FIT Student Government Association Basic of Finance. Finance Committee

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1 FIT Student Government Association Basic of Finance Finance Committee

2 Who Are We? Saravine Naitingale Director of Finance Sara Ayobi Ryan Donohue Emma Baj Executive Treasurer Executive Treasurer Secretary Treasurer of Programming

3 Finance Committee Office Hours Director of Finance Saravine Naitingale Wednesday: 11AM-12PM Thursday: 11AM-12PM Treasurer Sara Ayobi Monday: 11AM-1PM Treasurer Ryan Donohue Tuesday: 2PM-4PM Secretary Treasurer of Programming Emma Baj Wednesday: 12PM-1PM Thursday: 5PM-6PM Financial Advisor Chenise Marine Rice Monday- Friday: 9AM-5PM

4 Where can you find us? Location: 7th floor of the David Dubinsky Student Center SGA Office A724 Financial Advisor Office Department of Student Life,A713

5 What is the Student Activity Fund? A fee paid by all students! $65 per semester for full-time students $5.50 per credit hour for part-time students The funds collected are managed by the Financial Committee then allocated to more than 60 student clubs and organizations on campus. We distribute this money using an initial budget and through additional budget request.

6 Finance Committee The Finance Committee consists of: -Director of Finance -Treasurers -Director of Student Organizations -Advisor We review budget requests under $10,000 and prepare annual initial budget requests.

7 What are Budget Guidelines?

8 Budget Guidelines These are a set of rules and regulations that help the financial committee manage the overall Student Activity Fund. Refer to the Budget Guidelines for information about... INITIAL BUDGET AllOCATIONS HOW TO SUBMIT A PROPER BUDGET REQUEST PROTOCOL FOR SPENDING FIT STUDENT ACTIVITY FUNDS HOW BUDGET REQUESTS ARE REVIEWED REGULATIONS FOR EACH TYPE OF BUDGET REQUEST Events, Day/Overnight Trips, Dinners, Supplies, Fundraising Rules

9 BUDGET GUIDELINES

10 What is a Budget Request?

11 Budget Requests are what clubs/organizations must submit in order to receive additional funding beyond their initial $1,000 allocation for the academic year. Budget Request are officially called: REQUEST FOR APPROPRIATION FROM STUDENT ASSOCIATION

12 Clubs/Organizations Clubs/Organizations & & Event Title Event Title Amount Amountofof Funds Funds Requested Requested

13 ***Helpful Reminder*** Hand in Budget Requests by Wednesday 3:00pm to be reviewed the following Monday (Finance Committee Weekly Meeting). Must be time stamped! Please submit request for events/trips at least 6 weeks prior to date.

14 Budget Request Format Budget Requests must come attached with: COVER PAGE CLUB MISSION STATEMENT SPREADSHEET OF ALL COSTS Lodging, Airfare, Metro, Food, Admissions, Supplies, AV/Tech Cost Spreadsheets should have a breakdown for: advisor, students and overall costs SUPPORTING DOCUMENTS Quotes (hotel, airfare, admission fees, vendor invoice), online checkouts, vendor with vendor address as sender CAMPUS EVENT SPACE CONFIRMATION FORM + FLYER (Event space must be confirmed by Prog. Coordinator, Ms. Marissa)

15 What does a Budget Request Need? When a club/organization submits a budget requests it must ALWAYS answer these questions: WHAT IS THE CLUB S MISSION STATEMENT? EVENT SUMMARY WHAT DOES THE CLUB PLAN TO DO WITH THE ADDITIONAL FUNDS? HOW WILL STUDENTS BENEFIT FROM THE ADDITIONAL FUNDS? HOW MANY STUDENTS WILL BENEFIT FROM THE ADDITIONAL FUNDS? HOW IS THIS ACTIVITY OR EVENT RELEVANT TO THE MISSION OF THE CLUB? HOW ARE YOU PLANNING TO ADVERTISE THE EVENT? IS THIS A REOCCURRING EVENT/ACTIVITY; WHAT IS BEING DONE TO MAKE THE EVENT/ACTIVITY BIGGER & BETTER?

