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Authorized Signer Training

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Presentation on theme: "Authorized Signer Training"— Presentation transcript:

1 Authorized Signer Training
Fall 2013

2 Session Goals Understand Authorized Signer Responsibilities
Where does your money come from? Understanding Your Accounts How to Spend Your Money and Make Deposits Goods vs Service Types of Payments & Documentation Needed Travel JFC Capital Purchases Deposits Understanding your Bridge Finance page

3 Authorized Signer Responsibilities
1-2 authorized signers per organization Authorized signer status is valid for one academic year (Fall & Spring) All financial transactions must be signed-off by the authorized signer Primary point of contact with Student Activities and SBVPF Understand JFC and other special allocation processes Educate other organization members on financial processes and expectations Maintain a detailed record of all expenditures and income Review Bridge Finance page monthly Transition information to next authorized signer

4 Authorized Signer Quiz
All Authorized Signers must take and pass quiz to become official Auth. Signer Passing score is 90% May take the quiz to exempt training if served as an Authorized Signer in the previous year Quiz is through blackboard and all attendees have been added to the “class” on BB when enrolled in training

5 Where does your money come from?

6 Understanding Your JFC Budget
Carefully review allocation amounts and line items Review what was not funded & what needs to be brought in to fully fund planned events Read JFC comments in BudgetTracker Understand expectations for revenue and fundraising from JFC

7 Understanding Your JFC Budget
Helpful to review prior fiscal year’s budgets, expenses, and income Schedule a meeting with SBVPF if organization is going on or coming off of probation Maintain your own detailed records of expenses and income for tracking purposes and preparation of next JFC budget request JFC accounts roll up to JFC at fiscal close

8 Non-JFC Funded Organizations
Receive funding from other sources Similar processes and expectations on spending Accounts do not “close” meaning all surplus and debt roll forward SBVPF and SBVPO will be in contact with groups ending in debt

9 Special Allocation Funding
Appropriate request for a special allocation Unanticipated costs New programs and initiatives SOURCES Student Senate GSA DOSA Funding SDC Academic Departments **Common Funding Application available on The Bridge**

10 Special Allocation Process
Student Senate Weekly finance committee meetings Organization rep must present proposal to Senate Finance Committee Will receive committee recommendation within 48 hours of finance meeting Committee recommendations must be voted upon by general body for approval If org is JFC funded, then requests should be for unexpected costs or new initiatives, only. JFC share same pool of money with Student Senate. Student Senate Contacts & Resources

11 Graduate Student Assembly Special Allocations Process
Graduate Student Assembly (GSA) Monthly finance meetings (typically 1 week prior to GSA general body meeting) Organization rep can discuss proposal Finance committee recommendations typically upheld by GSA general body Recommendation can be appealed by any GSA member or requesting organization member GSA Finance Contacts & Resources

12 Division of Student Affairs (DOSA) Funding Process
DOSA funds organization initiatives through a central process Bi-monthly committee meeting For information on dates and to access to common application form: tivities/info/funding/dosa.html

13 DOSA Funding Considerations
Tips for success Organization should contribute a portion of funding (fundraising, budget) Donation vs. operational costs Domestic travel can be supported International travel only supported through STO-IT fund in Office of International Education ed/stoit.html

14 Account Information

15 Student Activities Accounts
Two accounts per organization Org Account: general account for day-to-day expenses, JFC allocation lives here Gift Account: all donation monies deposited here if money can be tied to a specific person or company, gift account money CANNOT be transferred to your org account Not a “savings account” Money needs to be tied to an individual or entity If Cash, must include amount donated, donor name and address If Check, verify name and address are included on check Donor can’t receive anything in exchange (admission fees, payments for goods/services) ** Only student government recognized student organizations are permitted to have financial accounts through the Office of Student Activities**

16 Administration Fee – Gift Accnts
Administrative fee charged to certain type of revenue (e.g. donations) Currently 5% and increasing to 9.6% by FY14 Accounts will initially be assessed the fee to ensure consistency in university practice Will see credits for these admin charges each quarter, however Fee only assessed to gift accounts not to organization accounts

