fiscal management workshop academic year 2012 2013
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FISCAL MANAGEMENT WORKSHOP ACADEMIC YEAR 2012-2013. Welcome. This workshop will explain the procedures for spending money from a GMU organization account

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Presentation Transcript
welcome
Welcome
  • This workshop will explain the procedures for spending money from a GMU organization account
  • Additional information can be found on the Office of Student Involvement website, si.gmu.edu, in the Student Organizations section under Spending Money
  • All Organization Presidents and Treasurers must review this presentation and pass a brief test at the conclusion
  • Test results must be emailed to the Student Funding Board at [email protected]
organization finances
Organization finances
  • IMPORTANT: Student organizations do not automatically receive money when they complete the registration process. Instead, registered student organizations in good standing are eligible to apply for and receive funding from the Student Funding Board, up to $4,000 per year with a maximum of $2,500 in any semester.
  • No funding will be awarded to organizations whose officers have not completed this workshop
how can your organization get money to spend
HOW CAN YOUR ORGANIZATION GET MONEY TO SPEND?
  • Student organizations can get money to spend in two ways:

1) by applying for funding from the Student Funding Board (SFB)

2) by raising the money themselves (SGR)

If your organization has not applied for funding and has not raised money, you have no money to spend

spending restrictions
Spending Restrictions
  • All monies in GMU accounts are subject to spending regulations set forth by the state of Virginia.
  • This means that neither SFB nor SGR may be used to purchase gift cards, alcohol, or flowers
applying for funding
Applying for Funding
  • For information about SFB application deadlines and how to apply for funding, refer to the Funding Opportunities section of the Student Involvement website
  • SFB funds can be used to pay for many expenses including refreshments, catering, travel expenses, instructors, performers, event supplies, and dues payments.
  • Funding is awarded for specific events and activities and may be used solely for the purpose awarded
  • Funding applications must be submitted at least two weeks before the event; No funding is awarded for events that have already taken place
raising money self generated revenue
Raising Money- Self Generated Revenue
  • Organizations may raise money by collecting dues, charging admission fees to events, holding bake or craft sales, winning campus competitions, etc.
  • Money raised this way is called self-generated revenue, or SGR
  • All SGR monies must be deposited into a GMU campus account unless your organization has a national affiliation that requires an off-campus account
  • SGR monies must never be deposited into a personal account
  • Students may not use Pay Pal to collect money for their organizations
what s next
What’s next?
  • Once funding has been awarded or SGR has been raised and deposited, university and state rules and processes must be followed in order for monies to be paid out from your account
  • Failure to follow the correct procedures may delay your payment and impact your ability to receive future funding
seven general rules apply to all organization fiscal activity rule 1
Seven general rules apply to all organization fiscal activity:Rule #1
  • Original, itemized receipts and/or invoices are needed; Accounts Payable will not accept copies
  • If you pay by check or credit card, a cancelled check (front and back) or a bank or credit card statement that shows the transaction may be acceptable alternative proof of payment
  • Note: Credit card slips that you sign are not itemized and therefore are not acceptable
rule 2
Rule #2
  • With only one exception, whenever food is purchased, a Food and Beverage Form is required
  • The only exception is food ordered from the on-campus caterer, Sodexo Special Occasions Catering. Sodexo orders do not require a Food & Beverage Form
rule 3
Rule # 3
  • If the vendor or person you are trying to pay has never been paid by the university, Accounts Payable will need a W-9 form listing a Tax Identification Number (TIN) or Social Security Number for the vendor/person
  • When paying a student, the W-9 is not needed; instead you should include the student’s G#
rule 4
Rule # 4
  • If you are paying an individual rather than a company, an Independent Contractor Form must be submitted
  • The Independent Contractor Form is not needed for payments to students
rule 5
Rule #5
  • Anyone who plans to seek a reimbursement for travel expenses such as hotels, meals, and airfare must follow GMU travel procedures and must use the GMU Travel System to generate proper paperwork
  • All student travelers who wish to be reimbursed must submit a Request and Authorization to Travel Form to the Office of Student Involvement at least 7 days before the trip
  • IMPORTANT: No reimbursements will be paid to student travelers who do not submit the Request and Authorization to Travel Form BEFORE THE TRIP
rule 6
Rule #6
  • For reimbursements and payments, complete and correct paperwork must be submitted to the Office of Student Involvement for processing no later than 3weeks after the date of the event
  • Paperwork not submitted in a timely fashion will not be processed, and no payment will be made
  • Paperwork must be signed by the President or the Treasurer of your organization
rule 7
Rule #7
  • Whenever funding from the Student Funding Board is used to pay for supplies or activities, an Event Evaluation Form must be submitted within 10 days after the event
student organizations can pay for goods and services by
Student organizations can pay for goods and services by:
  • Using your organization number to “charge” on-campus purchases for Catering, Copy Center, Events Production, and Parking Services
  • Using a Purchase Order to pay a local merchant
  • Using a Student Organization Payment Request Form to pay a vendor or reimburse a member of your organization
  • Using an Honorarium Request Form to acknowledge a person who has provided a professional service, such as an oral presentation