16 Campus Event Confirmation Form Form used to calculate the total cost of FIT related services needed for on-campus events such as, AV, Food, Tech, Security and Custodial. Clubs and organization must meet with Programing Coordinator (Ms. Marissa Stephani) to complete and attach this form to their budget request prior to submitting or it will not be reviewed.

17 CAMPUS EVENT CONFIRMATION FORM

18 Performance Agreement Performance Agreement is a contract a club/organization signs with a vendor to confirm: THE AMOUNT CLUB/ORGANIZATION WILL PAY VENDOR THE DATE(S) VENDOR IS EXPECTED TO SERVICE CLUB/ORGANIZATION THE DESCRIPTION OF VENDORS SERVICE/PRODUCTS BEING USED VENDOR COMPLIANCE WITH FIT RULES & REGULATIONS FOR USING THEIR SERVICES/PRODUCTS This Agreement will need to be signed by the vendor which is labeled as PERFORMER on this form, and Vice President of Finance Administration. Must be submitted prior to date of the event. (see Financial Advisor or Program Coordinator in the Department of Student Life for details)

19 PERFORMANCE AGREEMENT

20 PERFORMANCE AGREEMENT

21 Trip Allocation Rules All Budget Allocation rules apply to trips Only one advisor is fully funded for one overnight trip Not applicable to travels outside USA Trips can be taken until the last day of programming in Spring Hotel costs: 4 people to 1 room and up to $50 per person per night. (Advisor s room: $200 per night)

22 Trip Allocation How much can be funded in an academic year? 1 general overnight trip: 25% of the adjusted student cost 1 general day trip: 50% of the adjusted student cost 2 local day trips: 100% funded For conferences & competitions: 50% of the adjusted student cost ** 5% of the total budget request has to be fundraised/donated before budget request

23 Fundraiser Guidelines A fundraiser by FIT Student Association is: Bake sales, fabric sales, stationery sales, and the sale of other hard goods and materials, ticket sales to Non-FIT students, a service provided by the club not on campus (non-vender associated). All Fundraisers MUST be held on campus. Fundraising supplies and materials should be purchased with initial budget allocations., clubs cannot request additional funds for fundraising. No gambling, or Student Activity Fund allocations to charities. If an event is financially sponsored by the FIT SGA, funds are not matched. ONLY FIT SGA defined fundraisers are eligible for matching of funds. Fundraising must be done before submitting first budget request. MAXIMUM AMOUNT MATCHED BY FIT SGA: up to $2, (not to exceed the total cost of Budget Request)

24 Budget Consideration Process Student Council Attendance Community Service General Budget Checklist requirements Attendance at club activities on campus Club account activity Previous trips/events Attendance to financial training and workshops Inventory List **NEW FALL 2017**

25 Budget Allocation Guidelines No advertisements (from co-sponsors as well) posted before budget request is approved 2 weeks (2 budget meetings) to appeal Budget Request decision Event Space Confirmation sheet & proof of all monies must be attached No funds will be spent on activities for any academic department No membership dues can be collected except towards a national organization Admission fees CANNOT be charged to FIT students Only one overall budget request for an activity/event

26 ***HELPFUL REMINDER*** Budget Requests should NEVER be assumed as guaranteed. These additional funds are not entitled.

27 What is a Requisition?

28 What is a Requisition? A requisition is a written request for payment, similar to a journal debit/credit in banking. Requisitions are processed in three ways: DEPOSITS WITHDRAWALS TRANSFERS

29 Deposit With requisition DEPOSITS you can: DEPOSIT FUNDS MADE FROM FUNDRAISERS DEPOSIT CLUB/MEMBERSHIP DUES DEPOSIT DONATIONS (If any made to club/organization)

30 Withdrawals With requisition WITHDRAWALS you can: PAY A VENDOR/BUSINESS PAY AN INDIVIDUAL PAY FOR A SERVICE PERFORMED REIMBURSE CLUB MEMBERS/ADVISOR THROUGH CLUB S ACCOUNT FOR CLUB RELATED PURCHASES

