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Treasurer Training FY2012 Presented by: SAFAC Office Updated: 6/27/11 Chapters 1. Introduction 2. Account Information 3. Purchasing Forms/Documentation 4. Deposits 5. Gifts/Prizes/Gift Cards 6. Travel 7. Contracts 8. Internal Charges 9. Budgeting/Recordkeeping 10. Funding Options 11. Fiscal Closing Chapter 1 Introduction What is the SAFAC Office? The SAFAC Office oversees all undergraduate and joint student organization accounts. This includes: – Processing Reimbursements – Paying for Services/Merchandise – Contracting Services – Funding Transfers – Creating Accounts – Processing Deposits The SAFAC Office is comprised of the following people/committees: – The SAFAC Committee – The Good Idea Fund Committee – Joseph Gonzalez- Assistant Dir. for Campus Engagement – Casey Sharkey – Coordinator for Campus Engagement – Kia Perkins – Admin. Coordinator for Campus Engagement Chapter 1 Introduction SAFAC Committee Student Activity Fee Allocation Committee The SAFAC Committee has 18 undergraduate student members: – 1 Chair – 1 Vice- Chair – 1 USGA Student Org Representative – 1 Club Sports Representative – 1 Fraternity & Sorority Life Representative – 13 Liaisons The SAFAC Committee distributes the yearly student activity fee to recognized undergraduate and joint student organizations in a process called Annual Allocations. There is roughly $1.6million that the SAFAC Committee gives out each year. Approximately $220,000 is allocated towards campus-wide concerts and approximately $1.4million is allocated towards recognized undergraduate and joint student organizations. Chapter 1 Introduction Good Idea Fund Committee The Good Idea Fund Committee has 5 undergraduate student members: – 1 Chair – 1 Secretary – 3 Liaisons The Good Idea Fund Committee distributes student activity fees to chosen applicants which pitch ideas that will benefit the undergraduate student body. Any student, faculty, or staff member may apply. Some awarded past events included Guest Speakers such as: – Andrew Ross Sorkin – Salman Rushdie – Lupe Fiasco Note: Student Organizations may not apply. Members of organizations may apply if the idea is not related to the student organization Chapter 2 – Account Information This chapter will focus on: – 17-SAFAC Account Number – 71-Rollover Account Number – Off-Campus Bank Accounts Chapter 2 Account 17- SAFAC Account Information This account is where any money awarded by the Student Activity Fee Allocation Committee will be placed. ◦ This account will consist of: 6-Digit Fund Number: example (170545) 4-Digit Org Number: example (4199) ◦ You may be requested by different departments for your account number. They are asking for your fund and org combination. You full printed account number will look like: 170545-4199. ◦ Your fund and org number for your 17-SAFAC and 71-Rollover accounts are different ◦ This account has rules and restrictions that apply. These rules and restrictions can be found in the “Policy & Procedures Manual” located on the SAFAC Website at: www.drexel.edu/safac Note: Graduate student organizations are not assigned account numbers through the SAFAC Office. All transactions for graduate only organizations are handled by the Office of Graduate Studies. Chapter 2 Account 71-Rollover Account Information This account is where any money student organizations receive from fundraising, collecting dues, and soliciting donations will be deposited. – This account will consist of: • 6-Digit Fund Number: example (710545) • 4-Digit Org Number: example (3526) – You may be requested by different departments for your account number. They are asking for your fund and org combination. Your full printed account number will look like: 710545-3526. – Your fund and org number for your 17-SAFAC and 71-Rollover accounts are different – Unlike the 17-SAFAC Account, the SAFAC rules and restrictions do not apply to this account. Student organizations are eligible to use this money how they wish as long as they are not violating any institutional, city, state, or federal policies and laws. Chapter 2 Account Off Campus Bank Accounts Information Student organizations are ineligible to open an off-campus bank account. • All money in a student organizations 17-SAFAC or 71- Rollover account belongs to the Drexel University organization and not the individuals running the organization. • Inability for institution to monitor funds in accordance to laws and guidelines for non-profit private institutions. • Inability to avoid misuse or theft of funds by organization officers • Inability for new leadership to gain control of funds from old leadership Note: Organizations found to have an off-campus bank account may lose access to all funding and possibly have their recognition suspended. Chapter 3 – Purchasing Forms/ Documentation This