Welcome to Regional Trustee Financial Management Training Sunday, August 28, 2016

1. Welcome to Regional Trustee Financial Management Training Sunday, August 28, 2016 SABO Student Activities Business Office

2. What is SABO? WHO Storrs Trustee/Tier III Organizations Regional Trustee Organizations Storrs Tier II Organizations Department of Student Activities WHAT Banking Tools, Resources and Guidance for sound business practices Financial Advice, Instruction & Recordkeeping Payroll Purchasing Event Supplies and Support WHERE Storrs Student Union Room 314

3. Financial Advisor Role WHO Sylvie Godbout for Regional Trustee/Tier III Organizations Kimberly Meanix Miller for Storrs Trustee/Tier III Organizations Campus Advisor/Activities Coordinator WHAT Financial Training Regular Meetings to Anticipate Needs Inventory Management Budget Support Review every transaction for: Legality & Policy Beneficiary Organization, Officer & Advisor Approval in advance Documentation, Documentation and Documentation WHERE Student Union Room 314

4. Part I Foundation

5. Tier III • Department of Student Activities Established Tiers • Tier III Designated to Organizations: • Supported by Student Fees • High Visibility • High Accountability • Large Constituency • Moderate to High Risk Activities • Reliance on University for Funding and Financial Support • Regular Interaction with University Staff

6. Trustee • Established by the University • Approved by the State of Connecticut • Account established for the “Welfare” of Others • In your case, the fee paying student body, Constituents • In Compliance with: • CGS Sections 4-52 through 4-57a • State Comptroller’s Manual for Activity/Welfare Funds • Relevant University Policies and State and Federal Law • Blueprints Manual

7. Organization Documents • Constitution (Fundamental Organization) • By-Laws (Day to Day Operation) • Codes of Conduct • Internal Policy Examples: • Funding • Travel • Refreshments • Phone Use • Mailing Protocol • Elections • Hiring

8. Leadership and Support • Student Eligibility • Key Student Leaders: • President • Treasurer • Secretary • Program Chair • Ideally in place by end of March to: • Maximize formal training • Allow for knowledge transfer/shadowing current leaders • Hit the ground running for fall semester • Frequent Meetings with Campus Advisor • Regular Meetings with SABO Advisor

9. Part II Transparency

10. Meetings • Organizations establish needs -> Regular Meetings • Wherever decisions are made & business transacted • Trigger Reporting Requirement for all meetings • Emergency/Special Meetings same requirements • Examples: • Executive Committee establishing a budget – YES! • Working group planning an approved event – NO! • Meetings open to Constituents • Consider Designated Constituent Comment Period

11. Agendas • Published in advance to best reach your Constituents • 7 days in advance of the Meeting • Suggest publishing with the following: • Minutes of the previous meeting • Regular Reports (President, Treasurer, Committee Chairs, etc) • Background Information for Discussion Items • Background Information and proposed motions for Action Items • Maintained in Organization Files • Include: • Include Org, Subcommittee, if applicable, Meeting Date, Time, Location, Type (Regular, Special, Monthly, etc), Matters for Discussion and Matters for Action

12. Minutes • Must be taken for all Meetings • Must be published within 7 days of meeting • Must be provided to SABO • Must be retained by the Organization • Must be approved at subsequent meeting • Include all information from Agenda plus: • Voting Members, number representing a quorum and notation of present, absent, late arrival and early departure • Non-Voting Members, if applicable, and notation of present or absent • Guests present during any portion of the meeting • Matters discussed, action taken and regular reports • Include legislative intent, dissent, conflict of interest, vote outcome • Foot the minutes and title document

13. Document Title for Minutes • Include Organization • Include Subcommittee, if applicable • Include Meeting Type, if applicable • Include Date of Meeting YYYYDDMM • Include Fiscal Year Notation and Nmbr • Include the number of the meeting • This is so it is clear if we are missing a set of minutes, 01, 03 • Example: Hfd ASG Exec Monthly 20161122 Meeting Minutes #17-01