31 Transfers With requisition TRANSFERS you can: TRANSFER FUNDS FROM CLUB ACCOUNT TO ANOTHER CLUB ACCOUNT

32 How to Properly Fill Out a Requisition?

33 #1 #2 PAYMENT #5 #3 #6 #4

34 #1 #2 DEPOSIT #5 #3 #6 #4

35 How to Fill Out a Requisition In order to correctly fill out a requisition for ANY form of payment, you must do the following: Fill out CLUB NAME section (your club/organization name) Fill out NAME OF VENDOR section with the name of individual/business the funds will be going to Fill out ADDRESS section with the location the funds will be going to in a CHECK FORM. **(expect 2-3 weeks before check is received)** Fill out PHONE NUMBER section so we can contact the vendor being paid if any problems or concerns arise Fill out DATE section with the date requisition is written Check if the requisition is for: DEPOSIT, PAYMENT, TRANSFER or PLACE ORDER (place order is similar to payment)

36 Object Codes (Expense) Object Codes (Expenses) are financial codes used to describe how funds are being used within a requisition for WITHDRAWALS. Expense is used as a term for payments clubs/organizations pay from an account Expenses like food, supplies, conferences, vendor services/materials, and more (ie: Object Code is Meetings/Meals which can be meals for club meetings, requests from Aramark, or club end of the year dinners)

37 Object Codes (Revenue) Object Codes (Revenue) are financial codes used to describe how funds are being used within a requisition for DEPOSITS. These codes are used on requisitions under the Object Code line Revenue is used as a term for income clubs/organizations receive within an account Revenues like club/membership dues and donations are described on requisitions through bi-tech codes for revenue (ie: Object Code is Miscellaneous Earned, which can be funds made from fundraisers)

38 REVENUE EXPENSES

39 What happens after a requisition is proceed? The PINK carbon copy of the requisition is filed inside their respective club account folder, found in the Department of Student Life. The YELLOW copy is mailed to the advisor. It is important that clubs/organizations update the Director of Student Organizations with their most current Club Treasurer, Vice President, President, and Advisor! This is so that if problems arise with requisitions we can handle the issue ASAP!!! This also avoids non-payment or delays.

40 ***HELPFUL REMINDER*** ALWAYS have your ADVISOR and CLUB TREASURER sign requisitions before submitting them

41 What do requisitions need?

42 With every expense paid with FIT Student Government Association funds, PROOF of expenses purchased is NECESSARY!!! If requisitions DO NOT have proof for ALL monies spent, your payment will be returned for proper documentation (payment cannot be made unless all documents match the amount of money you re requesting to be paid out)

43 Documents Needed ALL ORIGINAL RECEIPTS USED (TAPPED on paper) 2. ALL INVOICES ATTACHED for EACH COST (quotes, statements, or packing slips cannot be used) 3. FIT STUDENT GOVERNMENT ASSOCIATION ADVANCE REQUEST FORM (for cash advances) 4. FIT STUDENT GOVERNMENT ASSOCIATION TRAVEL & BUSINESS EXPENSE REPORT 5. PEID FORM (Request for new vendor and/or change of address) 6. W-8 FORM (Non-US Citizens), W-9 FORM (US Citizens) 7. PERFORMANCE AGREEMENT 8. FUNDRAISER FORM

44 Receipts

45 Invoices

46 Advance Request Form Commonly known as Cash Advance forms This is a way for clubs and organizations to be able to receive funds prior to their event or trip. These funds are taken from club accounts to pay for more time sensitive cost such as airfare, hotel reservations and bus tickets. Requires a signature from club Advisor, overseen by their treasurer and President. Once the request is processed, the amount requested will be sent to the Advisor in a check form. Please attach with a requisition. Note*** Once the cash advance is received, all receipts associated must be submitted to the one of the Executive treasurer s mailbox to avoid penalization.

