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2014 Student Organization Leadership Training Presentation Ben Pryde, Finance Chair & Caroline Bourque, Finance Vice-Chair August 24, 2014
Who is involved in finances? • • SA Finance Committee: Allocates the money to the student organizations on campus based on the budgets in submitted. SA VP of Financial Affairs: Authorizes reimbursements for student organizations after money is spent. President: Signs or Vetoes the Allocations Bill. GWU Center for Student Engagement: Reviews allocations, reimbursement requests, approve requests for revenue account dollars, and work with student orgs on contractual matters.
How the SA Budget Works Rollover GW Students: $1. 50$2. 00/credit hour dependent on date of matriculation University: $. 50/credit hour Reclamations Student Association Fee Pool (~$1. 1 million) Initial Allocations(85%) Co-Sponsorship Fund(15%)
SA FY 15 Budget Breakdown Total Budget FY 15: $1, 103, 371(+12% from FY 14) Spring Allocation Budget: 1, 103, 371*0. 82 = $904, 764 Spring Allocation Appeal Budget: 1, 103, 371*0. 03= $33, 101 Co-Sponsorship Fund: 1, 103, 371*0. 15 +FY 14 rollover= $225, 761
Comparison to Previous Years
Fee Increase • • Affects current freshman and sophomores Takes 9 years to go into full effect and will increase revenue over 12 years Would still make our fee lowest in the District Fee Increase Referendum passed with 66. 6% voting in favor during 2012 -2013 Academic year.
Fee Increase Schedule FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 $1. 50/credit hour to $1. 75 credit hour $1. 75/credit hour to $2. 00/credit hour to $2. 25/credit hour to $2. 50/credit hour to $2. 75/credit hour to $3. 00/credit hour
Graph of Fee Increase
Largest Allocations FY 12 -13 Student Bar Association FY 13 -14 Student Bar Association FY 14 -15 Student Bar Association Program Board Med Center Student Club Sports Council MBA Association Med Center Student Council Club Sports Council MBA Association College Dems/Republicans Alternative Breaks College Democrats
Top 15 Organizations FY 13 FY 14 FY 15
Key Statistics Average Allocation in FY 15: $3, 809 Average Allocation in FY 14: $3, 173 Average Allocation in FY 13: $2, 979 83 Orgs at $1000+ in FY 14, remained at 83 in FY 15 93 Orgs at $750+ in FY 14, up to 108 in FY 15 12 Orgs at $1 -$100 in FY 14, down to 3 in FY 15
Budget Breakdown Administrative: Office supplies, memberships, athletic officials, non-GW printing, graphics, uniforms. (8% of total budget) Programming: Any spending that advances execution of an individual program. (72% of budget) Sub-organization: Money that must be allocated by an umbrella group to their sub-organizations. (20% of budget)
Umbrella Organizations The following organizations have been designated as umbrella organizations: Student Bar Association (G)* Medical Center Student Council (G)* GSHED Student Association (G) MBAA (G) Club Sports Council (U) Inter-Fraternity Council/ / The Panhellenic Organization (U) Multicultural Greek Council (U) The Engineer’s Council (U) Jewish Student Association (U) * Bold denotes the umbrella “opted-in” under Bylaw 303, Section 3 (D)
Internal FY 15 SA Budget Total Internal SA Budget ~2. 5% of Overall SA Budget SA Executive Budget: $27, 882 Executive budget mainly covers: Office Assistants, Xerox contract, VPFA and Assistants SA Legislative Budget: $0 SA Judicial Branch: $0
Criteria The finance committee shall not consider: Parity between similar organizations Tier 1 • (A) The number of individuals expected to benefit from the experience. • (B) The prestige brought to the University by the student organization or event. • (C) The location of the event, with a preference given to events held on campus. • Tier 2 Student body funds that were unspent by the organization in previous years • Other factors: The Student Association has a non-discrimination clause in its bylaws. As such the Finance Committee can and will penalize an organization found to be discriminating against members by the University run “Student Grievances Panel. ” • (A) The revenue the student organization generates or fundraises for itself, with preference given to organizations that generate revenue. • (B) Whether item to be purchased is a durable good or one-time use, with preference given to durable goods. • (C) How efficiently the student organization has spent student body funds allocated to it in accordance with its budget • Tier 3 • (A) Whether the event has been put on previously and to what success. • (B) The student organization’s compliance with these Bylaws. • (C) The history of the student organization, including its prior general allocations.
Line-Item Budgeting • • • First year of true Line-Item budgeting Brings Student Association into line with University Standards and Student Governments at other Universities Necessary as SA budget increases over next decade from $1 million to approximately $2 million
Line-Item Transfer Requests
Line-Item Transfer Requests
Fall and Spring Audits • • The Finance Committee is obligated to perform two yearly audits in the months of October and February per Section 6(a) of Student Association Bylaws. The objective of both audits is to ensure Student Organizations are spending their SA funds. All Student Organizations that have not spent any of their SA funds will have the opportunity to give an explanation. If an explanation is found unsatisfactory as to why a Student Organization has not been spending their funds, the Finance Committee may, by a simple majority of those present and voting, reclaim up to 50% of the funds from the Student Organization’s Student Association Account.
