Treasurer
Introduction
A meeting was facilitated for new club officers, with a particular focus on the responsibilities of treasurers. The meeting acknowledged the coordinators present on the call, providing a platform for questions and clarifications.
Coordinator Roles
Alana Nino: Executive Assistant on leave, but pivotal in guiding new initiatives.
Sharon: Responsible for managing reimbursements and available for questions regarding financial processes and policies.
Dr. Miraval Fernandez Paul: An active participant in club and SGA-related activities, providing insight and support.
Executive SGA Officers: New coordinators introduced include Shaira, Max, and Natasha, with their term ending on April 1, ensuring a transition period for the incoming officers.
Treasurer Responsibilities
Each recognized club at the university maintains an individual account. The treasurer plays a crucial role in managing funds, overseeing financial transactions, and ensuring that all financial activities comply with university standards.
Finding Forms Page
All necessary forms for management can be found on the university's official website (westernu.edu). Navigate to the students/forms section to access reimbursement and deposit forms effectively.
Reimbursement Process
It is mandatory to submit the reimbursement form for any reimbursement from club accounts, irrespective of whether funds were transferred between accounts or not. Deposit forms are also required for all funds raised to maintain correct accountability and record-keeping.
Completing Reimbursement Form
The reimbursement form must include:
Fund number: A specific 4-digit number provided to treasurers via email, necessary for identifying the account.
Payee information: This may include details for a student or a vendor involved in the transaction.
Detailed itemized expenses: Every item should be documented including the date purchased, the name of the event associated with the expense, and any guest speakers involved.
Both the treasurer's and president's signatures are required.
Include itemized receipts; note that blurry receipts or incomplete documentation could lead to rejection of the reimbursement request.
Submit Procedure
The club treasurer must compile all necessary documents and submit them to the university's student affairs department. It is recommended to have a clear subject line in all communication for efficient processing. Additionally, organizing and labeling receipts with submission dates ensures a smooth auditing process.
Payment Procedures
Treasurers are permitted to make direct payments to vendors through club accounts. Payment requests must specify whether checks are required and should always include attachments of the appropriate receipts. A W-9 form is required to be completed for all new vendors to facilitate accurate reporting.
Common Issues
Common delays in the reimbursement and payment process include:
Missing documentation, which can include receipts and forms.
Errors in submission protocol or breaches of policy which may lead to denials.
Travel Policies
Traveling for club events requires prior authorized approval, and associated documentation must be submitted before departing. Itemized receipts are essential for reimbursement upon return to the university. Clear guidelines should be followed to avoid any complications related to travel expenses.
Contracts with Vendors
Any contracts with vendors must be handled through the university's legal department for signature. Clubs do not have the authority to sign contracts, and significant delays may occur if this process is not initiated early. If payments are needed for vendors, it is advisable to start the processing as soon as possible to avoid last-minute issues.
Guest Speaker Protocols
Payments for guest speakers necessitate additional paperwork. Event reservation forms must be filled out and submitted by the club president. Importantly, guest speakers cannot be personnel affiliated with the university faculty. This policy helps maintain transparency and allows for accountability in guest engagements.
Financial Management and Oversight
Account Access
Treasurers will receive view-only access to their accounts soon. This access can be verified through my.westernu.edu, allowing treasurers to monitor their financial standing effectively.
Account Balances
Only officially designated club funds can be collected through university channels; personal accounts for fundraising or any off-campus accounts are strictly prohibited to maintain adherence to university regulations.
Certificate of Organizational Funds (COF)
A Certificate of Organizational Funds is required to be submitted by January for the preceding fiscal year, ensuring compliance and transparency in financial reporting.
Fundraising Ideas
In the context of increasing competition among clubs, adopting creative and innovative fundraising strategies is essential. Collaboration with experienced officers and reviewing successful activities from annual reports is recommended. Suggested fundraising ideas include:
Merchandise sales targeting popular club interests.
Fun events such as food sales or unique experiences (like a 'pie in the face' event).
Note that casino nights and 5K runs should generally be avoided due to high costs and rigorous permitting requirements.
Consider virtual events as cost-effective alternatives to raise funds.
Fundraising Strategies
Focus on garnering support from the local community before seeking external funding. Approaching local businesses for sponsorships or donations should clearly outline the benefits for visibility and community engagement.
Tax ID Understanding
It is crucial to note that the university does not provide a tax ID for student clubs. Clubs needing funding must independently approach businesses. Various options are available for clubs that have separate funding arrangements with national organizations which may have their own tax IDs.
Advertising Events
Using Monday Mail is the only official method to publicize events across campus. It is vital to submit event information at least one week in advance. Approved flyers can also be posted in designated areas to enhance visibility.
Event Reservation Policy
All events must be submitted for reservation at least 10 days prior. Be aware that any changes made to already reserved events may incur additional costs, which should be budgeted for accordingly.
Closing Reminders
Always involve your advisor in the planning stages of events to receive guidance and ensure compliance. It is critical to manage and submit all forms and reimbursements accurately to avoid future complications. Lastly, follow up diligently with thank-you notes after receiving donations to maintain positive relationships with sponsors and contributors.