ksa club treasurer training may 20, 2008
DESCRIPTION
KSA Club Treasurer Training May 20, 2008. Agenda. Sources of Funds Reimbursement Process Funding & Reimbursement Guidelines Treasurer’s Responsibilities Club Funding Request Q&A. Sources of Funds. Where Does the Money Come From?. Pool of Club Funds. - PowerPoint PPT PresentationTRANSCRIPT
KSA Club Treasurer Training
May 20, 2008
Agenda
• Sources of Funds• Reimbursement Process• Funding & Reimbursement Guidelines• Treasurer’s Responsibilities• Club Funding Request• Q&A
Sources of Funds
Where Does the Money Come From?
Unspent club SOFO accounts
Student activity fees
Dean’s contribution
General KSA funding pool for 2008 –
2009
Section Budgets Social Budget
KSA Committees
Pool of Club Funds
Revenue from events/activitie
sCorporate
Sponsorship
Phone-a-thons
KSA versus SOFO fundsKSA Funds SOFO Funds
Come from Student dues ($56 per quarter/student) each quarter and allocated by the KSA through annual budget process
Revenues generated by clubs through club events / activities
Rules Specific NU and Kellogg rules govern the use of these funds
Up to club co-chair discretion and SOFO regulations
Management Club Treasurer and signed off by KSA VP of Finance and SOFO rep (Deborah Garcia)
Club Treasurer and signed off by SOFO rep (Deborah Garcia)
Carry-over Any unused funds are taken back into the common KSA fund and reallocated each year
Carried over from year to year as in a traditional bank account
Held … by KSA VP of Finance and paid out on request
… in club account and managed by Club Treasurer
Keeping track Accounts balanced by KSA VP of Finance
Monthly account balance sent out by SOFO rep (Deborah Garcia)
How Can You Get Funding?
• KSA Funding– Annual budget allocation process– Form available on-line on KSA website
• Club Fundraising– Club activities
• Club dues• Ticket sales for specific events
– Corporate Sponsorship (Jennifer Johnson / Elizabeth Orr) – Phone-a-thon (Nathalie Harris)
Process Timing
• Club funding document emailed to leaders– May 12th
• Funding request due via email– June 1st
• Final day for submitting receipts– June 4th
• Assessment and allocation– June and July
• 2008-2009 club budget communicated– August 8th
Elements of the Funding Request
List of co-chairs
Membership numbers current and expected
Transition checklist
2007 - 2008 reviewPlan of events and requested funding
Leadership plan for 1Ys and first years
Budget Request
Transition Checklist Elements
• Role assignment– Technology representative– CMC representative (certain clubs only)– Treasurer/Finance representative
• Meeting attendance– Treasurer training (May 20th and in the Fall)– Club leader kick-off (Today)– CMC orientation (as required) (May 19th)– Bi-Quarterly roundtables
• Additional items– Updated website– Funding guidelines– Communication guidelines– Club Handbooks and Sharepoint (as required)
Club Handbooks
• Maintained as a soft-copy document to allow for effective knowledge transfer between leadership and among club members
• Contents:– Mission– List of expected events, including leadership transition– List of key club/industry specific resources– Club member’s guide to different roles within industry– List of industry specific recruiting tips– Link to alumni database
Club Funding
• A few notes…– Attendance at events such as roundtable meetings is
MANDATORY! Please email if you will not be able to attend an event
– Funding will be WITHHELD if the criteria are not met. School funds are a privilege, not a right
– We want to work with you to make Kellogg better – this requires effort from all parties
Reimbursement Process
The Reimbursement Process
1) Club member compiles the original receipts & submits them to the Club Treasurer with an explanatory note for his/her signature
2) Club Treasurer reviews the receipts and fills in and signs a voucher. He/she submits the signed voucher and original receipts to the KSA VP of Finance (Fritz Buerger) OR the Kellogg SOFO rep (Deb Garcia)
3) KSA VP of Finance reviews the vouchers, signs the white voucher and then updates his/her records. He/she passes the voucher and receipts to the Kellogg SOFO rep
The Reimbursement Process
4) The Kellogg SOFO rep spot checks vouchers, files a copy and delivers the vouchers and receipts to SOFO for processing
5) SOFO processes the vouchers, cuts checks and mails them or holds them for pick up
6) Kellogg SOFO rep picks up the checks, files a copy and puts the checks in student mailboxes
The Reimbursement Process - Overview
Original Receipt is
collected by Club
Treasurer
Club Treasurer completes
voucher and submits to KSA/SOFO
KSA VP reviews
voucher and signs
SOFO checks voucher and submits for processing
SOFO processes and cuts a check
SOFO delivers check to
student who incurred expense
Reimbursement Voucher
Reimbursement Process
• SOFO reimbursements – Give to directly to Deborah Garcia (located in office 250A)
• KSA reimbursements – Put in Fritz’s mailbox
• It takes approximately 10 – 12 business days for the checks to be cut and delivered after Deborah processes them
• This also depends on when she gets the invoice from Fritz, and a student worker to help her process all the checks (so please be patient before emailing me that you haven’t gotten a reimbursement check)
Funding and Reimbursement
Guidelines
KSA Funding Guidelines
• Must be used for activities that benefit the student body. All activities must be made available to the whole student body.
• Speakers: Tangible or physical gift of reasonable value. No fees, accommodations, meals or transportation (NU rule).
• Events: Entry fees for tournaments and case competitions. No transportation or lodging.
• Copying: All copying must be done in Copy Center• Mailbox Stuffing: Once per quarter with cost under
$100• Clear all expenses under $400 for remainder of the
quarter through VP of Finance• When in doubt, apply the “in front of the class” rule
Reimbursement Guidelines
• Budget and reimbursement process maintained by club treasurer / finance co-chair
• Must provide correctly completed voucher signed by club treasurer and receipts/proof of payment
• Receipt requirements – original, itemized, proof of payment in under 90 days
• No reimbursement for Illinois Sales Tax (use NU tax-exempt letter located on club web site)
Payments to Individuals
• Contracts are required to pay INDIVIDUALS for services rendered
• Students CANNOT sign contracts• Contracts must have:
– Kellogg school administrator’s signature– Vendor signature– Individual’s social security number– Individual’s permanent address
• Additional information or questions: See Kellogg SOFO Rep
Treasurer’s Responsibilities
Treasurer’s Responsibilities
• Serve as the main financial contact between club/club members and KSA VP Finance (Fritz) and Kellogg SOFO rep (Deborah)
• Sign transfer forms• Sign off on all club expenses – vouchers must have
your signature• Apply for KSA funds by June 1st• Final Day for Reimbursements June 4th• Treasurers MUST maintain financial records
for KSA and SOFO budgets
Key Contacts
• Fritz Buerger – KSA VP Finance & Business Development – Email: [email protected]
• Deborah Garcia – Kellogg SOFO Rep – Email: [email protected]– Office: 250A– Phone: 467-3525
Frequently Asked Questions
• What happens to my KSA funds from this year?– “Use it or lose it” by 6/1. Vouchers must be in my box by
6/4.
• When is my budget due?– Budgets are due via email on 6/1.
• Where can I get more vouchers?– Deborah Garcia has voucher books in her office
• What if I don’t have a SOFO account?– Deborah Garcia can help you arrange for a new SOFO
account
• How long does it take for me to get reimbursed?– Roughly 2 weeks
• Where is the club stuff located online? (NU tax letter, rules, etc)– KSA Clubs page on Serial
Questions?