chapter will focus on: – Sales Tax Exemption – Check Requests – Cash Reimbursements – Purchase Orders – Dropping Off Forms – Documentation Chapter 3 Purchasing Sales Tax Exemption Forms/ Documentation All student organizations registered and recognized through the Office of Campus Activities at Drexel University Main Campus are sales tax exempt and covered by the Drexel University Tax Exemption Certificate on all purchases for organizational event use only. A copy of the Drexel University Tax Exemption Certificate will be given upon request. Drexel University does not reimburse individuals for sales tax. If you choose to pay for merchandise and are charged tax, you will only be reimbursed for the sub- totals and not the total including tax. Note: Any student or group of students found to be using Drexel University’s Sales Tax Exemption Certificate for personal use may face disciplinary action through the Office of Student Conduct & Community Standards, lose access to all funding for their organizations, and may have their recognition suspended. Chapter 3 Purchasing Forms Forms/ Documentation Drexel University has several different forms which are required for different types of purchases and reimbursements. We will go into detail on what each one is and what information is necessary. There are 3 main forms you will need to know as a student organization treasurer: – Check Request Form – Cash Reimbursement Form – Purchase Order Form Chapter 3 Purchasing Check Request Form Forms/ Documentation There are 3 sections which must be completed before your check request will be accepted: • Section 1: Payee Information • Payee Name 1 1 • Address • Drexel ID # or SS#/EIN# 2 • Section II: Justification • Detailed Description explaining payment or 3 reimbursement • Section III: Funding Source • Fund # • Org # • Cost Center Title • Amount Chapter 3 Purchasing Check Request Form Cont… Check Requests are used to pay for services where credit cards are not accepted. Forms/ They are also used to reimburse students for expenses they paid out of pocket with Documentation debit card, credit card, check, or cash over $100.00 Section 1: Payee Information: 1. Put the name of the person or business to be paid. (This is not the name of the person submitting the request). 2. Put the Home (for an individual) or Business (for a business) address in the address field where the check is to be mailed. 3. Put the ID#, SS#, or EIN# as appropriate: a. If the check is going to a Drexel University Faculty Member, Staff Member, or Student the University ID number is required. Do not submit a social security number b. If the check is going to an individual who is not a faculty member, staff member, or student at Drexel University, their social security number is required. c. If the check is going to a business, we require the Employer Identification Number (EIN). This is sometimes referred to as the Tax Identification Number. Note: Without the ID#, SS#, or EIN# the check request cannot be processed. It will be returned to your organization as an “Unprocessed Request” which will be explained further in this presentation. Chapter 3 Purchasing Check Request Form Cont… Forms/ Section 2: Justification & Delivery: Documentation 1. Put a very detailed description explaining the payment or reimbursement. Your explanation should answer the following questions: a. What is being paid or reimbursed? a. Include Dates of events, whether it’s partial or full payment, include event name, etc. b. Why is it being paid or reimbursed? a. Include whether it was per signed contract agreement, verbal agreement, etc. Bad Example: “Reimbursement for airfare to conference” Good Example: “Partial Reimbursement to Jane Smith for airfare travel to ‘Student Org Leadership Conference’ hosted by Nationals December 10-13, 2008” Bad Example: “Reimbursements for skating party” Good Example: “Reimbursement for variety of colored paints, sidewalk chalk, and foam brushes to advertise for Ice Skating Party on December 12, 2008” Note: If your justification is too vague, your request may be returned to your organization as Unprocessed for clarification. 2. Pick-up / US Mail / US Mail with Enclosures: a. Pick-up: Accounts Payable has phased this option out. If you choose Pick-Up the check will still be mailed through USPS. b. US Mail: This option is what will be followed unless asked to mail with enclosures. c. With Enclosures: This option is used when other documents need to be mailed with the check such as registration forms, etc. Chapter 3 Purchasing Check Request Form Cont… Forms/ Section III: Funding Source: Documentation 1. Fund Code - Put the Fund # of your 17 or 71 account number in this field. 2. Org Code - Put the Org # of your 17 or 71 account number in this field. 3. Leave Account Code and Activity Code fields blank. 