47 Advisor s Name Address; not needed for advisor Club/Organization Phone #, with area code Signature Purpose of Advance: Airfare, Supplies, etc. Description of Expenses Club/Organization Account # (Cost Center Code) TOTAL amount of Advanced Expenses

48 Travel and Business Expense Report Only for FIT students and employees who wish to be reimbursed for any payments made out of pocket related to the club/ organization. Reimbursements are from the club/organization account and is paid out to the individual listed on the form via check. Adequate proof of each expense should be attached along with the requisition so that the expense listed on the requisition matches the amount given on the expense form. Note*** DO NOT forget to sign and date.

50 ACH Payment Enrollment Form(optional) - A direct deposit form - Reimbursements to individuals are directly deposited into the accounts. - Can be done for individuals and vendors

51 Request For New Vendor (PEID) Form This form is needed for anyone who wishes to be paid by FIT for any given service performed or reimbursement. All students and companies wishing to be paid must answer the following: OFFICIAL NAME (vendor/company must use official name, an individual must use their official first and last name) PERMANENT ADDRESS (billing address for vendor/company) SOCIAL SECURITY NUMBER (individuals) FEDERAL ID NUMBER (vendor/company) NUMBER (for FIT Students, REMIT ADDRESS (address you would like check mailed, ex: Your Full Dorm Address

53 W-8 Forms & W-9 Forms These forms are needed in order to report to the United States Government that you are receiving some type of funds provided by FIT W-8 Form is for Non-US Citizens. It is required to be filled out if any Non-US Citizen who wishes to receive funds from FIT W-9 Form is for US Citizens. It is required to be filled out by any US Citizen who wishes to receive funds from FIT. You can find these forms on the 7th floor in the Department of Student Life in the David Dubinsky Student Center

54 US CITIZEN NON-US CITIZEN

55 Fundraising Form Fundraising forms identify which deposits you would like to be considered for matching funds for club trips. Fundraising forms are to be attached to requisitions and checked off as a DEPOSIT Some examples include bake sales and fabric sales. Fundraising regulations are specified in the budget guidelines.

57 Form for TRIPS!

58 Forms for Trips Forms for trips are needed when submitting a budget request for any type of trip for a club/organization. (ie: conferences, overnight trips, day trips) These forms help the Executive Treasurers get a glimpse of how much the trip cost per student and the advisor. The Trip Form must be attached to the budget request a club/organization submits for review by the FIT SGA Board of Directors.

60 Budget Request Approval/Denial Form Budget Request Approval/Denial Forms are what clubs receive in addition to YELLOW carbon copies of: REVIEWED BUDGET REQUESTS FUNDRAISING FORMS TRIP FORMS The Approval/Denial Forms are sent electronically in PDF format by Finance Committee

61 ADVICE FROM THE PREVIOUS YEARS! -Work smarter not harder -Too soon is not too soon -PEID + W9 or W8 forms filled out in advance -It s about the little things: 1.Cost for advisor s transportation 2.Baggage fees 3.Tablecloths, etc. 4.Airline group reservations

62 ADVICE FROM THE PREVIOUS YEARS! - Free printing vs $$$ - Fundraising - Advisors are not obligated to take money out of their pocket to pay for anything - Start looking for your next board now

63 ADVICE FROM THE PREVIOUS YEARS! - Check with Student Life to see if your purchases qualify for tax exemptions! - Make sure your advisors are involved and keeping Student Life updated on the clubs. - No freebies for not checking your s! - UTILIZE your finance committee s office hours.

64 Important Dates Club Training Day Saturday, September 9th, 2017 Returning Club Initial Budgets due: Wednesday, September 13th New Club Initial Budget due: Wednesday, November 8th Last day to submit a fall semester Budget Request: Wed., November 8th Finance Committee reviews last Budget Requests: Monday, November 13th Last Day of programming: Friday, December 8th Initial Budget for memo will be sent out: Fri., December 15th Last day to submit requisitions: Wednesday, December 13th Initial Budget for due: Friday, February 2nd

Purchase orders provide for a uniform and single payment system that accounts for the ways in which student clubs use the funds allocated to them by

Purchase orders provide for a uniform and single payment system that accounts for the ways in which student clubs use the funds allocated to them by Student Senate All Purchase Orders Must: Be typed Typewriter