14. Conflicts of Interest • When an interest is different for one than other members • Disclose conflicts of interest, even if only perceived • Recuse yourself from participation and leave room • Upon conclusion of vote, return and be recognized • Freedom of Speech • If a student feels only person that can advocate, can do so • Must make it clear not speaking as a member of the org • Must still leave during deliberation and vote • Abstention not appropriate for conflict • Abstention is an action on a matter • Abstention conveys the student participated • Students cannot participate when they have a conflict

15. Reasons to Abstain • Protocol • Some organizations have President/Chair always abstain • President/Chair would only vote to break a tie • Deficiency of Information • If a member were absent when information was discussed • Member feels they need more information but vote called • Minor opposition, matter has overwhelming support • Opposition not so strong as to oppose the majority • Opposition strong enough not to want to cast vote in support • True indifference • Should be a rare occurrence • Member truly on the fence and feels outcome no real impact • Red t-shirts vs. blue t-shirts example

16. Importance Organizations can ONLY act in a MEETING AND that action MUST be documented in MINUTES OR …. THAT ACTION NEVER HAPPENED!

17. Other Reporting Requirements • Inventory • Minimally at Officer Transition • Budget Adoption • No later than September 30, for current year • Student Fee Advisory Committee (SFAC) Budget Projection • Deadline determined by SFAC near end of Fall • Monthly Financial Statements • Due 5th of the Month for the previous month end

18. Organization Website • Purpose/Mission Statement • Governing Documents (Constitution, By-laws, Codes of Conduct, etc.) • List of student officers, including office hours and contact information • List of board members/professional staff members (if applicable) with contact information • Up-to-date meeting dates, times, locations, agendas, and minutes • Approved budget information • Information on how to get involved and upcoming events

19. Part III Financial Policies

20. Inventory • Sufficient Controls • President & Treasurer Responsible for Inventory Control • Inventory are items with a lifespan > 1 Year • Capital Inventory > or = $1,000 • Controllable Inventory < $1,000 • Physical Inventory required minimally 1X/Year • Newly purchased items must be added accordingly • Broken/antiquated items must be disposed of following a specific process • Items with no further use to the Organization but with remaining useful life – contact SABO for disposition

21. Budget • Organization should start with the previous SFAC documents • Make changes where appropriate considering: • Actuals differing from projections • Changes in direction of the organization • Changes in quantity or cost of anticipated personnel • Changes in quantity or cost of anticipated purchases • Changes in events or programs • Organization must approve that year’s budget and submit to SABO by September 30, 2016 • Organizations must work with SABO to prepare SFAC Budget Projection due early December

22. Events • Plan a minimum 1 month in advance • Organization Approval • Audience (fee paying students) • Advertise • Budget • Purchases what, how & from whom • Get advice to maximize success • Assess right after event! • Track attendance All fund-raising must be submitted to SABO for review and approval prior to planning

23. Illegal Activities • Per State of Connecticut Division of Special Revenue No Gambling No Raffles http://www.ct.gov/dosr/site/default.asp

24. Revenue Verification • Receipt Books • Written whenever money received • All revenue must be deposited • Total of receipts must equal total deposit • Copies • White Copy to Customer who made payment • Yellow copy documents deposit • Pink copy remains in book for continuity • Completed Receipt Book kept with financial records • Void all three copies and keep with book

25. Receipt

26. Deposits Complete receipts for your Revenue Make timely deposits of all revenue • Establish regular banking visits • Minimum weekly • Have one or two back-up people if you can’t make it • Don’t put off because of amount • If anticipate substantial deposit • Plan special trip for someone to go to the bank • If $500, must deposit within 24 hours • Scan/Copy checks deposited • Separate deposits, if needed DO NOT pay any event expenses from revenues

27. Contributions • If value under $25, may be accepted without DSA approval • If value over $25, considered gifts and must be reviewed and approved by SABO • All donors wishes a donation to be tax deductible, they must go through foundation

28. Risk Management 125.00 • No pencil, blue ink only • Ethics • Separation of duties • Corrections • Meaning of your Signature 125.00 125.00 00 125.00 100.00 DV

29. Treasurer Role Responsibilities • Convey financial information to Organization • Within Organization, only one vote just like every other member • Execute Organization Direction from Meeting Financial Information CFO executes decision ORG is decision maker Direction