17 Student Activities Accounts
Accounts are not bank accounts Housed in university and subject to university financial policies and procedures Mishandling of funds impacts student org account, Student Affairs and the university Accounts can be and are audited and thus compliance is necessary

18 Which Account? Member writes $75 check for membership dues; Deposit into which account? Deposit into Org Organization Alum makes general donation of $200 to Scotch ‘n’ Soda; ; Deposit into which account? Deposit into Gift, spend from Gift on whatever Anonymous cash donations of $400 collected at door of event; Deposit into which account? Deposit into Org, spend from Org on whatever

19 Which Account? Chrysler sends a $10,000 check to cmuTV for Buggy
Organization collects fundraising sales of $350; Deposit into which account? Deposit into Org, spend from Org on whatever Organization Alum makes donation of $1,000 to AB Tech for purchase of new sound system; Deposit into which account? Deposit into Gift, spend from Gift on sound system only Chrysler sends a $10,000 check to cmuTV for Buggy Case by case in terms of sponsorship donations

20 How to Spend/Deposit Your Money

21 Goods vs Services Goods=physical/tangible items(s)
Services=someone providing skills, support, or labor (i.e. Equipment rental, facility rental, DJ, recording studio)

22 Goods vs Services Common purchases that could be either/or
Printing/Publishing If vendor is doing design work = SERVICE If vendor using your design and only printing = GOOD but will ALWAYS need a proof of design Food/Catering Vendor provides set up, serving, clean up, etc = SERVICE and needs a contract Food is delivered/picked up, nothing else = GOOD ALWAYS need itemized and credit card receipt ALWAYS need to know # of people attending event

23 Is it a Good or a Service? Hiring a DJ for organization event
Service, requires a contract Common Plea catered dinner Service, requires a contract T-shirt printing of your design Good, but may require a proof of design

24 Is it a Good or a Service? Guest Lecturer Service, requires a contract
Stage set-up by Taylor Rental Service, requires a contract (MSA on file) Pizza Perfecta delivering pizza’s to campus Good

25 Is it a Good or a Service? And what documentation is required?
Student photographer for DS show Service, requires a contract AND Independent Contractor Checklist Equipment Rental for event on campus Service, requires a contract (*Best to use vendor with MSA on file; check Procurement’s website) Paying umpires or officials for sporting event Service, requires a contract

26 Ways to Pay for Goods Payment Request (Purchase Order; cuts a check to vendor) Pcard (formerly “Tartan credit card”) On-Campus Purchase form (on-campus vendor purchases) JE transfer (electronic transfer of money between 2 on campus accounts) Expense Reimbursement (out of pocket purchases) Important Note: Any purchase ≥ $5,000 must be paid via Payment request and include a Purchasing Checklist & Bid Summary Form See Student Activities for details

27 Ways to Pay for Services
Payment Request (PO, cuts a check to vendor) JE transfer (electronic transfer of money between 2 on campus accounts) On-Campus Purchase form (on-campus vendors) Pcard (if less than $2500 and contract is included with receipt) Payroll (If current CMU employee; Independent Contractor Checklist, Student Staff Info Sheet) CANNOT reimburse for services Contract required for all purchases of any kind of service (unless campus vendor)

28 Contracts Required for any service Work with Student Activities
Need 4-6 week lead time Need the following leg work: who, when, where, how much, organization’s expectations of service provider, service provider’s needs, etc. Must be fully executed (signed by both parties) before payment will be issued (list of Master Service Agreements) Ex: DJ, Legal Services, Instructors, Coaches, Guest Lecturer, Patent & Copyright Fees

29 Payment Request Initiate a Purchase Order (PO) Use to cut a check
Promise of payment, which will be given once goods or services are received To make prepayment arrangements Provide a quote or invoice with Payment Req form Use to cut a check Once goods or services are received, if using a PO, provide an invoice with form Payment Terms 30 days from date of invoice *Note: Plan for your quarterly/annual costs ahead of time; submit form at least 30 days prior to due date (i.e. dues, tournament fees)

