Agenda

1. Agenda • Policies & Procedures for NUSSU & Clubs • Budget preparation & monitoring • Sharing of past audit observations • Expense claim procedures • Points to note from prior budget review

2. Summary of Policies & Procedures for NUSSU & Clubs http://www.nus.edu.sg/finance/student/nussu/summary-of-policies-and-procedures-for-NUSSU-&-clubs.pdf Purpose: Quick reference guide to ensure that all students are familiar with these key policies and procedures and to comply with them

3. Finance Forms (for NUSSU & Clubs) Updated finance forms can be downloaded from the following link: http://www.nus.edu.sg/finance/student/nussu/forms.html Out-dated/old/modified versions of the forms should not be used

4. Budget Preparation and Submission

5. Budget Preparation and Submission • Subscription fees / Income • OFS will allocate the applicable annual subscription fees and entrance fees (for NUSSU) to each club • Club will determine how to reallocate the fees between the 2 budget periods (BP) as it deems fit (e.g. 50-50) • Projected income (eg. Sale of tickets, Participation fees and Sponsorships) will be estimated reasonably • Budget preparation • Budget template will be provided by OFS • Dean of Students’ approval is required for the proposed budget of the 2 BPs • Any deficit projected for each BP must be supplemented by a drawdown from the club’s accumulated reserves, to be approved by the Dean of Students • A standard template letter will be used for submission to the Dean of Students • At the end of each budget period, any resulting (actual) surplus will be credited into the club’s accumulated reserves • Shortfall in individual WBS – should be first made good from other WBS within the same BP, to be approved by OSA

6. Budget Monitoring • Budget monitoring and review • Monthly statements will be distributed to the clubs’ Hon Fin for clubs’ monthly review (first week of the following month) • The club is required to present a variance report (actuals vs budget) after the end of each BP for OSA’s review, using a template provided by OFS • Expenses cannot exceed the SAP posted budget amounts (based on the approved budget) • All expense claims should be done on a timely basis (within 7 working days)

7. Budget Monitoring • Budget Reviews(using variance report at end of BP) • Variance analysis with clear and adequate explanation(s) required for budget reviews if the variance exceeds these limits:

8. Points to note (budget) • Insufficient budget *Please allow 5 working days to obtain Dean’s approval upon submission of letter and necessary supporting documents. *Letter should detail rationale for the proposed action and WBS accounts that will be affected. Supporting documents such as details of proposed budget top-up/withdrawal from reserves, receipts etc. should be provided.

9. Points to note (budget) • Unutilised Budget • At the end of each FY/BP, any unutilised budget in the WBS will not be carried forward • Handover from outgoing to incoming management committees • Financial procedures and financial information for budget preparation and reviews should be documented and included as part of the handover process

10. Points from past audit observations

11. Points from past audit observations

12. Points from past audit observations

13. Points from past audit observations

14. Expense Claims – what to look out for • Invoice billed to NUS • Original invoice billed to NUS/Clubs. Scanned copy of the original invoices is not acceptable • Non-original invoice has to be “certified true copy” from the vendor • Evidence of goods already delivered and services rendered • Delivery order (DO) should be attached • “Goods/services received by” box signed by person responsible for receipt • Quantity stated in the invoice should be equal / not exceed the amount stated in the DO • Unit price stated in the invoice should be equal or less than the written quotation. • Description of the goods should be a match with the DO • The invoice is arithmetically correct • Payment of cash advances should be avoided • Timely submission • Correct account codes of GLs & WBS • Invoice must be verified / signed in the “Invoice verified by” box after verifying that the invoice is in order

15. Expense Claims – what to look out for • Invoice not billed to NUS / Official receipts • Original invoice (or certified true copy) with paid stamp or Official Receipts must be produced for reimbursements • Proper declaration / authorisation of payment to the named payee (eg invoice billed to another student who is not the named payee) • “Goods/services received by” box signed by person responsible for receipt • Invoice must be verified / signed in the “Invoice verified by” box after verifying that the invoice is in order • Proper declaration if receipts are not available/lost • Timely submission • Correct account coding of GLs & WBS • Proper supporting documentation / submission on the award of cash prizes; acknowledgement of receipt of cash prizes from award winners • Payee name / student matric number must stated in full and accurately • Any corrections made on the reimbursement forms must be properly done and endorsed • Claim amount must match cash paid amount (check for rounding errors) • A partial claim must be explicitly stated (if there is a difference between claim form and receipt)

16. Common Errors made in students’ claims • 1. Wrong amount input on Reimbursement form • 2. Contract Amount Exceeded • Bank account details not updated in ISIS • Rounding up/down of amount on Reimbursement forms • Split Purchases • Invalid WBS

17. Other points to note • Accruals

18. Other points to note • Prepayments • Advanceor installment payments for goods/services not received yet at the time of payment • Similar to the procedure for payment of invoices, prepayments to be submitted to SFSC-Accounts payable for posting to prepayment account code • Eg Deposit paid in advance in order to secure an event venue (NUSSU and Clubs to indicate on the invoice that it is a prepayment) • Upon receipt of goods/ services, prepayment amount will then be reversed from the prepayment account and into the relevant expense account code(s). • Prepayments should be few as NUSSU & Clubs should not normally pay in advance for goods/services not received yet

19. Other points to note • Making payment for Inter-dept billing vs external party (3rd party) billing • An inter-department sale is where goods are sold / services are rendered by one NUS dept to another NUS dept • NUSSU & Clubs are part of NUS departments • Charging of GST for all sales (including cash sales) • NUS is GST registered, thus any billing to external parties is subjected to GST • Any sales (including cash sales) is subjected to GST

20. Other points to note • Sponsorships vs Donations

21. Other points to note • Collections of cash and subsequent banking to OFS • No collections are to be deposited to personal bank accounts • All cheque/cash collections are to be deposited at the cashier office preferably on the same day, or within 1 day of the date of collection. • Cash Advances • Request for cash advances must be approved by OSA Dean and submitted to OFS giving 7 working days for processing. • Advances for local activities should be limited to $2,000 at any one time. • Supporting documents like Quotations and list of goods/services must be attached together with the completed Request for Advance Form • Receipts and balance of cash advance must be submitted to OFS at the end of the event or within 2 weeks, whichever is earlier. • The Reimbursement Form can be used for this purpose

22. Other points to note • Use of accumulated surplus for Investment • (to be submitted to OFS one month before subscription date)

23. Other points to note • Dates to note