4. Cost Center Title – Put the name of your student organization in this field 5. Amount – Put the dollar amount to be covered by this account number You will notice there are four rows. This is because the total cost of an expense can be split between multiple account numbers. Please be sure to put the proper Fund # and Org # combinations. Incorrect combinations will cause your request to be kicked back by Accounts Payable as unprocessed until corrected. Example of what this will look like upon completion: Chapter 3 Purchasing Cash Reimbursement Form Forms/ Documentation The following information is necessary before your cash reimbursement will be processed: • Payee Name • Payee ID # • Amount • Fund-Org # • Receipt Type • Description • Organization Name • Payee Email • Payee Phone # Chapter 3 Cash Reimbursement Form Cont… Purchasing Forms/ Cash Reimbursements are used to reimburse students for expenses they paid out of Documentation pocket with debit card, credit card, cash under $100.00. NOT TO BE USED FOR ONLINE ORDERS OR TRAVEL REIMBURSEMENTS 1. Put the name of the Payee and Payee ID 2. Put the amount to be reimbursed (Not to exceed $100.00 USD) 3. Put the Account Number to be charged (Fund # - Org #) 4. Check the receipt type: Credit Card, Debit card, Cash, 5. Put a very detailed description explaining the reimbursement. In the Purpose field. Your explanation should answer the following questions: a. What is being reimbursed? a. Include Dates of events, whether it’s partial or full payment, include event name, etc. b. Why is it being reimbursed? a. Include whether it was per signed contract agreement, verbal agreement, etc. c. List organization and Payee contact information. 6. The student who the reimbursement is for will receive an e-mail from the SAFAC Office informing them the request is ready for pick-up. 7. The student will need to sign in the signature field then the Cashier will give the cash to the student after photo ID is presented Chapter 3 Purchasing Purchase Order Form Forms/ Documentation The following information is necessary before your Purchase Order will be accepted: Vendor to Pay Person Submitting • Vendor Contact Information Vendor Phone/Email of Submitter • Contact Information for Person Submitting Address Company Contact Request Date Phone Fax • Date Price/ • Qty of Item to Purchase Qty Item Description/ Item #’s each • Description of Item • Price per item • Fund/Org to be charged • Student Org Name • Total to charge to Fund/Org Fund/Org Student Org Name Total Chapter 3 Purchasing Purchase Order Form Cont… Purchase Orders are used to place orders for merchandise and services on Forms/ the Drexel University SAFAC Office credit card. Documentation 1. Put the Name and Address of the company to be paid. (If it is an online company provide the website address in the address field) 2. Put the contact phone and fax numbers (as applicable) in the phone and fax fields 3. Put the name of the person submitting the request and the student organization name in the Department & Name field. 4. Put the e-mail address & phone number of the person submitting the request in the Telephone & Email field. 5. Put the Quantity of the merchandise to be purchased in the Qty Field. 6. Put the product details in the Product Description Field. (Include item #’s, model #’s, colors, etc.) 7. Put the unit price for the merchandise in the Unit Price Field. 8. Supply a copy of the online check-out screen if it is an online order. Note: If you are looking to place an online order on a website that requires a log-in name and password please supply the appropriate information on the request Chapter 3 Purchasing Dropping Off Forms Forms/ • All requests must be dropped in the Drop Box located in the Documentation hallway outside of the SORC entrance. • This box will be checked twice each day • Each Request received in this box and processed will be scanned and logged. Processing Time Check Requests – 15 to 21 business days to be received in the mail Cash Reimbursements – 2 to 3 business days Purchase orders – 2 to 3 business days Chapter 3 Timeline to Submit Reimbursements Purchasing Forms/ Travel Reimbursement (30-day limit) Documentation In accordance with University policy, any student wishing to be reimbursed for travel, whether it is mileage or receipt based will need to submit their reimbursement within thirty (30) days of returning from the engagement. Failure to submit your travel reimbursement within thirty (30) days of returning may result in the inability for the SAFAC Office to process your reimbursement. Non-Travel Reimbursements (60-day limit) Students wishing to receive a reimbursement for non-travel related expenses should submit their reimbursement within sixty (60) days of the date on the receipt. Repeated failure for an organization not submitting reimbursements within sixty (60) days of the receipt date may result in the denial of the reimbursement by the SAFAC Office. Chapter 3 Purchasing Documentation Forms/ In order to process any type of payment, purchase order, or reimbursement, a certain Documentation level of proving documentation is required. This section will detail the types of documentation which are necessary. Original Receipts Original receipts are needed for all reimbursements made with credit cards, debit cards, and cash. Without an original receipt you cannot be reimbursed. Copies of receipts are not accepted and you reimbursement will not be processed without the original. If you paid cash the receipt must state that you paid cash. All Receipts must be taped one sided to a sheet of paper. Hand written receipts on online printouts, scrap paper, backs of papers, etc are not acceptable forms of receipts and your request will be returned unprocessed without an original receipt book receipt or register receipt. Receipts which are submitted must be for the individual the reimbursement is being processed for. If the receipt was made by credit card and has a name other than the individual on the check request, the reimbursement will not be processed. If in fact the person on the request did make the purchase then additional documentation such as credit card statements may be required. . Chapter 3 Purchasing Documentation cont… Forms/ Checks Documentation If you wish to be reimbursed for expenses which were paid with personal check, a copy of the front and back of the cashed check from your bank is required. This can be an online printout of the check from your bank or a copy of the original returned check from the bank. Credit Card Statements Credit card statements are required as proof of purchase for online purchases, hotel purchases, rental vehicle purchases, and any purchase where the identification of the individual on the original receipt does not match the purchaser (this can occur if you use a discount card of a friend or family member). Online Printouts If you are seeking a reimbursement made for an online purchase a printout of the online confirmation is required along with a copy of the credit card statement. Registration Forms If you are seeking a reimbursement for paid registration a copy of the completed online registration from is required along with a copy of the credit card statement. . Chapter 3 Purchasing Documentation cont… Forms/ Documentation Invoices vs Statements Accounts Payable cannot process payments from statements. Statements are informational sheets which detail outstanding invoices and received payments of an entire account history. In order to process a payment Accounts Payable needs the individual invoice for each bill to be paid. Reference #/ Invoice # Transaction Date There can be a single invoice listed on a statement or multiple invoices listed on a statement (as in the example above). Chapter 4 – Deposits This chapter will focus on: – Deposit Form • Donations (including donation tax letters) Chapter 4 Deposits Deposit Form Check Fund Amt. Type Date Payer Name Reason for Deposit Org # # # Name of Organization For non-donation deposits the following information is required: • Date of Deposit • Amount • Check # (if applicable) • Type • Name of Group • Payer Name • Reason for Deposit • Fund # • Org # Chapter 4 Deposits Deposit Form cont… Deposit forms are used to deposit cash, checks, and money orders for collected dues, admission fare, etc. 1. Put the date the deposit is being dropped off in the Date Field 2. Put the Check # of each check being deposited. (If you are depositing cash then leave this field blank.) 3. Put the name of the person on the check in the Payer Field. (If you are depositing cash then put the word “CASH” in this field.) 4. Put your Fund # in the “Fund Code” field and your Org # in the “Org Code” field. (Do not put anything in the Account Code or Activity Code fields.) 5. Put the amount of the deposit in the “Amount” Field. 6. In the “Type” field choose option 1 for checks or option 2 for checks. 7. Place the name of your organization in the “Notes or Additional Description” field. 