JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance
JFC Overview The Joint-Funding Committee (JFC) allocates student organization funding and oversees the budget making process. What is the JFC? The JFC exists to help student organizations with their yearly budgets. It is their job to help you get what you need to succeed. Why is there the JFC?
Student Activities Fee Overview Funds collected from all full time students to be used for students activities that meet the needs of CMU students. What is the Students Activity Fee? $123/semester for Undergraduates $99/semester for Graduates How much is the Students Activity Fee? 90% Undergraduate SAF 30% Graduate SAF How much of the SAF does the JFC allocate?
JFC Representative Understand your organizations’ finances Help create the most effective budget for you org Liaison between your org and the JFC Advocate for your organization during JFC meetings Student Body Vice President of Finance
JFC Budgeting You are creating a budget for FY 16 FY 16 = Fiscal Year 16 = Fall ‘15 / Spring ’16 We are currently in FY 15 PERSEPCTIVE: You are creating a working budget for your organization’s expected expenses and revenue, as if the JFC didn’t exist. The JFC will then come in, review your budget, and figure out how much and which items we can subsidize for you. Common Funding App Line Item Changes Student Body Vice President of Finance
JFC Rep Budget Review Meet with JFC Representative Walk through preliminary budget Budgets Due Funding Module Budgets Due JFC Budget Review JFC Goes through every Budget JFC Recommended Budgets Appeals Process JFC Appeals Due USS/GSA Appeals Due JFC Budget Timeline /23 Feb-March 4/8 – 4/15 4/23
“ ” How To Build a Budget Your budget is what you will be spending money on next year and how you plan to earn revenue to make those expenses. The JFC exists to help subsidize SOME of those costs. What you should do to make the best budget
Where to Start? Categorize your budget Compare Budget Tracker Budget with your own bookkeeping Go over historic budgets and map out your next year. Make sure to update costs based on actual spending from the previous year. Divide up your costs and revenue. Figure out what you have spent money on in the past and where you get money from. Decided if you need to make capital purchases. Reach out to your JFC Rep and the SBVPF!
New Funding Module Student Body Vice President of Finance
Link to Appeals Information/Form
Student Body Vice President of Finance
“ ” JFC Funding Restrictions The Bylaws and Rules of the JFC
“ ” Speakers and Capital Speaker funds and Capital exist in a different location. You MUST list speaker funds and Capital within your org budget, the JFC will appropriately subsidize costs, and the money will sit in the SBVPF account. When you have a speaker event or purchase capital, reach out the SBVPF to get the subsidized money from their account. (This money is NOT in your org account) Student Body Vice President of Finance
Funding Limitations The JFC can fund: Lecture Fees GBM Refreshments Charity Events Cultural Events Political Discussions Campus Events The JFC can’t fund: Student Salaries* Alcohol* Charity Donations Religious Symbols Political Parties Academic Events
A General Rule The JFC has the right to not fund anything “not germane to the purpose of the group”. We do tend to interpret this more loosely. For Example: A service group is still allowed to hold social events to encourage members to bond. However, A service group focused on helping bring medicine to Africa would not be allowed to go on an expensive trip to New Zealand.
“ ” How The JFC Reviews Budgets Understanding our Process
Metrics versus Merit Metrics Goal is to provide consistency between different groups. The JFC funds the same amount for Hotel rooms, mileage cost, etc. no matter which group is being funded. Merit Goal is to prioritize by campus impact. The JFC looks at how many students would be involved, its importance, etc. when determining how much the event should be funded.
Metrics In Our Bylaws List of Funding Metrics Food Advertising Travel Hotels Booth Buggy
New Organizations An organization that has not previously been JFC funded is limited to a maximum subsidy. This amount is determined in the JFC’s List of Funding Metrics. Any organization receiving JFC funding for the first time is considered a new group, even if you’ve been around for a long time. Reason(s): Need to prove club sustainability; New Organizations should not become reliant on the JFC as their only source of funding.
How JFC Reviews Merit Adjusts line items to abide by metrics Looks at past budgets & notes changes Looks at past years’ actual spending (audit) Looks at deviation from budgeted expenses/revenue vs. actuals Reads responses submitted forms and JFC Rep impression Evaluates campus impact and needs & priorities of organization
Changes from Previous Years Explain all budget increases Be very descriptive If you are adding new events/costs, explain their impact and why JFC should support them Be able to explain all questions that arise from looking at your audit
“ ” Budget Tips & Tricks “The JFC Secrets”
Tip: Utilize Your Rep No question is too stupid, and each conversation strengthens your understanding of the fiscal process. Update them know what your organization is doing.
In/Correct Assumptions TThe JFC process is bias and unfair. FFalse; it is transparent to those who want to know about it, and rewards those who put in the effort. TThe JFC enjoys cutting budgets FFalse; we want orgs to succeed, but just have a finite amount of resources. Prove to us you’re the best investment and you will reap the rewards.
Checklist Submit the Declaration of Intent Attend a JFC info session Meet with your JFC Rep once this semester and once before you submit your budget Submit a budget by 1/23/15 Be aware of last minute questions/ s from your rep between 1/23/15 – 1/30/15 (if needed) Appeal in April
Reminders Transitions If your organization is transitioning at the end of this semester or the beginning of the next semester bring both sets of leaders to the JFC meetings Speaker funds The JFC zeroed out speaker funds for events for weren’t guaranteed to happen. Those funds were moved to the SBVPF’s budget Capital Items Check your budget for items o-coded as “Capital Expense Fund”
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