Let’s take a look at each of these …

using your organization number to charge
Using your organization number to charge
  • When you supply your organization number for on-campus purchases, the fee will be deducted automatically from your organization account (like using a debit card)
  • Be sure that your account has enough self generated revenue or funding to cover the fee
  • If there is not enough SGR or funding in your account , you will be required to deposit money to cover the fees
using a purchase order
Using a Purchase Order
  • Many local vendors will accept a Purchase Order in lieu of payment
  • This allows students to get food or other goods without having to pay with their own money
  • You can find the Purchase Order Request Form and information about how to use it at the Student Involvement website, si.gmu.edu
  • Look under Student Organizations, then Spending Money
using a student organization payment request
Using a Student Organization Payment Request
  • Use a Student Organization Payment Request form for reimbursements, dues payments, and conference registrations
  • An original invoice and/or itemized receipt must accompany the Student Organization Payment Request form
  • Reimbursements are usually paid within 30 to 45 days by check mailed to the payee’s address
honorarium
Honorarium
  • Use the Honorarium Payment Request form to make a payment to an individual to show appreciation for services performed for which payment is not required – that is, the fee is not set or negotiated by the recipient
  • The most common use of honorarium payments by student organizations is for educational speakers
  • If the person has not previously been paid by the university, attach a W-9 form to the request
  • The amount paid may include consideration for travel expenses
catered events
Catered Events
  • If you plan to have a catered event, you can use the University’s on-site vendor, Sodexo Special Occasions Catering, or an approved off-site vendor
  • If you want to use an use off-campus caterer, you must use a caterer that has been approved by the University
  • No payments can be made and no funding awarded if you use off-campus caterers who are not on the Approved Caterers list
  • A link to the Approved Caterers list for off-campus vendors can be found on the Student Involvement website in the Spending Money section under Student Organizations
using the on campus caterer
Using the On-Campus Caterer
  • Sodexo/Special Occasions Catering

-- Orders must be placed on-line at catering.gmu.edu

-- You will not need to submit a Food & Beverage Form or a Purchase Order Request when using Sodexo

-- Sodexo will send all orders to the Business Manager for approval

off campus caterers
Off Campus Caterers
  • If you use an off-campus caterer from the Approved Caterer list:
  • Prior to the event, submit:

-- Purchase Order Request Form

-- Food & Beverage Form

-- Original invoice or proposal from the caterer

hiring djs performers instructors
Hiring DJs,Performers,Instructors
  • A GMU Contract Packet is required to hire vendors that set fees for their services, such as DJs, Performers, and Instructors (such as dance teachers)
  • Very important: All Contract Packets must be submitted at least 30 days in advance
  • Under no circumstances should a student sign a contract
timing is important
Timing is important
  • Accounts Payable normally takes at least 30 days to process payments
  • Make sure the person or business to be paid is aware of the time required for processing the payment
  • Submit the required paperwork as early as possible
buying t shirts
Buying T-shirts
  • Student organizations may purchase t-shirts using self generated revenue
  • Funding may not be awarded for the purchase of t-shirts
  • T-shirts must be purchased from vendors licensed by the university. For a list of licensed vendors, check the Student Involvement website
  • To purchase t-shirts, submit a Purchase Order Request form and an invoice from the vendor
travel reimbursements
Travel Reimbursements
  • **All travelers must use the GMU Travel System**
  • Go to https://travel.gmu.edu
  • You can find instructions for accessing and using the Travel System on the Student Involvement website, si.gmu.edu. Look under Student Organizations in the Spending Money section.
travel reimbursements cont
Travel reimbursements (cont)
  • All student travelers who wish to be reimbursed must submit a Request and Authorization to Travel Form at least 7 days before the trip
  • This form must be signed by your organization advisor
  • If the completed form is not submitted in advance, no reimbursement will be processed
travel reimbursements cont1
Travel reimbursements (cont)
  • As soon as possible after you travel, and no later than 3 weeks, submit:

-- Travel Reimbursement Voucher

-- Original, itemized receipts showing your expenses

collecting money
Collecting Money
  • Whenever money is collected from individuals, such as dues payments or payments for t-shirts, a receipt should be provided
  • Receipt books are available to borrow from the Office of Student Involvement
  • Receipt books must be returned to the Office of Student Involvement within a week
collecting money cont
Collecting Money (cont)
  • When money is collected at events such as dances and parties, Cash Handling & Wristband Procedures for Recognized Student Organization Events must be followed
  • These procedures can be found on the Student Involvement website under General Policies for Student Organizations
collecting money cont1
Collecting money (cont)
  • All money collected must be deposited into your on-campus organization account, unless your organization has a national affiliation which requires use of an off-campus account
  • Checks should be restrictively endorsed as soon as they are received (for example, For Deposit Only, George Mason University, Org. 610xxx)
  • Money must be deposited by close of business the day after collection of $500 or more, and by the end of the week, if less than $500 is collected
collecting money cont2
Collecting Money (cont)
  • Student organizations may not use Pay Pal to collect money
  • Student Organizations may not open off campus bank accounts unless their organization is affiliated with a national organization, such as a fraternity, that requires use of an off campus account
depositing money
Depositing Money
  • Use a triplicate Cash Receipt form to deposit money into your organization account
  • Cash Receipt forms are available at the Office of Student Involvement
  • Make deposits at the Cashier’s Office located in SUB I
  • Student organizations should provide a copy of all Cash Receipts to the Office of Student Involvement so that we can check to make sure your deposits post properly to your account
  • Student organizations may check their account balances by sending an email to the Student Involvement Business Manager
transferring money
Transferring money
  • Money can be transferred from student organization accounts to other university organizations using a Journal Voucher (JV)
  • JVs can be used to:

-- pay a GMU department for a service

-- send money to another student organization

Ask the Business Manager to prepare a JV if you wish to make a transfer

paying for other services
Paying for other services
  • Other GMU services also can be “charged” to your organization account, including Events Production, Print Services, and Parking
  • These services are not free
  • Your organization will be responsible for covering all charges it incurs, so be sure there is sufficient SGR or funding in your account to cover your charges
record keeping
Record Keeping
  • Financial Records must be kept for three years
  • Outgoing organization leaders should transfer financial records to incoming leaders to ensure a smooth transition
  • Complete a “Drop Off” form whenever you submit documents to the Office of Student Involvement. Keep the yellow copy of the form and a copy of all submitted documents, in case paperwork is lost or misplaced
important deadlines
Important Deadlines
  • Purchase Order Request Form: submit at least 5 days before your event
  • Contracts for performers, instructors and DJs: submit at least 30 days before the event
  • Student Organization Payment Requests: submit no later than 3 weeks after the event
  • Travel Reimbursement Vouchers: submit no later than 3 weeks after the trip
  • Event Evaluation Form: submit within 10 days after the event
download forms
Download forms

These forms can be downloaded from the Spending Money section of the Student Involvement website (under Student Organizations):

-- Student Organization Payment Request Form

-- Food & Beverage Form

-- Purchase Order Request Form

-- W-9 Tax Form

-- Independent Contractor Evaluation Form

-- GMU Contract Packet

-- Honorarium Payment Request

-- Risk Assessment Form

-- Event Evaluation Form

  • The Cash Receipt form cannot be downloaded; pick up from Office of Student Involvement
  • Travel Forms generated online: https://travel.gmu.edu/
questions
Questions?
  • For questions about this presentation, and for questions about payments, and reimbursements, contact:

Barbara Campbell

Business Manager, Office of Student Involvement

[email protected]

  • For questions about Student Funding Board applications and appeals, contact:

Sara Morrisroe

Associate Director of Student Involvement,

Office of Student Involvement

[email protected]

slide41
Test
  • This concludes the Fiscal Management Workshop presentation
  • Presidents and Treasurers of Recognized Student Organizations must complete the test which follows here
  • Test results must be sent to the Student Funding Board at [email protected]
question 1
Question 1
  • How can student organizations get money to support their activities?
  • A) By applying to the Student Funding Board
  • B) By collecting dues
  • C) By holding an event and collecting admission fees
  • D) All of the above
question 1 answer
Question 1 Answer
  • Correct Answer: D, All of the above.
  • Organizations may apply for funding from the Student Funding Board, or they may generate their own revenue by collecting dues and holding fundraising events
question 2
Question 2
  • True or False:
  • Accounts Payable accepts copies of receipts as proof that a reimbursement payment is justified
question 2 answer
Question 2 Answer
  • Correct Answer: False.
  • Accounts Payable requires original, itemized receipts as proof of payment.
question 3
Question 3
  • What other items might Accounts Payable accept as proof of payment?
  • A bank statement showing the expense
  • A credit card statement showing the charge
  • Neither A nor B
  • Both A and B
question 3 answer
Question 3 Answer
  • Correct Answer: D, both A and B.
  • Accounts Payable sometimes will accept either a bank or credit card statement as proof of purchase
question 4
Question 4
  • True or False:
  • With the exception of catering orders arranged through Sodexo Special Occasions Catering, all requests for payment for the purchase of food must be accompanied by a Food and Beverage Form
question 4 answer
Question 4 Answer
  • Correct Answer: True
  • A Food and Beverage Form should accompany Student Organization Payment Requests and Purchase Order Requests whenever food is purchased from any source other than Sodexo Special Occasions Catering
question 5
Question 5
  • When must a W-9 form be submitted?
  • When applying for funding
  • When the person or vendor to be paid has not previously been paid by the university
  • Whenever a Food & Beverage Form is needed
  • When the total cost is more than $1,000
question 5 answer
Question 5 Answer
  • Correct Answer: B, a W-9 form is needed when the person or vendor has not previously been paid by the university
question 6
Question 6
  • A member of your organization plans to travel to a leadership conference in Richmond. Funding has been awarded to cover the cost. The member expects to receive reimbursement for hotel expenses after the trip. What paperwork needs to be submitted before the trip?
  • Student Organization Payment Request Form
  • Purchase Order Request
  • Request and Authorization to Travel Form
  • Travel Reimbursement Voucher
question 6 answer
Question 6 Answer
  • Correct Answer: C, Request and Authorization to Travel Form
  • All student travelers who wish to be reimbursed for travel must submit a Request and Authorization to Travel Form at least 7 days before the trip, or no reimbursement will be paid
  • The Request and Authorization Form must be generated using the GMU Travel System and should be submitted to the Office of Student Involvement
question 7
Question 7
  • True or False:
  • A Student Organization Payment Request form can be used when requesting reimbursement for travel expenses
question 7 answer
Question 7 Answer
  • Correct Answer: False.
  • For travel reimbursements, a Travel Reimbursement Voucher must be completed using the university Travel System
question 8
Question 8
  • All contracts must be submitted to the Office of Student Involvement for approval:
  • One week before the event
  • Two weeks before the event
  • At least 30 days before the event
  • After the event
question 8 answer
Question 8 Answer
  • Correct Answer: C, at least 30 days before the event.
  • Contracts must be reviewed in the Office of Student Involvement and then sent to the Associate Dean of University Life for approval. Allow as much time as possible, but at least 30 days, for this process.
  • If the contract is not approved before the event, payment may be withheld
question 9
Question 9
  • Your organization would like to bring a noted speaker to campus. In order to raise money to pay for this event, you might:
  • Submit an application for funding from the Student Funding Board
  • Collect money using Pay Pal
  • Hold fundraising events
  • A or C only
question 9 answer
Question 9 Answer
  • Correct Answer: D, A or C only
  • Student organizations may not use Pay Pal to collect money
question 10
Question 10
  • True or False:
  • An Event Evaluation Form must be submitted for all events that receive funding from the Student Funding Board
question 10 answer
Question 10 Answer
  • Correct Answer: True
  • Submit an Event Evaluation form within 10 days after all events that are funded by the Student Funding Board
question 11
Question 11
  • Your organization number can be used to charge services on campus at:
  • Events Production
  • Sodexo Special Occasions Catering
  • Print Services
  • Parking Services
  • All of the Above
question 11 answer
Question 11 Answer
  • Correct Answer: E, All of the Above.