30 Suppliers (Vendor/Business)
Identify if your business or individual is in the Oracle supplier database or stop by the Office of Student Activities Vendor must be in Oracle supplier database prior to PO being created, payment sent via check Preferred supplier list: best prices & maybe no contract! services/supplier-directory/supplier- directory.html

31 Supplier Database Entry
If vendor is not already in supplier database, student org must work with vendor to get supplier forms completed and sent to Accounts Payable for entry into supplier database: Business (using an EIN-employer identification number) W-9 Supplier Form Individual (using a SSN-social security number) Independent Contractor Checklist

32 Payment Request Form

33 On-Campus purchase and JE forms

34 Pcard Purchases Must make a Pcard purchasing appointment at least 1 business day in advance or visit Student Activities Must come prepared with order information Authorized signers must ensure that all purchases receive PA sales tax exemption Receipts must be submitted to the card holder no later than 1 business day after purchase Restricted Purchases (services, equipment, furniture and software over $2499)

35 Reimbursements Form & receipts submitted within 30 days of purchase
Receipts need to be itemized and show proof of payment (order confirmation by itself is not acceptable) Loose receipts must be taped to scrap paper (taped on all sides) and attached to Expense Reimbursement Request form with a paper clip Must include detailed business justifications 5 W’s of info: Who, What, Where, When and Why (i.e. “1 Pizza purchased for meeting on 9/1/13 at UC306 to discuss upcoming Dance Marathon event logistics”) Over 90 days reimbursement is taxed by IRS Cannot reimburse for services

36 Reimbursements – Direct Deposit
We strongly encourage students to sign up for Direct deposit for reimbursement payments To sign up, visit Student Activities and ask for the EFT form This is a different form from the direct deposit for paychecks through Payroll Great option for students who tend to do frequent purchasing on behalf of the organization AP does electronic payments more often then paper check payments Only bank information needed ; voided check is no longer required

37 Request for Reimbursement

38 Business Justifications – the 5 W’s
WHO – What student organization was the purchase for? Who is paying for the purchase? How many people attended? Example: 25 members of AB Tech If less than 6 people for food purchase, must include first and last name of each attendee WHAT – Details of type of event that purchase is for. Example: Working dinner /5 pizzas ordered from Pizza Perfecta for set- up crew working Fall concert WHERE – Location of event/meeting Example: UC gym WHEN – Date and time of event/meeting Example: Sat, 11/10/12 from 1pm-6pm WHY – What is the purpose of the event/meeting? Why was the purchase necessary? Example: To provide dinner to crew members who were working all afternoon to set up technical equipment in preparation for the Fall Concert

Gift/Prize/Award ADDITIONAL FORMS REQUIRED FOR GIFTS /AWARDS/PRIZES Prizes/Gifts/Awards worth ≥ $75: prize/gift form & W-9 to be completed by recipient Gift Cards (any amount): prize/gift form & W-9 to be completed by recipient Since the recipient is completing the forms, it is best to have these forms available at your event. Prizes/Gifts/Awards that are donated: nothing needed Prizes/Gifts/Awards worth < $75: No forms needed, however, you should put individuals name on reimbursement or PCard purchases.

40 Travel Schedule an appointment with Tiffany to book hotel rooms at least 7-10 business days prior to trip to book hotel rooms, airline tickets, rent vehicles Will be charged directly to your oracle string Plan several weeks in advance Utilize preferred suppliers Contact: Tiffany Priester

41 Travel – Hotel reservations
Will be using Tiffany’s PCard (state tax exempt in most states) Organization should contact hotel directly for rates (3rd party vendors not permitted – Request credit card authorization form from hotel since Tiffany’s credit card will not be with you upon check-in Receipts (credit card/itemized) must be submitted within 1 business day after returning to campus, after your trip Failure to submit receipt within this time frame could result in loss of PCard privileges

