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Managing Your Money

Managing Your Money. Aurora Israelson Heather Bisher. Objectives . To understand how Hall Accounts work as well as the mechanics of how to use Hall Accounts (depositing, spending, S#s, etc) To learn how to effectively keep track of hall funds and budget them correctly

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Managing Your Money

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  1. Managing Your Money Aurora Israelson Heather Bisher

  2. Objectives • To understand how Hall Accounts work as well as the mechanics of how to use Hall Accounts (depositing, spending, S#s, etc) • To learn how to effectively keep track of hall funds and budget them correctly • To learn how to work with SSMs and Hall Council treasurers regarding funding • To learn how to request funds for programs/events

  3. How to Get Started • 9 Student Staff Members • Hall Council • LLCs (i.e. SCP) The first coin minted in the US was a silver dollar. It was issued on October 15, 1794.

  4. S#s, Transfers, Deposits, and Reimbursements • It’s practice time! • Tips The Federal Reserve shreds 7,000 tons of worn out currency each year. As you probably guessed, the note most frequently replaced is the $1 bill. There are currently four billion $1 bills in circulation, and the life expectancy of each is approximately 18 months.

  5. A Matter of Style • Two examples • Excel Spreadsheets (see ORL website) • Tips/Suggestions • Ours • Returners A quarter has 119 grooves on its circumference. A dime has one less.

  6. Managing the Budget • Reconcile Monthly • Record S#s, Transfers, Deposits, etc as you go along (don’t wait 2 months to try to catch up!) • Keep ALL info in ONE location • Staple, paperclip, or keep all receipts in one location somehow During the American Revolution, inflation was so great that the price of corn rose 10,000%, the price of wheat 14,000%, the price of flour 15,000%, and the price of beef 33,000%.

  7. 15th of Each Month (new statements come out on MINE) You’ll go over your budget with your supervisor 3 times a year. October 15 February 15 Hall Closing ** These dates may vary! Dates to Remember Until the 20th century dogs’ teeth were used as money by Solomon Island natives.

  8. Utilizing Additional Funds • LLC vs. RHA Funds (see website) • Staff Development Funds It costs more to buy a new car today in the US than it cost Christopher Columbus to equip and undertake three voyages to and from the New World.

  9. Working with SSMs • Be clear in expectations of appropriate fund usage • Be clear in directions/instructions on how to get money • Some might get very confused so be very step-by-step with them • Keep reimbursements to a minimum America once issued a 5-cent bill.

  10. Working with your treasurer • It’s very similar to working with your SSMs! • Make sure you work with the treasurer so that they get the experience of managing an account • Share the responsibilities for fiscal oversight • Tips from returning staff Until the 19th century, solid blocks of tea were used as money in Siberia.

  11. Contact Info • Lindsay Hubbard • Prefers Email: hubbarlm@muohio.edu • Call: 9-6123

  12. THANK YOU! Happy Budgeting!

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