8. Submit the form along with all checks and/or cash to the SAFAC Office in a sealed envelope. Chapter 4 Deposits Deposit Form cont… All checks must be made payable to “Drexel University – Student Organization Name” for example: “Drexel University Stamp Club” When receiving a donation, you must list “Donation” in the description section of the deposit form. In order for your donor to receive a tax deduction letter from Drexel University you must supply the following for each donor: • Name • Mailing Address Chapter 5 – Gifts/Prizes/Gift Cards This chapter will focus on: – Purchasing Gifts/ Prizes/ Gift Cards Chapter 5 Gifts/Prizes/ Gifts/Prizes/Gift Cards Gift Cards Gift Cards and cash prizes are considered taxable income by the IRS. This means that any person winning a gift card or cash prize from a student organization event may be taxed on the value of their cash prize/gift card by Drexel University. Non-cash prizes and gifts may be taxed at their value. IMPORTANT NOTICE: Student Organizations may NOT purchase gifts, prizes, or gift cards without prior approval from the SAFAC Office. Failure to get prior approval will result in the inability of the SAFAC Office to reimburse the expense for the gifts, prizes, or gift cards from either the 17-SAFAC or the 71-Rollover account. Chapter 6 – Travel This chapter will focus on: – Mileage – Rental Vehicles – Lodging – Airfare / Train fare Chapter 6 Travel Travel Student organizations can either be reimbursed for travel or have some travel expenses paid for on the university credit card. Mileage When using a personal vehicle you are not able to be reimbursed gas and tolls by receipt but rather by mileage. Mileage is reimbursed at a rate of $0.50/mile. Mileage is calculated as such: Roundtrip mileage distance x $0.50/mile = Total Amount In some cases, the total mileage may be more than an organization wants to reimburse. You can do partial mileage to total the amount of gas/toll receipts. Documentation for mileage is not gas/toll receipts but google map printouts showing mileage from point A to point B. Example: John Doe is told he will be reimbursed gas for driving students to Villanova University for an event. John Doe purchases $15.00 in gas and saves the receipt. John Doe turns in the receipt to the student organization for reimbursement. The student organization does not submit the gas receipt but submits a partial mileage reimbursement with the following description: “Partial Mileage Reimbursement for driving members to Villanova University for the total of $15.00”. Chapter 6 Travel Travel cont… Rental Vehicles Rental vehicles cannot be purchased with the SAFAC Credit Card. Students must pay for rental vehicles out-of-pocket and get reimbursed upon their return. To be reimbursed submit the following: • Check Request made out to the person who paid for the vehicle • The original rental vehicle payment receipt supplied by the company • Copy of the credit card statement showing the individual’s name and the purchase for the vehicle. Lodging Lodging can be paid for on the SAFAC Credit Card or out-of-pocket and be reimbursed. This will depend on the situation for each student organization requesting lodging. Lodging can only be paid for with the SAFAC Credit Card if it is being purchased from an online booking agency such as Expedia, Hotels.com, Orbitz, Travelocity, etc… The SAFAC Credit Card cannot be used to purchase lodging directly through hotel/motel establishments. Chapter 6 Travel Travel cont… Lodging Cont… To have lodging placed on the SAFAC Credit Card you must: • Submit a Purchase Order –Know what Hotel you wish to stay in and which online booking agency you want to use –Know the date range of the hotel stay –Make a half hour appointment to have your order placed –Upon return from the trip, the hotel folios must be brought to the SAFAC Office. (Failure to do so may result in the inability for your organization to use this process) Students who wish to purchase lodging through a particular hotel directly may do so on their own credit cards and get reimbursed upon return. To get reimbursed you must: • Submit a Check Request made out to the person who paid the hotel bill • Submit the hotel folio as part of back-up documentation • Submit a copy of the credit card statement showing the individuals name and the charge to be reimbursed (black out all other information). Chapter 6 Travel Travel cont… Airfare/Train Fare Airfare/Train can be paid for on the SAFAC Credit Card or out-of-pocket and be reimbursed. This will depend on the situation for each student organization requesting airfare. To have airfare/Train placed on the SAFAC Credit Card you must: • Submit a Purchase Order –Know what airline/train company you are using along with flight/train numbers and times –Know the names of all individuals you are purchasing a ticket for –Make a half hour appointment with the SAFAC Advisor to make the purchase Note: Names generally cannot be changed once purchased for airfare/train tickets unless insurance is purchased or you go through group sales. Make sure the tickets are for the individuals you need them for to avoid additional charges and wasted tickets. Students who wish to purchase airfare/train on their own credit cards may do so and get reimbursed upon return. To get reimbursed you must: • Submit a Check Request made out to the person who paid the airfare/train fare • Submit a copy of the e-ticket confirmation (for e-tickets) or ticket stub (for real tickets) • Submit a copy of the credit card statement