  • Remember that when you use your organization number to pay for a service, you will be responsible for the charges
  • Make sure you have funding or sufficient self generated revenue in your account to cover the charges. Otherwise, you will be required to make a deposit to cover charges
question 12
Question 12
  • Your organization wants to serve pizza at its next meeting and has received funding for it from the Student Funding Board. What are your options for buying the pizza?
  • Request a Purchase Order for an approved caterer such as Domino’s
  • Have a member of your group purchase pizza at a local pizza shop and then seek reimbursement afterward
  • Either A or B
question 12 answer
Question 12 Answer
  • Correct Answer: C, Either A or B.
  • A Purchase Order may be preferable because it will allow you to get the pizza without using your own money
  • If a member does use his own money to pay for the pizza, the reimbursement process will take 30 days, and any taxes paid will not be reimbursed
question 13
Question 13
  • A Student Organization Payment Request can be used for the following:
  • To seek reimbursement for purchases made by an individual member or by your organization
  • To make a dues payment to a national chapter of your organization
  • To pay for conference registration
  • All of the above
question 13 answer
Question 13 Answer
  • Correct Answer: D, All of the Above
  • Remember that supporting documentation, such as an invoice, receipt, or contract, must accompany the Student Organization Payment Request Form
question 14
Question 14
  • True or False:
  • Your organization plans to use funding or self generated revenue for a banquet. You may purchase the food from any caterer of your choosing
question 14 answer
Question 14 Answer
  • Correct Answer: False.
  • You must use a caterer from the Approved Caterers list or Sodexo Special Occasions Catering
question 15
Question 15
  • True or False:
  • The Student Funding Board awarded $100 to your organization for refreshments for a meeting on September 12. The meeting was cancelled, so refreshments were not purchased. Therefore, your organization still has $100 funding and may spend it for supplies for some other event.
question 15 answer
Question 15 Answer
  • Correct Answer: False.
  • Funding awarded by the Student Funding Board may be spent only for the purpose for which it was awarded
  • If the event is canceled, the funding is forfeited
question 16
Question 16
  • The Student Funding Board awarded $250 to your organization for supplies for a cricket tournament. All $250 was spent, but you have receipts and documentation for only $190. How much will be paid?
  • $250
  • $190
question 16 answer
Question 16 Answer
  • Correct Answer: B, $190
  • Accounts Payable will pay only the amount for which proof of the expenditure can be provided, in this case $190. The remaining $60 will not be paid.
question 17
Question 17
  • Your organization wants to hire a DJ for a dance. Which method of payment should be used?
  • A) Honorarium Payment Request
  • B) Contract Packet
question 17 answer
Question 17 Answer
  • Correct Answer: B, Contract Packet.
  • Because the DJ sets the fee for his or her services, the payment cannot be made as an Honorarium.
question 18
Question 18
  • When is an Independent Contractor Form needed?
  • When requesting a Purchase Order for pizza
  • When applying for funding
  • When requesting payment to an individual (rather than a company)
  • None of the above
question 18 answer
Question 18 Answer
  • Correct Answer: C, For payment to an individual (rather than a company)
  • A member of your organization should complete and sign the Independent Contractor Form
  • Submit the Independent Contractor Form when submitting Student Organization Payment Requests and Contract Packets
question 19
Question 19
  • When collecting money, such as dues or payments for

t-shirts:

  • A receipt should be given for each payment
  • Checks should be restrictively endorsed as soon as received
  • Money should be deposited as soon as possible
  • Records should be kept for at least 3 years
  • All of the above
question 19 answer
Question 19 Answer
  • Correct Answer: E, All of the Above
  • State regulations require that:

-- Receipts be given when money is collected

-- Checks be endorsed immediately with account information

-- Amounts of $500 or more be deposited the next day and lesser amounts by the end of the week

-- Records of payments and deposits be kept for three (3) years

question 20
Question 20
  • Where can you get additional information about managing your organization’s financial affairs?
  • The Student Involvement website, www.si.gmu.edu
  • The Student Involvement Business Manager, Barbara Campbell, [email protected]
  • Associate Director of Student Involvement, Sara Morrisroe, [email protected]
  • All of the above
question 20 answer
Question 20 Answer
  • Correct Answer: D, All of the above
  • At the Student Involvement website, use the drop down under Student Organizations, thenselect Spending Money
  • Links to all forms can be found at this site
the end
The End
  • This concludes the Fiscal Management Workshop and test
  • Remember to send your test scores to the Student Funding Board at [email protected]
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