FISCAL MANAGEMENT PRESENTATION

1. 2014-2015 FISCAL MANAGEMENT PRESENTATION

2. Welcome • This presentation contains information about depositing and spending money from a GMU student organization account. • Additional information can be found in the RSO Fiscal Handbook on the Student Involvement website, si.gmu.edu, in the Fiscal Management section under Student Organizations.

3. Organization Finances • IMPORTANT: Registered Student Organizations (RSOs) do not automatically receive money when they complete the registration process. • Instead, RSOs in good standing are eligible to apply for and receive funding from the Student Funding Board. • No funding will be awarded to organizations unless the officers have completed all required fiscal training.

4. HOW CAN YOUR ORGANIZATION GET MONEY TO SPEND? • Registered Student Organizations (RSOs) can get money to spend in two ways: • By raising money themselves (self generated revenue or SGR), and • By applying for funding from the Student Funding Board (SFB). • If your organization has not applied for funding and has not raised money, you have no money to spend.

5. Self Generated Revenue -- SGR • RSOs can raise money by collecting dues, charging admission for events, securing donations and sponsorships, and winning campus competitions. Money raised this way is called self generated revenue, or SGR. • All monies collected must be deposited into your student organization account, unless your organization has a national affiliate that requires an outside bank account for tax purposes. • Checks should be made payable to your organization, for example, “GMU Bicycling Club”.

6. Collecting Money • Student Organizations MAY NOT use Pay Pal to collect money. • Student Organizations MAY NOT open off-campus bank accounts. • Self Generated Revenue (SGR) should never be deposited into a personal bank account. • When money is collected at events such as dances or parties, Cash Handling and Wristband procedures must be followed. These procedures can be found on the Student Involvement website under General Policies for Student Organizations.

7. Student Funding Board -- SFB • Tier 1 RSOs may apply for up to $1,000 SFB funding per year. • Tier 2 RSOs may apply for up to $3,000 SFB funding per year. • Tier 3 RSOs may apply for up to $5,000 SFB funding per year.

8. More about SFB • Funding can be used only for the event or purpose for which it is awarded. For example, if your organization is awarded $200 to pay a speaker on October 15, the funding cannot be used to buy refreshments for a meeting on October 30. • An Event Evaluation must be submitted after events funded by SFB. • If you fail to follow proper procedures, your organization may lose its eligibility to receive future funding from the Student Funding Board.

9. Spending SGR and SFB • Once your organization has raised SGR or been awarded SFB, there are several ways to spend the money. • All spending must comply with the rules and guidelines of the Commonwealth of Virginia and GMU. • All requests for payments must be signed by the President or Treasurer of your organization. • All spending activity must be approved by Student Involvement.

10. On-Campus Purchases • RSOs may use their student organization number to charge payments for campus services such as Copy Center, Parking Services, Events Production, and facility rentals (Corner Pocket, Center for the Arts, etc.) • Using your organization number to charge campus services is like using a debit card. The charges you make will automatically be deducted from your account. Be sure that you have SGR or SFB in your account to cover the charges you make. Otherwise, you will be required to make a deposit to cover your spending.

11. Campus Caterer • RSOs can use their organization number to charge catering from the campus caterer, Special Occasions Catering a.k.a Sodexo. • Sodexo orders are placed on-line at catering.gmu.edu. • Sodexo offers two kinds of service: regular catering for which they will deliver the food to your event, and a less expensive “Shoe String Menu” of food items that RSOs can pick up to bring to their events.

12. Off-Campus Purchases • There are several ways to purchase and pay for goods and services from off-campus vendors. These include: • --1) using a Purchase Order • --2) paying out-of-pocket and then seeking reimbursement • --3) contracting with a DJ, workshop presenter, or performer • --4) sending payment for dues or conference fees, and • --5) giving a token of appreciation to someone who has rendered a professional service.

13. 1) Purchase Orders • Purchase Orders (POs) will allow you to get the goods you want without having to pay from your own pocket. • RSOs may request Purchase Orders (POs) to pay off-campus vendors such as Domino’s, Giant Food, Panera, Jason’s Deli and others. • When purchasing food from an off-campus vendor, you must use a GMU Approved Caterer. A link to the Approved Caterers List can be found in the Fiscal Management section of the Student Involvement website.

