor and the Life Skills Development , with valid justification. • Approved amendments to membership fees will only be effective the following year from the date of application.

7. Date • Amount • Receipt number (if applicable) Ledger Data • Account • Who received the money • Purpose • Who paid the money

8. Most Common Types of Ledgers • Assets • - what you have • 2 types of assets – current assets and non–current or fixed assets. • If the asset is expected to remain in your organization for more than one year, treat it as a fixed or non–current asset. • Liabilities • - what you owe • Your liabilities are what your organization owes for goods or services. • 2 types – current or non–current. • Equity • - your net worth • Your organization’s net worth or what your organisation would be worth if you cashed up today (Total assets – Total liabilities = Equity) • includes accumulated funds and reserves • Revenue • - what you get • Total income your organization receives and includes membership fees, grants, donations, sale of products and services, special events, consulting fees and sponsorships. • Income and expenditure • Operating expenditure is money you use to run your organisation. • Capital expenditure is money you spend on items that will last longer than one year

9. Annual Financial Budget • To be develop with the EXCO and BOD. • Forecast events are based on the Student Organisation Action Plan

10. Budget Preparing Steps 8R • Reveal the budget for sign–off • Rough up the income side of the budget month by month. • Review previous year’s income • Rack up this year’s overall figures. • Revise options • Refer at the timing of previous year’s income. • Repeat steps for expenditure. • Reflect, ‘What will happen this year?’

11. Safekeeping of Funds • All funds are to be monitored by the respective Groups. • Any cash balance from the current term is to be brought forward to the next term when the current term ends. • Groups are not allowed to open their own bank accounts under the name of the Group, Advisor, any committee member or any affiliated family members or friends. Groups are instead to open an account with the TU finance department. • No interest payable on funds kept at the TU finance department. • The maximum amount of petty cash is Ringgit Malaysia Three Hundred (RM300.00) only. • Groups are to hand in a quarterly financial statement at the end of every quarter (every three (3) months) • Groups who wish to withdraw money from their fund should fill in a “Student Organisation Deposit / Withdrawal” form. Only 3 persons are authorised to fill in the “Cash Deposit and Cash Withdrawal Form” for any transaction, namely the Advisor, President and Treasurer. • Groups are advised to follow up at least 2 weeks from the date of submission for money / receipts to be issued. • Groups may be audited at any time by TU auditors, as per TU policy. • Groups must submit all financial statements as and when required by the Life Skills Development when called for by TU auditors. • The Life Skills Development hold the final decision on any issues concerning financial matters to do with TU Groups.

12. Project Budget • Display targeted income and expenses for current event (during the planning stage) • To set a limit and understanding of what should be spent and what are the target income

13. Encouraged to earn income for expenses for activities • Intention to collaborate external parties/ companies to earn profit from students: • present idea & get approval • Submit an “After Event Financial Statement” together with original official receipts 2 weeks after event ended • Funding of Events • Intention to raise funds via collaboration with external parties or companies require approval • All original receipts: • glued to an A4 paper • double sided • attached to the “After Event Financial Statement” • Cash balance can also be used as petty cash; if cash balance + petty cash amount <= RM 300.00 • Cash balance earned from event = channeled back -> Group fund filling the “Cash Withdrawal / Deposit” form within 2 weeks from the date of event

14. Purchasing All items purchased for Group usage / events must have prior approval from the Advisor or Life Skills Development.

15. Post Project Financial Statement • To be submit after every event, within 2 weeks time after the end of each event • All Income and Expenses of the event will be record in this report

16. Safekeeping of Items Purchased • Non perishable + purchased using the Group’s funds = recorded & kept at TU + monitored by the Group. • Perishable may be distributed among the organising committee after the event, at the discretion of the Advisor & the organizing committee. • In no way shall any of the current Group committee members claim personal ownership over any non perishable item that has been purchased using the Group’s funds at the end of the event/ after their term in office.

17. Quarterly Financial Report • To be prepare every quarter of the year Sep – Nov(Q1), Dec – Feb(Q2), Mar – May(Q3), Jun – Aug(Q4) • Income and expense is based on the Post Project Financial Statement

18. Annual Financial Report • To be prepare and submit at the end of reporting term (September) • Actual– State of the monetary that was used based on events. • Budgeted – State the monetary that was estimated initially for the said event • Over/Under Budget – portray the monetary properly used, where ( ) symbol indicate overspending

19. Cash Deposit / Withdrawal Form • Purpose: To Withdraw or Deposit money • Only three (3) persons are authorised to fill for any transaction, namely the Advisor, President and Treasurer. • Any cash balance earned from any event is to be channeled back to the Group fund by filling the “Cash Withdrawal / Deposit” form within two (2) weeks from the date of event, via the Life Skills Development

20. The Need to Track • How much the club/society own • How much money that you are able to access • Club or society main sources of income • What the club or society are spending money on • How much the club or society owe

21. Effective Report Criteria • Are comprehensive and concise • Are easy to understand • Are up-to-date • Compare actual figures to date with budgeted figures • Highlight discrepancies

22. The Do’s and Don’ts of a Treasurer

23. Benefit of being a Treasurer able to properly plan financial for any future action or events become much more trustworthy be capable of handling figures and cash have an orderly mind and methodical way of thinking experience in dealing with large sums of money & budgets have experience of financial control and budgeting have an eye for detail be available to be contacted for ad hoc advice have a financial qualification or relevant experience have experience of pension schemes good communication and interpersonal skills ability to ensure decisions are taken and followed-up show good time-keeping

24. Resource • To understand more of the processes that are related to the financial activities of a club, you can refer to the Student Development Hub Wordpress (http://tustudentdevelopment.wordpress.com/): • Student Organization Manual: https://tustudentdevelopment.files.wordpress.com/2012/03/taylors-university-student-organisation-manual-student-edition.pdf • Student Organization Policy: http://tustudentdevelopment.files.wordpress.com/2012/03/taylors-university-clubs-and-societies-policy.pdf • Preparing a Monthly financial statement: http://tustudentdevelopment.wordpress.com/clubssocieties-resources/monthly-financial-statement/ • SDH Sponsorship guideline for Clubs and Societies: http://tustudentdevelopment.files.wordpress.com/2012/03/2013-external_sponsorship-guidelines_revised_08072013.pdf