Columbia Musical Theatre Society by Levone


									Columbia Musical Theatre Society
Policy & Procedures


FINA-101 FINA-102 FINA-103 FINA-104 FINA-105 FINA-106 FINA-107 FINA-108 FINA-109 FINA-110 FINA-111

Introduction Budgeting Payment Options Reimbursement Ticket Sales Production Financing Meetings Donations, Advertisement Sales, and Concessions Financial Cosponsorship ABC Allocations and Rollover Internal Financing Important Forms and Documents

Columbia Musical Theatre Society
Policy & Procedures FINA-101 INTRODUCTION

This guide serves to outline the policies and procedures associated with financial planning and financial transactions for all productions produced through Columbia Musical Theatre Society. Within the text of this guide SDA refers to Student Development and Activities. The SDA Office is located on the 5th floor West of Alfred Lerner Hall.

Columbia Musical Theatre Society
Policy & Procedures FINA-102 BUDGETING

All perspective productions are required to submit a proposed budget to the CMTS Executive Board at large upon initial presentation for production approval during the semester prior to performance. The proposed budget will include all expenses associated with the production of the proposed show as well as notation of all sources of revenue and the projected revenue from each source. The expenses are to be subdivided into the following categories:  Rights and Rental Fees  Publicity  Programs & Publications  Set Materials  Props  Costumes & Makeup  Lighting Equipment and Materials  Sound Equipment  Musical Equipment and Instrument Rental  House Fees & Space Rental  Miscellaneous Production Costs (copying, etc.) The CMTS Executive Board must approve the proposed budget of a production before official approval of a production can be granted. The CMTS Executive Board may ask a production team of a proposed production to revise the proposed budget by lowering the projected expenses or by raising the projected revenue. Approval of a production may depend on the production team’s compliance with such a request. The appropriateness of a request for budget revision on the part of CMTS will be decided on a case by case basis by the Board. Once a production’s budget is approved, no spending over the total allocated amount specified in the approved budget will be permissible, unless a revised budget is submitted to the CMTS Executive Board and is approved by the Treasurer and Executive Board. It is the Producer’s responsibility to monitor the spending of his or her production team so that spending does not exceed the expense specified in the approved budget. It is also the Producer’s responsibility to notify the Treasurer of the possibility of any increase in expenses and draft a comprehensive revised budget to be

submitted to the Treasurer for review by the Executive Board. It is solely up to the discretion of the Treasurer and Executive Board whether a revised budget is approved. If a revised budget is not approved, production teams are expected to continue with the production process as originally planned with the assistance of the Board for advisement, if required by the production team. Notification of a possible increase in expenses on the part of the Producer of a production does not constitute an official approval of an increase in expenses. A revised budget must be submitted and approved. The Producer will be held responsible for any unapproved spending over the approved budget. If such a case should occur in which the Producer must take responsibility for unapproved spending, it is left to the discretion of the Producer, with the proper guidance of the Executive Board, to assign financial responsibility for the indiscretion to the appropriate individuals in a fair and timely manner.

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Policy & Procedures FINA-103 PAYMENT OPTIONS

When purchasing an item for a CMTS production, the following payment options are available:  E-form  Purchase Order (P.O.)  Personal Payment NOTE: Lerner tech, proctor, and security fees are automatically billed to the CMTS account. E-FORM The purpose of the E-form is threefold: to request interdepartmental transactions, to serve as a promissory of payment for outside vendors, and to request a reimbursement for items purchased for a recognized student activity. In order to pay for the rental of equipment or other services rendered by an oncampus group or office, an e-form must be filled out with the group or office name and account number. Fill in the exact amount to be transferred. E-forms also serve as promissory of payment for outside vendors. The procedure for using the e-form for this purpose is similar to that of a purchase order. Fill in the amount that the purchase is not to exceed and the vendor name and address on the e-form. All e-forms must be reviewed and signed by the Treasurer before submission to the SDA Office. Please notify the Treasurer as the need arises for e-form use. Allow two to three days for processing by SDA. The signature of CMTS’s SDA advisor is also required before submission for processing. It is up to the Producer or Stage Manager to obtain CMTS’s advisor’s signature on each e-form. Our current advisor is Robert Taylor, Dean of Student Affairs. His office is located in the SDA Office. Starting in midSeptember CMTS will have a new advisor, still to be named. E-forms are available in the SDA Office on the 5 th floor of Alfred Lerner Hall. The Producer or Stage Manager is to fill out all appropriate vendor and personal information and contact the Treasurer for his or her signature and approval of the transaction. To use the e-form to request a reimbursement, see section FINA-104.

