FISCAL MANAGEMENT WORKSHOP ACADEMIC YEAR 2012-2013

1. FISCAL MANAGEMENT WORKSHOPACADEMIC YEAR 2012-2013

2. Welcome • This workshop will explain the procedures for spending money from a GMU organization account • Additional information can be found on the Office of Student Involvement website, si.gmu.edu, in the Student Organizations section under Spending Money • All Organization Presidents and Treasurers must review this presentation and pass a brief test at the conclusion • Test results must be emailed to the Student Funding Board at sfb@gmu.edu

3. Organization finances • IMPORTANT: Student organizations do not automatically receive money when they complete the registration process. Instead, registered student organizations in good standing are eligible to apply for and receive funding from the Student Funding Board, up to $4,000 per year with a maximum of $2,500 in any semester. • No funding will be awarded to organizations whose officers have not completed this workshop

4. HOW CAN YOUR ORGANIZATION GET MONEY TO SPEND? • Student organizations can get money to spend in two ways: 1) by applying for funding from the Student Funding Board (SFB) 2) by raising the money themselves (SGR) If your organization has not applied for funding and has not raised money, you have no money to spend

5. Spending Restrictions • All monies in GMU accounts are subject to spending regulations set forth by the state of Virginia. • This means that neither SFB nor SGR may be used to purchase gift cards, alcohol, or flowers

6. Applying for Funding • For information about SFB application deadlines and how to apply for funding, refer to the Funding Opportunities section of the Student Involvement website • SFB funds can be used to pay for many expenses including refreshments, catering, travel expenses, instructors, performers, event supplies, and dues payments. • Funding is awarded for specific events and activities and may be used solely for the purpose awarded • Funding applications must be submitted at least two weeks before the event; No funding is awarded for events that have already taken place

7. Raising Money- Self Generated Revenue • Organizations may raise money by collecting dues, charging admission fees to events, holding bake or craft sales, winning campus competitions, etc. • Money raised this way is called self-generated revenue, or SGR • All SGR monies must be deposited into a GMU campus account unless your organization has a national affiliation that requires an off-campus account • SGR monies must never be deposited into a personal account • Students may not use Pay Pal to collect money for their organizations

8. What’s next? • Once funding has been awarded or SGR has been raised and deposited, university and state rules and processes must be followed in order for monies to be paid out from your account • Failure to follow the correct procedures may delay your payment and impact your ability to receive future funding

9. Seven general rules apply to all organization fiscal activity:Rule #1 • Original, itemized receipts and/or invoices are needed; Accounts Payable will not accept copies • If you pay by check or credit card, a cancelled check (front and back) or a bank or credit card statement that shows the transaction may be acceptable alternative proof of payment • Note: Credit card slips that you sign are not itemized and therefore are not acceptable

10. Rule #2 • With only one exception, whenever food is purchased, a Food and Beverage Form is required • The only exception is food ordered from the on-campus caterer, Sodexo Special Occasions Catering. Sodexo orders do not require a Food & Beverage Form

11. Rule # 3 • If the vendor or person you are trying to pay has never been paid by the university, Accounts Payable will need a W-9 form listing a Tax Identification Number (TIN) or Social Security Number for the vendor/person • When paying a student, the W-9 is not needed; instead you should include the student’s G#

12. Rule # 4 • If you are paying an individual rather than a company, an Independent Contractor Form must be submitted • The Independent Contractor Form is not needed for payments to students

13. Rule #5 • Anyone who plans to seek a reimbursement for travel expenses such as hotels, meals, and airfare must follow GMU travel procedures and must use the GMU Travel System to generate proper paperwork • All student travelers who wish to be reimbursed must submit a Request and Authorization to Travel Form to the Office of Student Involvement at least 7 days before the trip • IMPORTANT: No reimbursements will be paid to student travelers who do not submit the Request and Authorization to Travel Form BEFORE THE TRIP

14. Rule #6 • For reimbursements and payments, complete and correct paperwork must be submitted to the Office of Student Involvement for processing no later than 3weeks after the date of the event • Paperwork not submitted in a timely fashion will not be processed, and no payment will be made • Paperwork must be signed by the President or the Treasurer of your organization

15. Rule #7 • Whenever funding from the Student Funding Board is used to pay for supplies or activities, an Event Evaluation Form must be submitted within 10 days after the event

