Presentation on theme: "Audits (2014/15) and Allocations (2015/16). Who and why? Any SLAC approved group who has received and is looking for funding for the 2015-2016 year from."— Presentation transcript:
Audits (2014/15) and Allocations (2015/16)
Who and why? Any SLAC approved group who has received and is looking for funding for the year from SGA must attend the annual audit session with the SGA finance committee. Financial assistance (allocations) from SGA, through the Grant Fund, should be requested during this meeting. The Grant Fund of SGA exists to ASSIST in the funding of campus oriented projects not to fund all expenses of organizations.
Where and when? March 24 th through the 28 th Wile Conference Room (352), next to the SGA office Sign up sheet has time and place
What is an Audit & Allocation AUDIT This is a review of all your financial activity over the last year (all activity following the last audit and allocation process) The Audit is the look backwards… ALLOCATION This is the amount of money you’d like to request from SGA for anticipated and planned expenses during the academic year The Allocation is the look forward…
Audits You are responsible for preparing, collecting, and organizing all records At least one representative (preferably Treasurer) must be present for your organization during the time of audits All dues, fundraisers, etc. must be deposited into the organizations account PRIOR to audit.
Audits Each organization will be given 15 minutes for audit. ***Organization is key to streamlining the process Finance Committee will grade all audits pass or fail If any organization fails the audit, the organization will be placed on probation which will require the Associate Dean of Student Affairs’ signature on all financial paperwork. Additionally, the organization will not be eligible for an allocation for the period of one semester.
You Must Have… AUDIT All receipts and copies of disbursement vouchers attached All deposit slips Your current account balance There are two parts to the check, the check which is cashed and the description for the vendor which is removed before cashing. This vendor portion is NOT a receipt. It only tells the Finance Committee that you had the check written. ALLOCATION Mandatory Template: Projected Budget for ( 5 copies) Any other pertinent material ***Please Be Organized***
Projected Budget Template Will be sent in an to the current treasurer & posted on SGA website Must be done on computer Fill out only yellow cells Don’t fill in cells with formulas
Things SGA will cover Speakers (if specifics are given) All campus events Travel (transportation only; one trip only) A small amount of office supplies Refreshments for all campus events (within reason) Duplicating (subject to stipulations) Advertising (subject to stipulations)
SGA will not cover Hotel Expenses Academic Conferences (funding available through Drinko & department) Dinners/Banquets for the Organization Philanthropy Contributions/Service projects Event registration fees (club sports exception) National Organization Dues Speakers without specific details T-shirts, uniforms, apparel, gifts, scholarships for members On Campus Events for members only “Miscellaneous”
Account Information on My.Westminster Your budget status information is available in your organization’s advisor account on my.westminster. Treasurers should meet with their organization’s advisor at least once a month in order to review the report. You may want to print out a monthly report and attach your check disbursement vouchers and deposit slips to them. If any questions or concerns about the system Gina Vance can assist you!!!!
Results of Audits and Allocations Organizations will pass or fail the audit and will know at the meeting the status of the audit. A failed audit will result in the organization being placed on probation. All financial paperwork will require the Associate Dean of Student Affairs’ signature. Additionally, the organization will not be eligible for an allocation. A recommendation for the allocation requests will be presented to the SGA Senate for a vote on TBD. Members from organizations are welcome to attend this meeting to defend your request. The result of the vote will be published in the SGA minutes following this meeting.