PURCHASE ORDER Most vendors will accept an e-form as a purchase order, but in a case where a vendor requires a typed purchase order, one can be requested from the SDA’s Financial Division, located in the SDA Office. Because the purchase order must go to a higher financial authority over the SDA division, allow a week for processing. In order to PERSONAL PAYMENT Items may be purchased for a production using forms of personal payment. Reimbursement policies and procedures are discussed in section FINA-104.

Columbia Musical Theatre Society
Policy & Procedures FINA-104 REIMBURSEMENT

In order to be reimbursed for any spending for a production, event or supplies purchased for CMTS, a receipt must be submitted to the Treasurer. Receipts must be attached vertically to a sheet of printer paper with the date of purchase, total cost, and itemized list of purchases clearly printed on the receipt. On the attached paper clearly print the payee’s name, social security number, email, and address to which the reimbursement is to be sent or whether to hold the reimbursement check for pick up at the SDA Office on the 5 th floor of Lerner Hall. All payees must submit a W -9 Request for Taxpayer Identification Number and Certification Form each fiscal year before being reimbursed. W -9 forms are available in the SDA Office. For multiple receipts, a Travel & Business Expenses Report is to be filled out. Number each receipt on the attached paper (not on the actual receipt) in order of date of purchase and write the name and social security number of the payee on each sheet of paper. Fill out the Travel & Business Expenses Report using the numbered receipts as a guide. Note that payee signatures are required on the Travel & Business Expenses Reports. Travel & Business Expenses Reports can be found on the web at Receipts must have an itemized list of purchases. Credit card receipts without purchases listed may not be accepted for reimbursement by the financial office. Submit receipts and W -9 forms, if applicable, to the Treasurer. Allow 3 weeks for reimbursement checks to arrive. Receipts associated with purchases for a production must be submitted with payee W-9 forms and Travel & Business Expenses Reports, when applicable, in bulk during the week following final performance to the Treasurer at an organized meeting with the Treasurer to review total spending for production. Receipts should be divided by payee and sub-ordered by date of purchase, with receipt numbering beginning at #1 for each payee. It is advised to minimize the number of payees per production, and limit payees to essential production team members only.

It is Columbia University’s policy not to reimburse taxes. Columbia and its subsidiary groups are tax exempt. A Tax Exemption Form can be found in section FINA-111. Copies are also available at the SDA Office. Tax exemption is only to be used for University related purchases. It is the payee’s responsibility to ensure tax exemption on items purchased for production.

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This section is a replicate of Section 5.04 of the Columbia Musical Theatre Society By-Laws. Tickets are to be sold only through currently existing channels according to SDA policy, unless otherwise approved by both the CMTS E-board and SDA administration. Box office personnel, any person who handles tickets and their revenue, must be a member of the CMTS board (preferably) or have the approval of the board. Regardless of board membership, every individual working box office must fully understand all ticket sale procedures and is personally responsible for adhering to them during the duration of work in the box office. Tickets should be sold in numerical order, beginning at the smallest number for each ticket category. Upon sale, ticket stubs should be detached and retained by the box office. Ticket stubs should be detached ONLY once the money is received for the sale. The box office does not accept IOU’s or sell tickets for less than the printed value. Complimentary tickets should be taken from the highest numbered tickets and be clearly labeled on both the ticket and ticket stub “comp.” Number of comps given must also be denoted on the sales report (see below). When more than one person is working the box office in a given day, a shift report must be filed by each individual before he/she leaves the box office. The shift report must list all ticket numbers sold and amount of cash collected by each ticket seller for the time they were in the box office. At the end of each and everyday the box office is open, an event ticket sales report, provided by Lerner Box Office Service Manager, must be completed. This form should detail the numbers of the tickets sold for each performance and the amount of money generated. The Sales Report must be signed off on by the Treasurer before the cash is dropped, consenting his or her full approval that the information on the report is accurate. A cash bag and Ticket Sales Report must be dropped at the end of every day the box office is open.

