An Overview of GSA Finance

1. An Overview of GSA Finance Brad Sottile Treasurer, GraduateStudent Association

2. Various Funding Sources • There are several main funding sources available to student organizations • University Park Allocation Committee(UPAC) • Most student organizations apply for funding for trips, events, etc. • Standing Allocation • e.g. Fitness passes, etc. • Lump sum • We receive a lump sum out of the Student Activity Fee (SAF). We are free to spend money consistent with the rules of the Student Activity Fee Board (SAFB). • Fundraising • GSA use to fund raise in years past. We don’t anymore.

3. UPAC • From the 2012-2013 UPAC Handbook: • “The mission of the University Park Allocation Committee (UPAC) is to objectively and effectively allocate a portion of the Student Activity Fee (SAF) income towards events, travel experiences, equipment, and any other items requested by University Park affiliated organizations or individuals that will ultimately enhance student life, add value to the out-of-class experience, and/or improve the educational climate at the University Park campus. “

4. UPAC Cont’d • UPAC meets once/week on Tuesday nights during the academic year • Organizations request money, then UPAC decides if it will fund them and at what amount • UPAC doesn’t pay for food!

5. Student Activity Fee • GSA use to raise money to support its programs. • Now, we’re directly funding through the Student Activity Fee (SAF) • The SAF for 2011-2012 was $82 • 2011-2012 allocation was $59,542.00

6. Any strings attached? • Absolutely! • Absolutely no alcohol. No exceptions! • e.g. Alcohol can be served with the meal, but it must be on a separate check and you can’t submit that check for reimbursement from the University. • Unlike UPAC, we can pay for food. • We get audited by the University. • Taxes!

7. Typical Expenses • Food • We serve food at all Assembly meetings • Office expenses • e.g. Telephone, facility space, paper, etc. • Events • e.g. Galas, events planned by the programming committee, etc. • Co-sponsorships • Like UPAC, we will co-sponsor events with other organizations.

8. Co-Sponsorships • We typically spend quite a bit of money from year to year on co-sponsorships with other organizations • e.g. Black Graduate Student Organization, Turkish Student Organization, Movin’ On, etc. • Spread the word! • Organizations can apply for funding using a form from our website. • Like UPAC, we typical approve some percentage of funding based on what the organization has requested. • GSA needs to be involved with the direct planning. • We prefer to do direct payments to venders.

9. Charitable Events • GSA does occasionally get involved with donations to charitable events. • We can’t use SAF money to make donations to charity. • Typically, we choose a charitable organization to give the proceeds of the fall and spring gala to. • We request a donation at door at the event. • We maintain an “unrestricted account” where I deposit the proceeds and then request a check be made to the charity.

10. How to Spend Money • All spending must be approved in advance (typically by me) • Ideally, you should work with me ahead of time to plan your events and activities. • Make a budget and stick to it. • I need all original receipts – no photocopies or pictures of the receipt. • When we get audited, they raise concerns about having original receipts. • All spending is done through the Office of Associated Student Accounts (ASA).

11. What is ASA? • From the 2011-2012 ASA Treasurer’s Guide • “The Office of Associated Student Activities (ASA) is the financial office for all recognized student organizations. ASA’s primary functions are that of banker, accountant, paymaster and advisor on fiscal matters. ASA provides integrity to the financial affairs of recognized student organizations by providing a purchase order mechanism and a check writing service. “ • “ASA is responsible for the custody of the student organizations’ funds and to insure that those funds are used in accordance with University, ASA and University Park Allocation Committee (UPAC) policies.“

12. Different Types of Payments • Purchase Orders • Some vendors are registered with the University to accept Purchase Orders (POs) • Advantage: No reimbursement, the vendor sends an invoice to the University for payment. • Advantage: No tax, and at the Penn State Bookstore, we get a 20% discount. • Downside: I have to register the Purchase Order with ASA before you make the purchase. • Downside: Not all vendors take Purchase Orders • Money Transfers between Organizations • Occasionally used for Co-Sponsorships.

13. Different Types of Payments • Check Reimbursement • Original receipts must accompany all check requests • I submit a request for reimbursement and the University writes a check to you. You can purchase from any vendor. • I can have the check sent to you campus mailbox, or either you or I can pick it up. • If your name is not on the check, you can’t pick it up from the ASA office! No exceptions. • Disadvantage: You have to wait for repayment. • 1099 Payment • Typical used to pay contracted persons (e.g. performers, photographers, professional services, etc.) via check. • Any amount over $600 in a tax year is reported to the IRS – you’re responsible for the tax liability come tax season!

14. Housekeeping • Reminder: I need all original receipts for check reimbursements • Don’t leave loose receipts in my mailbox • If possibly, please put them in the envelope and write your name, committee (if applicable), mailing address (if you want the check mailed to you), a description of the purpose and why the money was spent. • I need all of this information to complete the payment paperwork. • ASA is very understaffed right now. Wait times can vary (and be long…)

15. That’s all, Folks! • Questions?