16. Student organizations can pay for goods and services by: • Using your organization number to “charge” on-campus purchases for Catering, Copy Center, Events Production, and Parking Services • Using a Purchase Order to pay a local merchant • Using a Student Organization Payment Request Form to pay a vendor or reimburse a member of your organization • Using an Honorarium Request Form to acknowledge a person who has provided a professional service, such as an oral presentation Let’s take a look at each of these …

17. Using your organization number to charge • When you supply your organization number for on-campus purchases, the fee will be deducted automatically from your organization account (like using a debit card) • Be sure that your account has enough self generated revenue or funding to cover the fee • If there is not enough SGR or funding in your account , you will be required to deposit money to cover the fees

18. Using a Purchase Order • Many local vendors will accept a Purchase Order in lieu of payment • This allows students to get food or other goods without having to pay with their own money • You can find the Purchase Order Request Form and information about how to use it at the Student Involvement website, si.gmu.edu • Look under Student Organizations, then Spending Money

19. Using a Student Organization Payment Request • Use a Student Organization Payment Request form for reimbursements, dues payments, and conference registrations • An original invoice and/or itemized receipt must accompany the Student Organization Payment Request form • Reimbursements are usually paid within 30 to 45 days by check mailed to the payee’s address

20. Honorarium • Use the Honorarium Payment Request form to make a payment to an individual to show appreciation for services performed for which payment is not required – that is, the fee is not set or negotiated by the recipient • The most common use of honorarium payments by student organizations is for educational speakers • If the person has not previously been paid by the university, attach a W-9 form to the request • The amount paid may include consideration for travel expenses

21. Catered Events • If you plan to have a catered event, you can use the University’s on-site vendor, Sodexo Special Occasions Catering, or an approved off-site vendor • If you want to use an use off-campus caterer, you must use a caterer that has been approved by the University • No payments can be made and no funding awarded if you use off-campus caterers who are not on the Approved Caterers list • A link to the Approved Caterers list for off-campus vendors can be found on the Student Involvement website in the Spending Money section under Student Organizations

22. Using the On-Campus Caterer • Sodexo/Special Occasions Catering -- Orders must be placed on-line at catering.gmu.edu -- You will not need to submit a Food & Beverage Form or a Purchase Order Request when using Sodexo -- Sodexo will send all orders to the Business Manager for approval

23. Off Campus Caterers • If you use an off-campus caterer from the Approved Caterer list: • Prior to the event, submit: -- Purchase Order Request Form -- Food & Beverage Form -- Original invoice or proposal from the caterer

24. Hiring DJs,Performers,Instructors • A GMU Contract Packet is required to hire vendors that set fees for their services, such as DJs, Performers, and Instructors (such as dance teachers) • Very important: All Contract Packets must be submitted at least 30 days in advance • Under no circumstances should a student sign a contract

25. Timing is important • Accounts Payable normally takes at least 30 days to process payments • Make sure the person or business to be paid is aware of the time required for processing the payment • Submit the required paperwork as early as possible

26. Buying T-shirts • Student organizations may purchase t-shirts using self generated revenue • Funding may not be awarded for the purchase of t-shirts • T-shirts must be purchased from vendors licensed by the university. For a list of licensed vendors, check the Student Involvement website • To purchase t-shirts, submit a Purchase Order Request form and an invoice from the vendor

27. Travel Reimbursements • **All travelers must use the GMU Travel System** • Go to https://travel.gmu.edu • You can find instructions for accessing and using the Travel System on the Student Involvement website, si.gmu.edu. Look under Student Organizations in the Spending Money section.

28. Travel reimbursements (cont) • All student travelers who wish to be reimbursed must submit a Request and Authorization to Travel Form at least 7 days before the trip • This form must be signed by your organization advisor • If the completed form is not submitted in advance, no reimbursement will be processed

29. Travel reimbursements (cont) • As soon as possible after you travel, and no later than 3 weeks, submit: -- Travel Reimbursement Voucher -- Original, itemized receipts showing your expenses

30. Collecting Money • Whenever money is collected from individuals, such as dues payments or payments for t-shirts, a receipt should be provided • Receipt books are available to borrow from the Office of Student Involvement • Receipt books must be returned to the Office of Student Involvement within a week

31. Collecting Money (cont) • When money is collected at events such as dances and parties, Cash Handling & Wristband Procedures for Recognized Student Organization Events must be followed • These procedures can be found on the Student Involvement website under General Policies for Student Organizations

32. Collecting money (cont) • All money collected must be deposited into your on-campus organization account, unless your organization has a national affiliation which requires use of an off-campus account • Checks should be restrictively endorsed as soon as they are received (for example, For Deposit Only, George Mason University, Org. 610xxx) • Money must be deposited by close of business the day after collection of $500 or more, and by the end of the week, if less than $500 is collected

