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VP Finance RAHUL DEVNANI. Key Responsibilities Responsible for MES Bank & University finance Account Ensure transparent, accurate and complete Financial.

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Presentation on theme: "VP Finance RAHUL DEVNANI. Key Responsibilities Responsible for MES Bank & University finance Account Ensure transparent, accurate and complete Financial."— Presentation transcript:

1 VP Finance RAHUL DEVNANI

2 Key Responsibilities Responsible for MES Bank & University finance Account Ensure transparent, accurate and complete Financial Records Ensure Budget is on track Oversee development and/or signing of contracts including handbook and yearbook printing companies and suppliers for Drain merchandise. Work with AVP Clubs & Sponsorship for proper funding allocations to Groups & Teams Supervise the following Council positions: i) Associate Vice-President, Services & Productions ii) Associate Vice-President, Administration RAHUL DEVNANI – VP FINANCE – ACCOUNTABILITY (SAGM 1 2014/2015)

3 2013-2014 Review Revenues : ~ $546,814 Expenses : ~ $556, 306 Net : - $9492 (deficit) Reason : No proper tool for tracking expenses and more funding motions passed than the budget Internal Audit (by McMaster University) key recommendation : need proper financial tracking and stronger financial policy No fee increase for 2014-2015 *As of October 31 st, 2014 RAHUL DEVNANI – VP FINANCE – ACCOUNTABILITY (SAGM 1 2014/2015)

4 2014-2015 Budget 2014 – 2015 Budget Aim is to net $0 Projected Income & Expense : $567,500 Key Differences between budgets - increased audit and bookkeeper costs Implemented Special Projects Fund ! RAHUL DEVNANI – VP FINANCE – ACCOUNTABILITY (SAGM 1 2014/2015)

5 Financial Improvements Implemented Quickbooks Accounting System Tracks all expenses and income for the MES Implemented Square System at Le Drain Tracks each and every sale Keeps track of inventory Accepts credit cards Can accept payments online Contracted Bookkeeping to DLD Business Support Will update Quickbooks accounts at an ongoing basis Will file taxes quarterly on behalf of the MES Will prepare the financial documents for the audit RAHUL DEVNANI – VP FINANCE – ACCOUNTABILITY (SAGM 1 2014/2015)

6 Financial Policy Manual Changes Key Changes : Funding Approval (Non Budgeted) Upto and equal to $500 – Executive Upto and equal to $1500 – Council Above $1500 – SAGM Added Contingency Policies – Operating & Financial Operating contingency restricted to President and VP Finance and will dispersed to the various budgets as risks are lower during the year New Application Forms, Guides & Website Helps keep paper track and contain all important information for greater accountability www.macengsociety.ca/finance RAHUL DEVNANI – VP FINANCE – ACCOUNTABILITY (SAGM 1 2014/2015)

7 Infographic ! RAHUL DEVNANI – VP FINANCE – ACCOUNTABILITY (SAGM 1 2014/2015)

8 Campaign V/S Accomplishments CampaignCompletedIn Progress Transparency (Finance Website + Infographics) Accountability (PM Changes + Quickbooks + Square) Electronic Drain Sales Special Projects Funding Incorporation of the MES RAHUL DEVNANI – VP FINANCE – ACCOUNTABILITY (SAGM 1 2014/2015)

9 Currently working on : Promoting the Infographic and Special Projects Funding Industry Partnership Package (with Matt Vuk) Long Term Investments (with Ben, Ryan & Taya) Maintaining the new financial systems Detailed Transition Report RAHUL DEVNANI – VP FINANCE – ACCOUNTABILITY (SAGM 1 2014/2015)

10 Questions ? Email : vp.finance@macengsociety.cavp.finance@macengsociety.ca Office Hours : Mondays 6:30 PM – 8:30 PM RAHUL DEVNANI – VP FINANCE – ACCOUNTABILITY (SAGM 1 2014/2015)


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