Monday, November 10, 2008

Memorial Union 12:00 – 1:30 p.m.

Financial Management & Funding Agenda

Financial Management Financial Regulations of RSOs Roles & Responsibilities Bank Accounts Budget Planning Documentation & Cash Handling

Funding Opportunities Funding Chart (MCC, ASM, WUD) Wisconsin Experience Grant Other Resources (UHS, Grants Info. Collection, etc.)

Financial Regulations of Registered Student Organizations (RSOs)

1. Provide SOO with a student contact who is authorized to represent the RSO in their financial matters.

Financial Regulations of Registered Student Organizations (RSOs)

2. Maintain accurate and complete financial records of all receipts and expenditures and make records available to any organizational member upon request.

Financial Regulations of Registered Student Organizations (RSOs)

3. Make all financial records available for examination no later than 15 days after receiving a written request from the Chair of the Committee on Student Organizations (CSO) or the Director of SOO. Such requests shall be made only in order to: (a) ensure public access to information regarding the generation

of revenue using university facilities or (b) investigate allegations that RSO funds have been

misappropriated or misused.

4. Should the Director of SOO or the Chair of the Committee on Student Organizations (CSO) learn that a RSO is not abiding by these regulations, and the student organization does not contest that fact, the Director of SOO and the CSO will determine appropriate sanctions.

If a group contests the allegation, the Chair of the CSO or the Director of SOO will file a complaint requesting discipline through the CSO.

Financial Regulations of Registered Student Organizations (RSOs)

Roles & Responsibilities Sound Financial Management is everyone’s Responsibility

Treasurer/Financial Manager Prepare Organization’s Budget Initiate and Maintain Financial Accounts

Serve as Authorized Signer Maintain Accurate Records

Collect Dues, Distribute Receipts Organize Deposit Slips, Balance Checkbook

Prepare Financial Statements for Review

Roles & Responsibilities (Cont’d)

President/Executive BoardReview Financial Statements (Checking Accounts)

Serve as Authorized Signer

Assist in Budget Planning & Implementation

Ensure Alignment with Purpose of Organization

MembershipFollow Established Procedures & Policies

Membership Dues, Reimbursement Forms, etc.

Bank Accounts You Should Consider a Checking Account if:

Organization Transacts Money and Is not part of Housing, WUD, Recreational Sports Is not a GSSF funded organization Does not have Departmental Sponsorship

To Establish a Bank Account an EIN is Required Employee Identification Number can be obtained by:

Phone, Online, Fax, or Mail (Via IRS) Visit Student Organization Handbook for more Info

Other Considerations Check on Financial Institution Account Options

Min. Balance, Monthly Fees, Dual Signers, Transaction fees Do Not Use ATM Cards (Cash is Difficult to Track)

Budget Planning

Important Considerations include:Align Events/Activities with Org. MissionOrganizational Needs

Example – Supplies, Advertising, etc.Revenue Possibilities

Example – Membership Dues, Fundraising, etc.

Budget Planning is an Organizational Activity

Documentation & Cash Handling Helpful Hints

Organization is the Key to Success Align Records/Files with Budget Categories (see sample

Budget) Buy a Receipt Book Don’t use ATM Cards Org. Business should be Paid with Org. Accounts

Limit the need for reimbursements

Important Reminders: Always Keep Original Itemized Receipts Keep Financial Documents Stored in a Locked Location Consistently Follow Established Processes (reimbursement) Store Financial Records for 5 Years (Minimum)

Funding Opportunities Available University Funds for RSOs

Multicultural Council Grants For Events/Programs that Enhance Cultural Awareness

Wisconsin Union Directorate (WUD) Co-Sponsorships via Committees

Ex. Lectures, Film, Community Service, Music

Associated Students of Madison (ASM) Event, Travel, and Operation Grants Open Fund – Applications for 2009-2010 due by 3/1/09

Wisconsin Experience Grant For Events/Programs that are Educational in Nature &

Support Components of the Wisconsin Experience

Funding Opportunities – Cont’d Other University Options Include:

University Health Services Collaboration Mini-Grants Promotes RSO Collaboration; Ranges from $50 - $500

Wisconsin Alumni Student Board Mini-Grants Fund Late Night Alcohol Free Programming All Campus Party Event Grants

Off Campus Funding Options Grants Information Collection

Located on 2nd Floor of Memorial Union Library Authoritative Source for Foundation & Corporate Giving Workshops are offered Each Semester

Tips for Funding Success Plan Ahead & Involve Membership

Adhere to All Deadlines – Apply early in the Year Share Funding Responsibilities

Application Writing, Event Planning, Payment Coordination

Know Your Audience & Be Detail Oriented Have Non-Org. Members Review Your Application Multiple Edits Ensure Professional Quality Writing

Fiscal Responsibility is Critical Make Sure Value is Articulated Current Environment Should be Accounted For

Other Resources & Final Thoughts

Resources Available to Advisors & Students: MCSC Grant Writing – Andrew Rincon Writing Center Student Organization Handbook (Online)

Financial Management Skills Are: Critical to Success in All Industries Translate to All Facets of Life

Q & A - What are Your Orgs. Challenges? Next Student Org. Workshop: Grants & Funding

Tuesday, November 18th, 2008 Grainger 5120AB; 5:00-6:30 p.m.