33. Collecting Money (cont) • Student organizations may not use Pay Pal to collect money • Student Organizations may not open off campus bank accounts unless their organization is affiliated with a national organization, such as a fraternity, that requires use of an off campus account

34. Depositing Money • Use a triplicate Cash Receipt form to deposit money into your organization account • Cash Receipt forms are available at the Office of Student Involvement • Make deposits at the Cashier’s Office located in SUB I • Student organizations should provide a copy of all Cash Receipts to the Office of Student Involvement so that we can check to make sure your deposits post properly to your account • Student organizations may check their account balances by sending an email to the Student Involvement Business Manager

35. Transferring money • Money can be transferred from student organization accounts to other university organizations using a Journal Voucher (JV) • JVs can be used to: -- pay a GMU department for a service -- send money to another student organization Ask the Business Manager to prepare a JV if you wish to make a transfer

36. Paying for other services • Other GMU services also can be “charged” to your organization account, including Events Production, Print Services, and Parking • These services are not free • Your organization will be responsible for covering all charges it incurs, so be sure there is sufficient SGR or funding in your account to cover your charges

37. Record Keeping • Financial Records must be kept for three years • Outgoing organization leaders should transfer financial records to incoming leaders to ensure a smooth transition • Complete a “Drop Off” form whenever you submit documents to the Office of Student Involvement. Keep the yellow copy of the form and a copy of all submitted documents, in case paperwork is lost or misplaced

38. Important Deadlines • Purchase Order Request Form: submit at least 5 days before your event • Contracts for performers, instructors and DJs: submit at least 30 days before the event • Student Organization Payment Requests: submit no later than 3 weeks after the event • Travel Reimbursement Vouchers: submit no later than 3 weeks after the trip • Event Evaluation Form: submit within 10 days after the event

39. Download forms These forms can be downloaded from the Spending Money section of the Student Involvement website (under Student Organizations): -- Student Organization Payment Request Form -- Food & Beverage Form -- Purchase Order Request Form -- W-9 Tax Form -- Independent Contractor Evaluation Form -- GMU Contract Packet -- Honorarium Payment Request -- Risk Assessment Form -- Event Evaluation Form • The Cash Receipt form cannot be downloaded; pick up from Office of Student Involvement • Travel Forms generated online: https://travel.gmu.edu/

40. Questions? • For questions about this presentation, and for questions about payments, and reimbursements, contact: Barbara Campbell Business Manager, Office of Student Involvement bcampbe2@gmu.edu • For questions about Student Funding Board applications and appeals, contact: Sara Morrisroe Associate Director of Student Involvement, Office of Student Involvement smorrisr@gmu.edu

41. Test • This concludes the Fiscal Management Workshop presentation • Presidents and Treasurers of Recognized Student Organizations must complete the test which follows here • Test results must be sent to the Student Funding Board at SFB@gmu.edu

42. Question 1 • How can student organizations get money to support their activities? • A) By applying to the Student Funding Board • B) By collecting dues • C) By holding an event and collecting admission fees • D) All of the above

43. Question 1 Answer • Correct Answer: D, All of the above. • Organizations may apply for funding from the Student Funding Board, or they may generate their own revenue by collecting dues and holding fundraising events

44. Question 2 • True or False: • Accounts Payable accepts copies of receipts as proof that a reimbursement payment is justified

45. Question 2 Answer • Correct Answer: False. • Accounts Payable requires original, itemized receipts as proof of payment.

46. Question 3 • What other items might Accounts Payable accept as proof of payment? • A bank statement showing the expense • A credit card statement showing the charge • Neither A nor B • Both A and B

47. Question 3 Answer • Correct Answer: D, both A and B. • Accounts Payable sometimes will accept either a bank or credit card statement as proof of purchase

48. Question 4 • True or False: • With the exception of catering orders arranged through Sodexo Special Occasions Catering, all requests for payment for the purchase of food must be accompanied by a Food and Beverage Form

49. Question 4 Answer • Correct Answer: True • A Food and Beverage Form should accompany Student Organization Payment Requests and Purchase Order Requests whenever food is purchased from any source other than Sodexo Special Occasions Catering

50. Question 5 • When must a W-9 form be submitted? • When applying for funding • When the person or vendor to be paid has not previously been paid by the university • Whenever a Food & Beverage Form is needed • When the total cost is more than $1,000