Spring 2011

1. MIT Student Activities Office Financial Trainingfor Student OrganizationsMain AccountFinboard and GSC AccountsClub Sport Accounts Spring 2011

2. MIT Main Accounts • Recognized organizations have the autonomy and responsibility to spend their MIT funds according to MIT rules and regulations. • All funds within the group account are guaranteed by MIT once deposited into MIT account. • Group funds cannot be deposited in non-MIT accounts. • Must be ASA recognized. • … includes all student group funds outside of GSC Funding Board or UA Finboard. • …funds are easily accessible and carry over yearly. • Additional accounts may be requested and are granted on a case by case basis by SAO.

3. MIT Funding Accounts • Consists of UA Finboard or GSC Funding Board allocated funds • Funds are “term specific”. They DO NOT rollover beyond the funding term. • Student groups may only approach ONE funding board per academic year. • Guidelines for spending are based on funding board requirements as well as MIT Policy.

4. Signatory Expectations • Group treasurers must regularly monitor all account activity. • The Treasurer makes sure group members and officers know who the Financial Signatories are. • Treasurers should be aware of transactions processed by other authorized Financial Signatories at all times. • SAO expects groups to confirm/validate account transactions monthly. • Treasurer and financial signatories are expected to adhere to good business practices, responsible for managing accounts ethically and using Group funds appropriately. Any odd or questionable incidents within the group, should be immediately reported to SAO. • Access should be updated at the end of each fiscal year

5. Financial Transaction Types Note: MIT is a non-profit organization and is thereby tax-exempt. MIT Sales Tax Exempt Forms should be presented when purchasing materials for student organizational business use ONLY. If you are traveling outside Massachusetts, please request the tax exempt form for that state, 5 business days out by e-mailing funds@mit.edu Purchase Orders MIT Requisitions Check Requests Internal Transfers Wire Transfers Cash boxes Deposits

6. Financial Transaction Types: Purchase Orders (PO) **For any payment over $500** • **This process is still completed on paper! • A PO does not: • Authorize checks. Separate vouchers are required for checks. • The final and all invoices need to be signed/approved by a signatory. • Name of company • Address of company • Federal ID of company • Phone • Fax • Selection of Source over 5k • Description of Event (Amount people /food/ entertainment/event timing) • Itemized Quote

7. RequisitionsMIT Internal Vendors • This is a way to make a purchase without having to spend money out of your pocket • Look at Shop MIT web page for links to MIT internal providers • Copy Tech • Audio Visual • Caterers on campus • Endicott House • Facilities (movers, electricians…) • Mail Services • E-Cat Purchases

8. Requests for Payment: System Overview • Who Can use this System? • Individual Submitter • seek a reimbursement (a payee) • Student Group Treasurer Submitter • create RFPs for reimbursements or payments • review and create for self or others • Approver (SAO) • approve RFPs • Payees • May be MIT or non-MIT

9. RFP compared to Voucher • Signatories still have to sign off • RFP needs to be sent electronically to the Treasurer • Once treasurer reviews it, they will send it to SAO • RFP’s should be sent to Catherine Hursh • Treasurers do not hit the “approve” button • All signatories still need to be listed in the ASA Database • You may not approve your own RFP • Receipts must be scanned and attached to RFP • Original receipts with RFP # written on it has to be turned in to SAO BEFORE RFP will be approved.

10. Process to complete an RFP • Step One: • Access SAPweb > Purchasing > Requests for Payment (RFPs) • Go to: http://web.mit.edu/sapweb • Select the Purchasing tab. • Select: • Reimbursement for non‐taxable goods and services or • Payment for taxable goods and services.

11. To Create a Reimbursement: • Payees may be MIT or non‐MIT. Non‐MIT payees who are not in the system will require additional information on the RFP form. 1. Select MIT or non‐MIT 2. Enter the payee name and click Search. 3. Click the name from the Select Payee search results. • If a non‐MIT payee’s name is not part of the search results you may click Continue and enter the payee's information manually. • A blank RFP form opens with the selected name as the Payee. Note the Change Payee button.