showing the individuals name and the charge to be reimbursed (black out all other information). Chapter 7 – Contracts This chapter will focus on: – Brief overview of contract process. More formal contract training will be available on the SAFAC Website. Chapter 7 Contracts Contracts Contract request forms MUST be submitted no later than 4 weeks prior to the event and they must be completely filled out • Section 1: Student Organization 1 Contact Information 2 • Section 2: Vendor/Performer Information • 3 • Section 3: Payment information • Section 4: Event Information 4 Chapter 7 Contracts Contracts cont… • Contracts are necessary ANYTIME a student organization is brining an external vendor/performer to campus for an event. • Regardless if the vendor/performer is being paid it is necessary that the student organization submit a Contract Request Form • All Contract Request Forms MUST be submitted 4 weeks prior to the event • The payment must be coming from the student organization’s 17-SAFAC account or 71-Rollover account • The student organization must have enough available funds to process the payment • University contract terms state that payment must be received by the vendor no later than 45 days after the date of engagement. If it is your/your student organizations first time submitting a Contract Request Form it is recommended that you schedule a meeting with Casey Sharkey. You can contact Casey at firstname.lastname@example.org or 215.895.6238 Chapter 8 – Internal Charges This chapter will focus on: – Internal Charges by Drexel departments Chapter 8 Internal Internal Charges Charges Internal charges are charges which are applied to your account from Drexel University departments such as: • Event Services • Public Safety • Sodexho (34th St. Caterers) • Facilities Management • Drexel Transportation These charges are applied based on services requested directly by your organization to these departments. The SAFAC Office is not involved with the requesting of these services for your groups. Chapter 8 Internal Internal Charges cont… Charges Things to Do to Insure Correct Charges: • Thoroughly review the confirmations which are sent to your organization and contact the appropriate department immediately if something is incorrect. Note: Waiting until after your event to contact the departments to make corrections for mistakes on your confirmations may result in your organization having to pay the original confirmed price without the corrections. • Check the account number listed on the confirmation for charging. It is the responsibility of your organization to make sure that the appropriate account number (either your 17-SAFAC or 71-Rollover) is being charged. Note: If the charge is being paid for by a department and not your organization, the department responsible for the charge is required to place the reservation. If the reservation is placed by your organization, YOU WILL BE CHARGED, and not the department, even if you give the department’s account number Chapter 9 – Budgeting / Recordkeeping This chapter will focus on: – Budgeting Tools – SAFAC Files – Copies of Records – Web-Finance Access – Debts Chapter 9 Budgeting/ Budgeting/ Recordkeeping Recordkeeping Student organizations are responsible for keeping budgets for their expenses to ensure that debt does not occur. Budgeting Tools • Microsoft Excel • Microsoft Access This program offers a large variety of methods on tracking budgets without the expense of programs like Quicken. You can access sample budget tools from these programs on the SAFAC website under “Resources”. SAFAC Office Files As treasurer you are encouraged request your file from the SAFAC Office to compare everything that has been processed with your budget to make sure everything is in order financially. Everything processed by the SAFAC Office will be scanned and kept in an electronic file for each student organization. Chapter 9 Budgeting/ Recordkeeping cont… Budgeting/ Recordkeeping Copies of Records It is highly recommended that as treasurer, you make a photo copy of each request you submit to the SAFAC Office and of each request sent in for internal Drexel services. Copies of these documents will help to keep your budget on track without forgetting about items which were processed by your organization. Web-Finance Web-Finance is a very useful tool but only reports what items have hit your accounts. It does not reflect items that were submitted but may not have hit yet. This is why it is very important for an organization to maintain a budget record on its own separate from using Web- Finance. Web-Finance is available for student organizations to access directly if the Treasurer goes through Web-Finance training. Each student organization has a login name for Web-Finance. If you have misplaced your log-in please contact email@example.com to