14. More about Purchase Orders • To get a Purchase Order (PO), submit a Purchase Order Request Form at least 5 days before your event. • Attach an estimate or invoice from the vendor to the PO Request. • If the PO is for purchase of food, attach a Food & Beverage Form.

15. Purchase Orders, continued • We will issue a Purchase Order and send it by email to the student who requested it. • The student will print out the PO and give it to the vendor when it comes time to pay. • Very Important: After your event, you must submit the cash register receipt or final invoice from your purchase. Accounts Payable cannot pay the vendor without the receipt or invoice.

16. 2) Reimbursements • For purchases at places that will not accept Purchase Orders, you will have to pay for the goods and then seek reimbursement. • To request a reimbursement to a member of your organization, submit an RSO Payment Request Form. • Attach an original, itemized receipt and proof of purchase. • Acceptable forms of proof are either a copy of a cashed check (front and back sides), or a bank or credit card statement showing the transaction. • If the reimbursement is for the purchase of food, a Food & Beverage Form must be submitted.

17. More About Reimbursements • Note that the student who is seeking reimbursement must sign the RSO Payment Request Form. • If a Food & Beverage Form is submitted with the reimbursement request, the student seeking reimbursement also must sign the top line on that form. • If your organization is seeking payment to a person who is not a GMU student, that person does not have to sign the RSO Payment Request form.

18. More on Reimbursements • Very important: Without an itemized receipt and proof of purchase, Accounts Payable will not process a reimbursement. • An itemized receipt shows each item that was purchased. The credit card signature slip is not an itemized receipt because it does not list the items purchased. • The university will not reimburse any taxes you pay. • Accounts Payable can take up to 30 days to process reimbursements.

19. 3) Paying a DJ, Performer, or Workshop Presenter • To hire and pay a DJ or performer, you must submit a GMU contract packet and a Purchase Order Request Form at least 30 days before the event. • The Contract packet includes: a) a contract which must be completed and signed by the performer, b) a W-9 form which the performer must complete, and c) an Independent Contractor Form, which you must complete to verify that the performer is a contractor and not a GMU employee. • Under no circumstances should a student sign a contract.

20. 4) Conference Registration and National Dues • To pay conference registration or dues to a national organization submit: a) an RSO Payment Request Form, b) an invoice or other documentation showing the amount due, and c) a list of students for whom the registration or dues are being paid. • Requests to pay conference registration must be submitted at least 30 days before payment is due to the conference. • You must have self generated revenue for dues payments. No funding will be awarded for dues payments.

21. 5) Honorarium • RSOs may pay Honorariums as tokens of appreciation to persons who provide professional services, such as presentations, for which payment is not required – that is, no fee is set or negotiated by the presenter. • Presenters should arrange and pay for their own transportation. The Honorarium payment may include a sum to help defray the presenter’s travel expenses in addition to the amount given for appreciation. • Students should never pay out of pocket for presenter travel expenses. • To request an Honorarium payment, submit an RSO Payment Request Form along with a W-9 form completed by the presenter and documenation showing that the presentation took place – a flyer, announcement, etc. • Honorariums can be paid only to individuals, not to organizations or businesses.

22. One more way to pay • A Journal Voucher (JV) can be used for an internal transfer of money to pay another student organization (for example, when co-sponsoring an event) or a GMU department (for example, when paying Mason Recreation for use of fields or equipment). • To request a JV transfer of money to another RSO or a GMU department, send an email to the SI Business Manager stating the amount of money to transfer, the organization to receive the transfer, and a contact person who expects to receive the transfer. • To pay Mason Recreation for use of fields or equipment, submit a copy of the invoice from Mason Recreation and a Student Organization Payment Request Form.

23. T-shirts • Student organizations may buy t-shirts with self generated revenue. No funding can be awarded for the purchase of t-shirts, pens, cups, wristbands etc. • To request payment for such items, submit a Purchase Order Request Form and an invoice from the vendor. • If any Mason trademarks will appear on the shirts or items, you must buy the shirts from an approved logo vendor. A link to the list of GMU logo vendors can be found on the Student Involvement website in the Fiscal Management section.

24. Procedures for Collecting Money • The Commonwealth of Virginia requires the following: • When collecting money, payments should be recorded in a log. • All checks collected should be restrictively endorsed upon receipt (for example, on the back of the check you should write, “For Deposit only, GMU org 610xxx”.) • A receipt must be given to each person who pays money. • All monies collected should be properly safeguarded and should be deposited as soon as possible into the student organization account. • Instructions for making deposits can be found in the RSO Fiscal Handbook.