Fall and Spring Audits (Continued) • • • If a Student Organization fails to respond to either audit in the specified time period, the Student Organization will be penalized 50% of their Student Association account balance. If a Student Organization fails to respond to the February Audit, and have not spent any student body funds, all student body funds in the student organization’s Student Association account will be reclaimed automatically. All remaining funds from Line-Items that indicate the event was intended to occur during the Fall Semester will be reclaimed automatically by March 6 th. Notifications of these reclamations will be sent out to the affected Student Organizations.
Fall Audit Schedule • • • Monday, October 13 th: Announcement email with Google Form Link Monday, October 20 th: First reminder email with Google Form Link Wednesday, October 22 nd: Final reminder email with Google Form Link Friday, October 24 th by 5: 00 pm: Fall Audit responses due from Student Organizations via Google Form Wednesday, October 29 st 5: 00 pm: Notifications of Allocation Reclamations sent to Student Organizations who fail to respond to Audit or fail to give satisfactory explanations
Spring Allocations Schedule • • • Monday, March 9 th: First 2016 Fiscal Year Fall Allocations reminder email sent to Student Organizations Monday, March 16 th: Second 2016 Fiscal Year Fall Allocations reminder email sent to Student Organizations Friday, March 20 th: Final 2016 Fiscal Year Fall Allocations reminder email sent to Student Organizations Monday, March 23 rd by 5: 00 pm: Budgets Due for 2016 Fiscal Year via Student Organizations’ SOMA account Friday April 10 th by 5: 00 pm: Co-Sponsorship Form Deadline for the 2015 Fiscal Year
Spring Allocations (Continued) • • • Friday April 10 th by 5: 00 pm: Allocations decisions for the 2016 Fiscal Year released with explanations to Student Organizations Friday, April 17 th by 5: 00 pm: Deadline for Student Organizations to request an Appeal Hearing Saturday, April 18 th and Sunday, April 19 th: Spring Allocation Appeal Hearings held by Leadership Committee Thursday, April 23 rd by 5: 00 pm: Formal Budget Bill with Final Fiscal Year 2016 Allocation Amounts released to Senators for review and appealing Student Organizations Wednesday, July 1 st: Fiscal Year 2016 Starts and Student Organizations can begin spending their Fiscal Year 2016 Spring Allocations
Important Dates • Fall Allocations for the 2015 Fiscal Year: September 2 nd to October 6 th • Fall Audit: October 13 th to October 31 st • Spring Audit: February 16 th to March 6 th • Spring Allocations for the 2016 Fiscal Year: March 9 th to April 27 th
How to Present to the Finance Committee • • It is not a bad sign if the Finance Committee asks you to come to a meeting to present a Co-Sponsorship or Micro-Loan request that is currently being reviewed. You are most likely being asked to present due to the size of your request and/or to seek clarity on some aspect of your request. View it as another opportunity to make your case to the Finance Committee. • What to Expect? • How to Present? • What to Present
Micro-Loans • • A micro-loan is designed so students do not have to front funds for an Organization to be reimbursed later, and is specifically intended for fronting the costs of fundraisers All issued loans are interest free Student Organizations must pay the loan back by depositing the amount into the SA Finance Committee Account within seven (7) calendar days of the event You may apply for a joint Co-Sponsorship and Loan Request
Reimbursements • • • EAFs must be submitted within 30 calendar days of purchase. All SA EAFs must be signed by Financial Officer or Executive Officer of Student Org. All SA EAFs must be turned into the Student Association Office and approved by the SA Vice President for Financial Affairs. All SA EAFs will take approximately 6 -8 weeks to process, this is due to processing time in SA, CSE, and Accounts Payable. All SA EAFs must be approved by the SA VPFA in order to be processed.
Prohibited Items • • Gifts for students Gifts for speakers (this is classified as any compensation for a speaker that is not explicitly laid out as a part of that speaker’s honorarium/contract). • Scholarships and prize money. • In-kind prizes for contests or competition (e. g. , trophies, plaques, etc. ) • Transition dinners or other off-campus events reserved for an exclusive segment of a particular student organization. • Alcohol, drugs, firearms or university-prohibited items. • Direct donations to charities/other causes • Investments (stocks, mutual funds, etc. ) and gambling • Any items not explicitly approved by the Finance Committee via general allocations, co-sponsorships or other approval
Individual Student Organization Financial Planning Meeting • • Attending this meeting will reflect positively during Co -Sponsorships and allocations. The Finance Committee Chair and Vice-Chair will meet with individual Student Organizations to answer any questions they may have on the SA's financial polices, along how the Finance Committee can support that particular Student Organization. Sign up for a 20 minute meeting at http: //doodle. com/eifxtmzrhhh 7 deci