1. Financial Management & Funding Workshop Monday, November 10, 2008 Memorial Union 12:00 – 1:30 p.m.

2. 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.)

3. 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.

4. 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.

5. 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.

6. Financial Regulations of Registered Student Organizations (RSOs) • 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.

7. 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

8. Roles & Responsibilities (Cont’d) • President/Executive Board • Review Financial Statements (Checking Accounts) • Serve as Authorized Signer • Assist in Budget Planning & Implementation • Ensure Alignment with Purpose of Organization • Membership • Follow Established Procedures & Policies • Membership Dues, Reimbursement Forms, etc.

9. 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)

10. Budget Planning • Important Considerations include: • Align Events/Activities with Org. Mission • Organizational Needs • Example – Supplies, Advertising, etc. • Revenue Possibilities • Example – Membership Dues, Fundraising, etc. • Budget Planning is an Organizational Activity

11. 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)

12. 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

13. 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

14. 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

15. 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.