1 / 15

Monday, November 10, 2008 Memorial Union 12:00 – 1:30 p.m.

Financial Management & Funding. Workshop. Monday, November 10, 2008 Memorial Union 12:00 – 1:30 p.m. Financial Management & Funding Agenda . Financial Management Financial Regulations of RSOs Roles & Responsibilities Bank Accounts Budget Planning Documentation & Cash Handling

sheryl
Download Presentation

Monday, November 10, 2008 Memorial Union 12:00 – 1:30 p.m.

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Financial Management & Funding Workshop Monday, November 10, 2008 Memorial Union 12:00 – 1:30 p.m.

  2. Financial Management & Funding Agenda • Financial Management • Financial Regulations of RSOs • Roles & Responsibilities • Bank Accounts • Budget Planning • Documentation & Cash Handling • Funding Opportunities • Funding Chart (MCC, ASM, WUD) • Wisconsin Experience Grant • Other Resources (UHS, Grants Info. Collection, etc.)

  3. Financial Regulations of Registered Student Organizations (RSOs) • 1. Provide SOO with a student contact who is authorized to represent the RSO in their financial matters.

  4. Financial Regulations of Registered Student Organizations (RSOs) • 2. Maintain accurate and complete financial records of all receipts and expenditures and make records available to any organizational member upon request.

  5. Financial Regulations of Registered Student Organizations (RSOs) • 3. Make all financial records available for examination no later than 15 days after receiving a written request from the Chair of the Committee on Student Organizations (CSO) or the Director of SOO. Such requests shall be made only in order to: • (a) ensure public access to information regarding the generation of revenue using university facilities or • (b) investigate allegations that RSO funds have been misappropriated or misused.

  6. Financial Regulations of Registered Student Organizations (RSOs) • 4. Should the Director of SOO or the Chair of the Committee on Student Organizations (CSO) learn that a RSO is not abiding by these regulations, and the student organization does not contest that fact, the Director of SOO and the CSO will determine appropriate sanctions. • If a group contests the allegation, the Chair of the CSO or the Director of SOO will file a complaint requesting discipline through the CSO.

  7. Roles & Responsibilities • Sound Financial Management is everyone’s Responsibility • Treasurer/Financial Manager • Prepare Organization’s Budget • Initiate and Maintain Financial Accounts • Serve as Authorized Signer • Maintain Accurate Records • Collect Dues, Distribute Receipts • Organize Deposit Slips, Balance Checkbook • Prepare Financial Statements for Review

  8. Roles & Responsibilities (Cont’d) • President/Executive Board • Review Financial Statements (Checking Accounts) • Serve as Authorized Signer • Assist in Budget Planning & Implementation • Ensure Alignment with Purpose of Organization • Membership • Follow Established Procedures & Policies • Membership Dues, Reimbursement Forms, etc.

  9. Bank Accounts • You Should Consider a Checking Account if: • Organization Transacts Money and • Is not part of Housing, WUD, Recreational Sports • Is not a GSSF funded organization • Does not have Departmental Sponsorship • To Establish a Bank Account an EIN is Required • Employee Identification Number can be obtained by: • Phone, Online, Fax, or Mail (Via IRS) • Visit Student Organization Handbook for more Info • Other Considerations • Check on Financial Institution Account Options • Min. Balance, Monthly Fees, Dual Signers, Transaction fees • Do Not Use ATM Cards (Cash is Difficult to Track)

  10. Budget Planning • Important Considerations include: • Align Events/Activities with Org. Mission • Organizational Needs • Example – Supplies, Advertising, etc. • Revenue Possibilities • Example – Membership Dues, Fundraising, etc. • Budget Planning is an Organizational Activity

  11. Documentation & Cash Handling • Helpful Hints • Organization is the Key to Success • Align Records/Files with Budget Categories (see sample Budget) • Buy a Receipt Book • Don’t use ATM Cards • Org. Business should be Paid with Org. Accounts • Limit the need for reimbursements • Important Reminders: • Always Keep Original Itemized Receipts • Keep Financial Documents Stored in a Locked Location • Consistently Follow Established Processes (reimbursement) • Store Financial Records for 5 Years (Minimum)

  12. Funding Opportunities • Available University Funds for RSOs • Multicultural Council Grants • For Events/Programs that Enhance Cultural Awareness • Wisconsin Union Directorate (WUD) • Co-Sponsorships via Committees • Ex. Lectures, Film, Community Service, Music • Associated Students of Madison (ASM) • Event, Travel, and Operation Grants • Open Fund – Applications for 2009-2010 due by 3/1/09 • Wisconsin Experience Grant • For Events/Programs that are Educational in Nature & Support Components of the Wisconsin Experience

  13. Funding Opportunities – Cont’d • Other University Options Include: • University Health Services Collaboration Mini-Grants • Promotes RSO Collaboration; Ranges from $50 - $500 • Wisconsin Alumni Student Board • Mini-Grants Fund Late Night Alcohol Free Programming • All Campus Party Event Grants • Off Campus Funding Options • Grants Information Collection • Located on 2nd Floor of Memorial Union Library • Authoritative Source for Foundation & Corporate Giving • Workshops are offered Each Semester

  14. Tips for Funding Success • Plan Ahead & Involve Membership • Adhere to All Deadlines – Apply early in the Year • Share Funding Responsibilities • Application Writing, Event Planning, Payment Coordination • Know Your Audience & Be Detail Oriented • Have Non-Org. Members Review Your Application • Multiple Edits Ensure Professional Quality Writing • Fiscal Responsibility is Critical • Make Sure Value is Articulated • Current Environment Should be Accounted For

  15. Other Resources & Final Thoughts • Resources Available to Advisors & Students: • MCSC Grant Writing – Andrew Rincon • Writing Center • Student Organization Handbook (Online) • Financial Management Skills Are: • Critical to Success in All Industries • Translate to All Facets of Life • Q & A - What are Your Orgs. Challenges? • Next Student Org. Workshop: Grants & Funding • Tuesday, November 18th, 2008 • Grainger 5120AB; 5:00-6:30 p.m.

More Related