Finances 101

1. Finances 101 Fall 2010

2. Session Goals • Where does your money come from? • How to spend your money • What to do after you spent your money

3. Where does your money come from?

4. JFC: Joint Funding Committee • JFC budget overview: allocation & fundraising expectations • Organized by line items • BudgetTracker: https://stugov.andrew.cmu.edu/budgettracker • Internal line item change approval • SBVPF/SBT=Student Body Vice Pres for Finance (Student Body Treasurer), Eric Wu, sbt@andrew.cmu.edu

5. Non-JFC Funded Organizations • Receive funding from other sources • Grants, donations, fundraising, special allocations, sponsorship • Similar processes and expectations on spending • Accounts do not “close”

6. Special Allocation Funding • Appropriate request for a special allocation • Unanticipated costs • New programs and initiatives • Other considerations • Impact on campus • Donation vs. operational costs • Travel • Repeat events

7. Special Allocation Process • Student Senate • Weekly finance committee meetings • Organization rep must present proposal • Email requests by Friday prior to finance meeting • Will receive committee recommendation within 24 hours of finance meeting • Committee recommendations must be voted upon by general body for approval • Same pool as JFC • Student Senate Contacts & Resources • student-finance@andrew.cmu.edu • https://www.cmu.edu/senate

8. Graduate Student Assembly Special Allocations Process • Graduate Student Assembly (GSA) • Monthly finance meetings (typically 1 week prior to GSA general body meeting) • Organization rep can discuss proposal • Email requests 2 weeks prior to finance committee meeting • Finance committee recommendations typically upheld by GSA general body • Recommendation can be appealed by any GSA member or requesting organization member • GSA Finance Contacts & Resources • gsa-VPfinance@andrew.cmu.edu • https://www.cmu.edu/gsa

9. Division of Student Affairs (DOSA) Funding Process • DOSA funds organization initiatives through a central process • Requests can be dropped off at the Office of the Dean (Warner Hall, 3rd floor) or emailed to Jen Cox-Siegel at jcox@andrew.cmu.edu • Bi-monthly committee meeting • For information on dates and to access electronic proposal form: http://www.cmu.edu/studentactivities/info/soh/funding/dosa.html

10. DOSA Funding Considerations • Tips for success • Organization should contribute a portion of funding (fundraising, budget) • Donation vs. operational costs • Domestic travel can be supported • International travel only supported through STO-IT fund in Office of International Education

11. Other Sources • Student Dormitory Council (SDC) • Academic Departments • Donations • Fundraising • Outside grants or awards • Outside sponsorship

12. How to spend your money! $$$$$$$$$$$$$$$$$$$$$$$$$$$$$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$

13. Student Activities Accounts • Available to any Student Government-recognized organization • Two accounts per organization • Org Account: general account for day-to-day expenses, JFC allocation lives here • Gift Account: all donation monies deposited here, gift account money CANNOT be transferred to your org account

14. Authorized Signers • 1-2 authorized signers per organization • All financial transactions must be signed-off by the authorized signer • Should be keeping a detailed record of all expenditures and income • Should be reviewing account statements monthly

15. Authorized Signers (cont.) • Authorized signers will be trained on the following: • Payment requests (POs, cutting a check) • Reimbursements • When a contract is needed • Awarding a gift, prize, or donation • Travel • Journal Entries (JE transfer from 1 on-campus acct to another on-campus account) • On-campus purchases • Deposits

16. …then what about the rest of us? • You make purchasing decisions • You request funding on/off-campus • You arrange for services • You rent equipment • You run fundraisers • You commit your organization to traveling for an event or conference • As a member of the organization you are equally responsible for the fiscal well-being of your group

17. Ways to Pay for Goods • Payment Request (cutting a check) • Tartan Trust Card (university credit card) • Reimbursement • Requisition form (on-campus purchases) • JE transfer

18. Ways to Pay for Services • Requires a contract for all purchases of this type (unless campus vendor) • Payment Request • JE transfer • Requisition form • Payroll

19. Ticket Sales & Fundraising • Request a cash box and petty cash 2 business days prior to day of sales • Complete a separate deposit envelope for tickets sales/fundraising proceeds and for petty cash • Deposit in the safe daily • Return cash box next business day

20. Spending from your Gift Account • Will need to indicate on Student Activities form(s) which account you are spending from (gift account vs. org account) • Money designated for a specific purchase by the donor must be spent for that purpose • These funds are not swept at the end of the year • These monies cannot be transferred to your org account • Plan strategically!

21. Gift Account Example • JFC allocation in org account for Event X: $500 • Donations for Event X in gift account: $500 • Cannot spend $1000 from org account • Must split purchases between accounts

22. What to do after you spent your money

23. What to do after you spent your money • Set up a meeting with authorized signer to review total expenses and income • Complete any remaining forms • Collect prize and gift forms • Complete donation forms to cut check • Create file with copies of all receipts and forms • Give appropriate documentation to funding sources, if needed

24. Questions? Student Activities UC Suite 103 412.268.8704 Eric Wu Student Body Vice President for Finance sbt@andrew.cmu.edu