30. Expenditure Decisions • Approved in Minutes before money spent or committed (up to $ language) • Organization Consider: • Legality and adherence to policies • Cost/Benefit to constituents/student body • Budget • Need and all alternatives to meet the need • Reasonableness • Cost Benefit to Organization • Travel must be approved in advance even if no cost is associated

31. Bank Account Signers • The Bank of America (BOA) signature card takes about 3 weeks to get approved through State Treasurer office and BOA • BOA signature card needs 4 signatures: • 2 University Staff - Regional Campus Student Activities Coordinator and their supervisor or designee • 2 students - Properly elected/appointed President and Treasurer • Two signatures are needed on checks: • Treasurer and Activities Coordinator • No one can authorize a check payable to themselves • There is an exception to allow two staff to sign should there be a gap in student leadership, however, the expense still must have been APPROVED BY THE STUDENT ORGANIZATION

32. Purchasing • Lead time, lead time! • Before commit or pay- • Minutes & three signatures always required • Must pay directly, minimize reimbursement • Cannot sign contract OR pay in advance! • Questions - • What? Product or Service? • Who? Vendor Choice? • How much? • Method of Purchase?

33. Purchasing a Product(s) • Life Expectancy over a year? • YES? • Durable item, add to inventory • Not appropriate for reimbursement • NO? • Expendable product, do NOT add to inventory • Okay to reimburse if not possible to pay direct • How much is it? • Quotes >$1,000, >$5,000, >$10,000 • If small purchase, SABO Check okay

34. Purchasing a Service • Federal Tax Reporting Obligation • Never appropriate for reimbursement • Speaker, Entertainer, Coach? • Over $1000? • State Requires we withhold taxes OR get a waiver form • If Student, must process via payroll • If State Employee, must be approved by University Office of Audit, Compliance and Ethics

35. Methods of Payment • Hits KFS/Kuali – Monthly Bill • Husky Buy • University Department like Catering • University Contract via Purchase Order • Pro-card • Amazon which goes through the Pro-card • Direct • Check via Student Government Account • Use of Organization PO & Payment Works • Reimbursement • Requiring Proof of Payment by Student

36. Accounting/Bookkeeping • Record transactions: • Use SABO Financial Workbook • Check register, spreadsheet, etc. • Report financial status: • Total Income • Total Expenses • Current Balance

37. Outstanding Checks • Outstanding Checks • Collect contact information from payees before payment • Deliver payment quickly • Follow up on your outstanding check • Escalate contact as time passes • This is the organization’s responsibility!

38. Travel • Must be approved in advance with up to $ • Pay directly whenever you can • Reimbursement okay for travel • Save all receipts • Mileage rate, insurance levels • Tips up to 20% • ITEMIZED ORIGINAL receipts are required!

39. University (KFS) Bill • Monthly • Pay timely • Gather documentation throughout month • Use campus business office to deposit payment • Ideal Organization review budget vs actual and vote authorizing payment • Organization responsible for all documentation • Payroll • Any University Purchasing • Procard Transactions • One Card Credits

40. Miscellaneous • Tax Exempt • Advances • Gifts • Gift Cards • Prize Forms

41. Voucher • Complete Voucher Information • Do not indicate, “See Attached” • Be certain all documentation is included • Require it “Scan Ready” • No staples • Small receipts taped down • Be sure beneficiary information added (attendance)

42. Establish Process • Set expectations for your Tier II groups • Regular Meetings where funding is addressed • Minutes produced quickly and accurately • Mailbox set up for drop off of funding requests • Funding Officers meet weekly to address • Students/Organizations notified of checks cut • Students/Organizations pick-up during office hours

43. Summary • Where do we go from here? • Updated Policy Documents going through approvals • Establishing procedures to incorporate use of electronic resources • Establishing Regular Training such as this • Updating the workbook • Policies need not be memorized but used as references • Martin Luther King’s Birthday Training

44. Questions • Sylvie Godbout, Accounting Manager, Sylvie.Godbout@UConn.edu • Kimberly Meanix Miller, Financial Manager, Kimberly.Miller@UConn.edu • SABO Office 860-486-3163 Thank you for your time and attention!