12. RFP Required Information is Marked by an Asterisk * • The Payee name is displayed. You may also see a Change Payee button. • Assign a name – Group Name/Account Number • If a permanent address is not already on file you will be required to supply one. This is for tax purposes.

13. Enter Social Security or Taxpayer Identification number. (not needed for reimbursements) • If payee is not a US Citizen or Resident Alien you are required to enter the Visa type and country of citizenship. • Mailing address will be entered automatically from SAP records or from the Tax Address entered in step 2. • You may choose to have a check delivered to an MIT person at an MIT address or you can elect to be called when the check is ready for pickup.

14. Enter Line Item information – G/L Account and Cost Object may be left blank for treasurer to complete. Enter the Amount of all receipts. An Explanation is required. • Click to Add Line if costs are to be split among multiple G/Ls or Cost Objects. • Add a Note to Central Office (optional) if there is an MIT VENDOR already created for the organization/person but it didn’t show up • The Save and Continue button creates your RFP record in SAP and assigns it a number.

15. Attaching Receipts • The dialog box shown at the right will appear right after you click Save and Continue. Youmay choose cancel to attach receipts at a later time. • To attach receipts: • Click the Attach Receipt button. • Click Browse and locate the file with your scanned receipts. • Click Attach to link the scanned receipts file to the RFP. • Click View Receipts on the RFP form to open attached files. These may be viewed but not edited. • Note: You may attach receipt files at any point in the process. • contracts should not be scanned, they should be put on file as • they are now (@ SAO) and place a comment in the notes section on the RFP

16. Send to/Approval • When an RFP is complete it must be sent to the next person in the process. This is essential to move the RFP to the next step. • Submitters and reviewers may use the Send to button to route the RFP to another individual – another reviewer or an approver. • An Approver (SAO) will use the Approve button to send the RFP to Accounts Payable for final approval and payment.

17. Click the Send to button. • Enter the recipient’s name in the Search for Recipient box. • YOU SHOULD SEND THE RFP TO YOUR TREASURER • From the list of results, click on the desired recipient’s name. • Add any optional Note to Recipient. • Click the Send button. • Treasurers should send RFP to Catherine Hursh by e-mailing cahursh@mit.edu

18. Getting The Check/Money • If it’s direct deposit the money will be in your account the morning after the RFP is approved • Please keep in mind no RFP will be approved until the PAPER receipts are received • If check is being mailed, it will be sent on the 2nd business day after it was approved. • If check is coming to campus for mail/pick-up it will be on campus on approximately the 2nd business day after being approved.

19. When Making a Donation… • Checks for donations to charitable organizations: • Complete Student Activities Donation to Charity form • Organization’s written mission statement • Usually available on their website • Organization’s name, address, phone, fax • Not for Profit ID Number (Tax ID Number) • Foreign organizations require additional approval • All of this information should be used as the supporting documents for the online RFP

20. Financial Transaction Types: Internal & Wire Transfers • Internal Transfers • moves money/expenses from one MIT account to another • or • reclassifies an expense within an account • Need to show original expense being transferred, on the transaction report Wire Transfers • SAO can accept wire transfers for a student group’s main or reserve account from outside companies/individuals • Contact funds@mit.edu to make arrangements in advance.

21. Financial Transactions: Cash Boxes • Financial Signatories should request a locked cash box for events (when collecting cash or selling items) • Cash boxes include $40 • Advanced notice is necessary when requesting cash boxes • Please e-mail funds@mit.edu to request cash box

22. Deposits Deposits can be made: • Bring deposit to W20-549- place in deposit box on wall • Use SAO envelopes provided and keep the yellow copy of the deposit slip for your records along with copies of any checks • Make arrangements in advance for night or weekend deposits using a coded SAO deposit bag and key

23. Other Services Available Payroll Special Contracts TechCash Services Additional Training Available For: SAPWeb Reporting Travel E-Commerce Services Fundraising/Sponsorship

24. Supplemental Funding • Groups use after approaching GSC Funding Board or UA Finboard if they do not receive sufficient funding for an event • Please see the Student Activities Office before your group solicits funds from any MIT department/lab/center.

25. Questions: • Any questions? • Concerns