25. Record Keeping • GMU requires that all financial records, such as Cash Receipts and deposit logs, should be maintained for at least three (3) years. • Records should be passed from out-going officers to in-coming officers. • Be sure to keep a copy of all documents submitted to Student Involvement in case the original paperwork is lost.

26. Restrictions on purchases • GMU is prohibited by state regulations from paying for the purchase of alcohol, gifts, gift cards, and items of a personal nature. • If you purchase such items, you will not be reimbursed. • Purchase Orders may not be used to purchase prohibited items (for example, at Giant Food).

27. Food & Beverage Form • A Food & Beverage Form is needed whenever food is purchased, no matter whether a Purchase Order is used or someone pays for the food and seeks reimbursement. • There is one exception. Orders placed with Sodexo, the on-campus caterer, do not require a Food & Beverage Form. • RSOs should always check box #3 on the form, for “Student Club Function”.

28. More on Food & Beverage Forms • Food & Beverage Forms that accompany Purchase Order Requests should list the vendor (i.e., Domino’s, Giant Food) in the Vendor Payee box in the upper left-hand corner. • Food & Beverage Forms that accompany reimbursement requests (with the RSO Payment Request Form) should list the student who is seeking reimbursement (i.e., Jane Doe) in the Vendor Payee Box in the upper left-hand corner. • Very Important: Students seeking reimbursement must sign the top line at the bottom of the Food & Beverage Form.

29. Questions? • All of the information presented here, as well as additional information and links to forms, can be found in the Fiscal Management section of the Student Involvement website, si.gmu.edu. • If you have questions about spending money or you want to know your organization’s account balance, contact Barbara Campbell, Business Manager, at bcampbe2@gmu.edu. • For questions about funding applications and funding awards, contact Sara Morrisroe, Associate Director, at smorrisr@gmu.edu, or Melissa Masone Ulmer, Assistant Director, at mmasone2@gmu.edu. • The following pages of questions are provided for review. We encourage you to take a few minutes to look over the questions and answers.

30. Question 1 • True or False: RSOs automatically receive funding when they complete the registration process.

31. Answer 1 • False. RSOs do not automatically receive funding. They must apply for it.

32. Question 2 • True or False: The only way for an RSO to get money is to apply for funding from the Student Funding Board.

33. Answer 2 • False. RSOs may raise money themselves by collecting dues, charging admission to events, getting donations and sponsorships, winning campus competitions.

34. Question 3 • True or False: RSOs may use Pay Pal to collect money.

35. Answer 3 • False. RSOs may not use Pay Pal to collect money.

36. Question 4 • True or False: Only the President or Treasurer of an RSO may request that a payment be made from the organization account.

37. Answer 4 • True. The President and Treasurer are the only individuals authorized to spend money from RSO accounts.

38. Question 5 • True or False: If you use your organization number to charge campus services such as Events Production or Copy Center, the fee will automatically be deducted from your RSO account.

39. Answer 5 • True. Charges made on campus using your RSO organization number are automatically deducted from your account.

40. Question 6 • True or false: A Purchase Order allows RSOs to get goods and services from off-campus vendors without paying out of pocket.

41. Answer 6 • True. With a Purchase Order, students do not have to pay out of pocket.

42. Question 7 • True or False: A GMU Contract Packet must be completed and submitted 30 days in advance in order to hire a DJ, performer, or workshop presenter.

43. Answer 7 • True. To hire a DJ, performer or workshop presenter, a GMU contract and Purchase Order Request must be completed and submitted at least 30 days in advance.

44. Question 8 • True or False: To process a reimbursement, Accounts Payable will accept a copy of a receipt or the credit card signature slip.

45. Answer 8 • False. In order to process a reimbursement, Accounts Payable requires the original, itemized receipt. Accounts Payable will not accept copies of receipts or credit card signature slips.

46. Question 9 • True or False: RSOs may apply for and receive funding for the purchase of t-shirts.

47. Answer 9 • False. No funding can be awarded for the purchase of t-shirts.

48. Question 10 • True or False: When purchasing food from an off-campus vendor for an event on campus, RSOs may choose any caterer or restaurant they please.

49. Answer 10 • False. Food for on-campus events must be purchased from Approved Caterers.

50. Question 11 • True or False: Financial records must be kept for at least 3 years and should be passed from out-going officers to in-coming officers.