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Making Funding Work For You

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Making Funding Work For You

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  1. Making Funding Work For You Thanks to: University Unions Associate Director for Finance Paula Lam CommonWealth One Federal Credit Union Student Government Association

  2. First and Foremost • Student Activities & Involvement does not: • Have money to allocate to orgs • Keep any financial information, including tax info • Have access to your accounts • Generally speaking, touch any of your money or funds • Good and bad…

  3. Federal Tax ID Numbers • Employer Identification number – EIN or Tax ID number • 9 digit number assigned to a tax entity • Assigned by the Department of the Treasury, Internal Revenue Service • Equivalent of a social security number • You will need an EIN in order to set up an account and file your taxes, if necessary • Your club would be considered a Social Club • You are not a non-profit organization unless you consult a CPA, Certified Public Accountant, to fill out the appropriate paperwork • Apply for your EIN online at www.irs.gov • DO NOT use your social security number to set up your group account. You will need to ask your Faculty Advisor to set up your organizations EIN online. • You will need to bring the original form you receive from the IRS to the credit union to set up your account or request a 147C form from the IRS and they can fax it wherever you need it to go. • If this is your last semester as club officer, call the IRS and change the account information to include the new treasurer • Consult a CPA if you have any questions.

  4. Setting Up a Bank Account • Commonwealth One Federal Credit Union • We offer students and student organizations free checking accounts with no monthly fees or minimum balance requirements • Email JMUappointments@cofcu.org to set up an appointment. All designated signers must be present. • Faculty Advisor Required as signer on account • President and Treasurer of your club, others allowed • In order to START an account, you will need a letter from SAI listing the advisor and other signers (confirmting org is in good standing) • After that, faculty advisor can draft a letter on JMU letterhead listing the new signers. • Only need letter from SAI if advisor changes • All groups need a bank account if fundraising or collecting money • DO NOT put money for your group in your personal account!! • Enroll in online banking

  5. COFCU & Your Organization • Who is CommonWealth One Federal Credit Union? • We are your local not-for-profit campus financial institution. We have banking services specially designed for students, faculty, staff and organizations. • Our accounts can be linked with Paypal, Popmoney, and Square to help streamline your fundraising efforts • Online Bank statements, mobile app, organization checks and organization debit cards • No-fee member coin machine. • Off Campus Branch, located across from the Valley Mall, behind Kroger, which also offers a drive-thru window with extended hours. • Our JMU Branch is located inside of Madison Union, next to the post office on the 2nd floor. • Not required to use CommonWealth for your account, but easier for us to communicate and work with

  6. A Collaborative Place to Meet Come hang out, meet up with other members, or discuss your account with a representative. Member Appreciation Day is the 3rd Friday of each Month.

  7. Important Account Information • Update signers on the account every time you elect new officers • Manage your cash well. Ensure you know your cash and check totals for your deposits and keep record of money brought in during fundraisers • Try to use only one checkbook to make purchases • Online access is provided for all organizations, just make sure to pass the login information along to your new signers • What to look for on a check Jane Doe123 ABC StreetAnytown, City 55555 01/25/2019 Official Organization Name $100.00 One Hundred Dollars and no cents Jane Doe’s Signature

  8. Budgets • Keep a budget binder • Bank account information • Tax ID number • Signature authority card • Budget • SAI keeps 0 information regarding your money. We cannot help! • Use any format that best fits the organization • Keep all receipts and invoices for future reference and keep easy access to all financial documents for the past 3 fiscal years. • Always pay bills promptly

  9. Contracts A contract is a legal binding document to pay someone a sum of money contingent upon fulfilling a service. You should NEVER sign a contract!!! Your signature will bind YOU – not JMU It is considered taxable income if you pay someone over $600 in any given year, you will be required to send them a 1099 miscellaneous income form. Contact Paula Lam, lampe@jmu.edu, with any budget/money questions.

  10. How to End the Year • Make sure all bills have been paid • All money has been deposited • All records have been updated • Signature card has been updated at the bank if you are not returning • Called the IRS to change information if you are not returning • “check out” with your advisor

  11. Fundraising • Treasurer must do cash handling training before any fundraising • No door-to-door solicitations • Off campus solicitations • Remind each potential donor that you are only a student organization, gathering donations for your club or organizational use. • Not a tax deductible donation (you not a non-profit!)

  12. Fundraising Ideas • Concessions • Food Sales • Vendor Sales • Merchandising Sales • https://info.jmu.edu/studentactivities/resourcefororganizat/finances/

  13. Funding Options When your organization has set up a balanced budget and exhausted all other funding options, it is time to consider some other possible options!

  14. Call on the SGA for Funding The SGA offers 3 types of funding to groups • Contingency • Program Grants • Front End Budgeting • Only 9 groups qualify, not taking other applications

  15. Contingency • Contingency is allocated to non-FEB clubs or organizations that have been recognized and in good standing Student Activities and Involvement for the previous 4 months. Each club can apply for up to $2,597 from the SGA • You will submit an online application which can be found on the SGA website info.jmu.edu/sga. After the completion of the form you will be contacted by an SGA representative. • This money can be for internal organization use OR for a campus-wide program or event

  16. Contingency (cont’d) • 10 Steps to contingency (1-5) • First: Have a financial need that you feel can not be met by internal fundraising within your organization • Second: Meet with Executive Board and discuss exactly what event/program you would like to apply for • Third: GOOGLE “JMU SGA” -> The first link will be the SGA homepage • Fourth: Click on the Contingency Link located under “Forms” on the home page • Fifth: Fill out entire application with approval of chapter President & Treasurer (**Including a copy of your VIRGINIA W-9 & Direct Deposit Form to the SGA office MU 303) • VIRGNIA W-9 PLZ PLZ PLZ • SAVE US ALL TIME, PAPER, AND HEADACHES (ALSO ACCESSIBLE ON GOOGLE)

  17. Contingency (cont’d) • 10 Steps to contingency (1-5) • Sixth: Allow 2 weeks for an SGA liaison to contact you • Seventh: Meet with your liaison, go over your budget, your PowerPoint (we will provide the template), and overall presentation • Eighth: Present to the SGA Finance Committee • Ninth: Present to the SGA Senate • Tenth: Receive SGA Executive Board approval • In the past, checks could take up to 6 weeks to receive; Luckily, the new Direct Deposit form can cut this down to 2 weeks

  18. Program Grants • Program grants are given to non-FEB groups who are recognized and in good standing with Student Activities & Involvement for the previous 12 months • They are awarded at the end of each semester and are large chunks of money set aside for campus–wide programs or events • With co-sponsorships, groups can get up to $10,000 from the SGA through program grants • Money cannot be donated directly to a charity

  19. Questions???? SGA Contingency jmufinanceteam@gmail.com Visit the SGA BeInvolved website or sga.jmu.edu for forms and information.

  20. Thank You ….. And remember, if you have any questions or would like to set up an appointment to talk about funding, do not hesitate to contact the SGA!