No ticket revenue should ever leave Lerner premises nor should it be stored in the CMTS drawer in the 5th floor club space, as this is not a secure place and should NEVER contain valuable items as CMTS is not responsible for the safety of contained items.

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The following meetings or are required any production produced by CMTS:  Preproduction Meeting  Fortnightly Correspondences  Ticket Sales Informational Meeting  Postproduction Meeting  Postproduction Presentation PREPRODUCTION MEETING The preproduction meeting will be held during or before the first week of classes for the semester of production. The President, Treasurer, Producer, and Director are to be in attendance. The purpose of the preproduction meeting is to orient the production team with CMTS policy and procedures and establish a line of communication between CMTS and the production team before the rehearsal period begins. At this meeting the policy and procedures will be reviewed and the approved budget will be reestablished. FORTNIGHTLY CORRESPONDENCES Every two weeks, starting with the second week of production, the Producer is to inform the Treasurer of all spending, earnings, and other financial transactions by email or in person. If there is nothing to report, a correspondence to that ends is still appropriate. TICKET SALES INFORMATIONAL MEETING The ticket sales informational meeting will be held during the week prior to tech week or before the first day of ticket sales. The Treasurer, Producer, and Box Office Manger (where applicable) are to be in attendance. The purpose of the ticket sales informational meeting is to orient the producer and box office manager with the box office procedures specified in section FINA105 of CMTS Policy and Procedures and section 5.04 of the CMTS Constitution. The producer will provide the treasurer with a list of all box office personnel for approval by the Board. The Board is to respond with its decision within no more than two days time of the submission of the box office personnel list.

Plans for the turnover of tickets to the producer, cash box requirements, and dates of ticket sales will also be decided at this meeting. POSTPRODUCTION MEETING The postproduction meeting will be held during the week following final performance. The Treasurer and Producer are to be in attendance. The purpose of the postproduction meeting is to review the status of spending and earnings and handle all reimbursements and outstanding debts associated with the production. At this meeting the Producer will submit all receipts for reimbursement and payee W -9 forms to the Treasurer and request any additional transactions. POSTPRODUCTION PRESENTATION The postproduction presentation will be held in conjunction with the next CMTS board meeting following the final performance. The Executive Board and Producer are to be in attendance. Any other members of the production team who wish to speak to the success of the show are welcome. The purpose of the postproduction presentation is to present an overview of the production and performance period, submit the final production budget, and tie up any organizational loose ends. This meeting also serves as an opportunity for the production team to voice their suggestions. At this meeting, the Producer will present an itemized production budget similar in format to the proposed budget.

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All donations, sponsorship funds, and revenue from advertisement sales are to be submitted to the treasurer as soon as possible after receipt. Donation and sponsorship funds are to be deposited into the CMTS gift account by the treasurer.

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The treasurer and the producers shall work together to ensure that CMTS does not overextend its financial resources and that no show poses an unreasonable risk to CMTS’ financial stability. No more than one-half (50%) of the operating fund shall be included in the budget of any one production. Relative allocations should be decided on a caseby-case basis. The CMTS gift account shall serve as a buffer and shall not be included in any part of a proposed budget. Funds in this account shall only be accessed in case of debt due to over expenditure or poor income.

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Policy & Procedures



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E-Form (Internal Transaction) E-Form (Outside Vendor) W-9 Form Travel & Business Expenses Report Tax Exemption Form Ticket Sales Report Box Office Shift Report Cash Box Request

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