have it resent to you. If you need your password reset please contact firstname.lastname@example.org to request one. Chapter 9 Budgeting/ Recordkeeping cont… Budgeting/ Recordkeeping Debt Debt occurs when a student organization spends more than is available in their accounts. There are many reasons this may occur but the most common among student organizations is due to lack of record keeping. Many times student leaders forget about a purchase they submitted. Debt Suspension If a student organization goes into debt they are immediately placed on debt suspension. The organization will be notified and have 2 weeks to review their account details and contest any charges. After 2 weeks the organization will remain on permanent suspension until the debt is paid back in full. While on debt suspension, an organization cannot utilize Drexel services, reserve space, or hold an event under the groups name Chapter 10 – Funding Options This chapter will focus on: – Annual Allocations – Reserve Funding – CAP Funding – Late Night & Weekend Programming – Alumni Grant Chapter 10 Funding Options Funding Options Annual Allocations Annual Allocations is the process in which student organizations submit a fiscal year operational budget by the designated deadline to receive a portion of the available Student Activity Fee funds. For more information contact SAFAC at email@example.com Reserve Funding Reserve funding consists of $25,000 in available SAFAC fees. Only newly formed organizations will be eligible to apply through Reserve Funding throughout the fiscal year. In addition; any student organization which made a national championship is eligible Chapter 10 Funding Options cont… Funding Options CAP Funding The Commission for Activities & Programs supplies some funding towards student organization event expenses. The application can be downloaded on the OCA website: http://www.drexel.edu/studentlife/oca/downloads/CAP_Request_Form.doc For more information please contact the Office of Retail Management at 215-895- 6776. Late Night / Weekend Programming There will be no Late Night & Weekend Programming for the FY2012 year. Chapter 10 Funding Options cont… Funding Options Alumni Grant The Drexel University Alumni Board of Governors has established a Grants Program to provide financial support to recognized student organizations. The Board evaluates funding proposals and provides financial support for activities hosted by recognized student organizations that increase the interaction between students and alumni, enhance the student experience, promote tradition, support academic excellence, reconnect alumni to the university, create a greater awareness of the Alumni Association, and promote the Association as a relevant and integral part of the university community. For more information and to download the application please visit: http://www.drexel.edu/ia/alumrel/grants_scholarships.asp Chapter 11 – Fiscal Closing This chapter will focus on: – Fiscal Closing Timeline – End of Year Report Chapter 11 Fiscal Closing Fiscal Closing The Drexel University fiscal year goes from July 1 of one year through June 30 of the next year. Example: Fiscal Year 2012 – July 1, 2011 through June 30, 2012 Fiscal closing is the process of closing out university accounts at the end of a fiscal year to prepare them for a new fiscal year. During the months of June student organizations will be unable to access their accounts for reimbursements or purchases. Student Organization Fiscal Closing Timeline: [ FY12 ] May 18, 2012 – Last day to submit any funding transfers requests or Transaction Corrections from one account to another. [This includes co-sponsorship reconciliations and debt reconciliations] May 25, 2012 – Last day to submit any credit card requests to the SAFAC Advisor for processing. Any credit card request submitted after this date will not be processed. June 1, 2012 – Last day to submit any check request/cash reimbursements to the SAFAC Advisor for processing. Any request submitted after this date will not be processed. Chapter 11 Fiscal Closing cont… Fiscal Closing End of Year Report All student organizations will be required to submit an End of Year Report if they received a SAFAC Allocation for the current fiscal year. This report will include the following: • General Expenses – uniforms, printing, office supplies, promotional materials, etc. • Food – general meetings, conferences, competitions, special events • Transportation – registration, airfare, car rental, mileage, lodging, train fare • Contractual Services – performances, location rentals, catering This information will be complied into a mass end of year report by the SAFAC Office which will be distributed to the student body detailing how student fees were used within each fiscal year.
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