42 Travel – Rental cars AVIS will rent cars to drivers 18 years and older; Enterprise only rents to drivers over the age of 21 All student DRIVERS must visit the Office of Student Activities to complete a driver form, and get drivers license photocopied for Risk Mgmt All student DRIVERS must visit the Controllers Office website prior to their trip to read the terms of CMU Insurance for rental vehicles; print CMU Insurance card from website ins-info.html Receipts (credit card/itemized) must be submitted within 1 business day after returning to campus, after your trip Failure to submit receipt within this time frame could result in loss of Pcard privileges **Only LOCAL car rentals permitted on the Pcard. All other car rentals must be paid using your own funds and submitting request for reimbursement after the trip**

43 Travel – Air Travel Schedule appt with Tiffany at least business days prior to trip, to finalize payment using Oracle string Contact preferred travel agent to get airline rates and flight options Best to contact travel agency the day before or day of your scheduled meeting to ensure the most up to date rates If rate is no longer current then travel cannot be booked at that time NOT permitted to use online booking agent (Expedia, Orbitz, etc)

44 Travel – Bus Rentals You must use one of the preferred vendors listed on the Office of Student Activities travel page Call one of the preferred vendors to get quotes Complete & submit Payment Request Form, attaching quote from preferred vendor Tiffany will create a PO (Purchase Order) to have AP cut a check and send to vendor for payment ties/info/travel/index.html

45 JFC Capital Purchases During JFC Allocations Process, some groups were allocated funds from the JFC capital fund for specific pre-approved Capital Purchases. Money for these purchases is NOT in your org account, and can only be accessed by contacting Jalen Poteat, SBVPF. Budget Tracker indicates if your group was allocated capital money. Check it!

46 Capital Purchase Procedure
Step 1: Figure out the vendor, price, and method of payment for the pre- approved capital purchase (as found on BT). Step 2: Get in contact with the SBVPF with the above information. Step 3: Complete the purchase after receiving the SBVPF’s approval.

47 Capital Purchase FAQ Detailed process for accessing funds is available online, or by contacting the SBVPF. If the organization wants to purchase different capital items than the ones that were pre-approved, you must send that request to the SBVPF for JFC approval. All capital purchase questions should be directed to Update powerpoint with link to policy on StuAct site once Jon sends finalized version and it’s posted.

48 Ticket Sales & Fundraising
Request a cash box and starter cash at least 2 business days prior to day of sales Cash Box request form available on The Bridge Authorized Signer must request cash box and educate any member assigned to pick up cash box on cash handling procedures Return cash box next business day

49 Ticket Sales & Fundraising
All monies collected from tickets sales/fundraising proceeds must be deposited in deposit envelope (with detailed information provided) If conducting multi-day ticket sales, deposit proceeds nightly, hold on to starter cash Proper cash handling procedures dictate that money should NOT be spent directly from cash box as does not accurately reflect income and expenses

50 Deposits Starter cash should be deposited separately from proceeds and marked as such on the deposit envelope Indicate on the deposit envelope what type of deposit it is Dues, donations, sales, rental fee, etc. Please use separate envelope for all donations Clearly mark what account money needs to go into

51 Deposits CASH: Organize bills into like denominations grouped together and facing the same direction Coins must be wrapped if enough to fill wrapper Loose coins must be put in small coin envelope Visit office of Student Activities for envelopes/wrappers RECOUNT deposit at least twice before submitting, to ensure accurate totals are marked on deposit envelope Any deposit envelopes received without all accurate/detailed information on envelope, and/or cash not organized correctly, will be returned to the organization and will NOT be deposited into your account

52 Deposit Envelope Detailed description means your business justification (who, what, when, where and why).

53 What to do after you spend your money or make a deposit
Set up a meeting with organization event planners to review total expenses and income Complete any remaining forms Collect prize and gift forms, if applicable Create internal org file with copies of all receipts and forms Give appropriate documentation to funding sources if needed (DOSA Funding Committee) Update your internal records

54 The Bridge & Monthly Reports
Your account information will now be imported to The Bridge from Oracle once a month Must still double check The Bridge transactions against your own records as lag is common Contact Student Activities Financial Staff for questions/concerns about your account balance and transactions listed on The Bridge

55 Questions? Office of Student Activities UC Suite Rita Ciccariello, Senior Financial Administrator Tiffany Priester, Financial Assistant Jalen Poteat,Student Body Vice President for Finance

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