2006 Treasurer Training. Sources of funds Reimbursement Process Funding & reimbursement guidelines Treasurer’s Responsibilities Club Funding Request Q&A.

20062006TreasurerTreasurerTrainingTraining

• Sources of funds• Reimbursement Process• Funding & reimbursement

guidelines• Treasurer’s Responsibilities• Club Funding Request• Q&A• Administrative issues

AgendaAgenda

• Sources of funds• Reimbursement Process• Funding & reimbursement

guidelines• Treasurer’s Responsibilities• Club Funding Request• Q&A• Administrative issues

AgendaAgenda

Your club funds come from the KSA Your club funds come from the KSA (student dues) and club activities(student dues) and club activities

• KSA Funds

– Annual budget allocation process– Form available on-line on KSA website

• SOFO Funds– Club activities

• Club dues• Ticket sales for specific events

– Corporate Sponsorship (Jennifer Johnson) – Phone-a-thon (Lindsay Marciniak)

How can you get funding?How can you get funding?

KSA Funds SOFO Funds

Come from Student dues ($56 per quarter/student) each quarter and allocated by the KSA VP of Finance through annual budget process

Revenues generated by clubs through club events / activities

Rules Specific NU and Kellogg rules govern the use of these funds

Up to club co-chair discretion…

Management

Club Treasurer and signed off by KSA VP of Finance and SOFO rep (Deborah Garcia)

Club Treasurer and signed off by SOFO rep (Deborah Garcia)

Carry-over Any unused funds are taken back into the common KSA fund and reallocated each year

Carried over from year to year as in a traditional bank account

Held … by KSA VP of Finance and paid out on request

… in club account and managed by Club Treasurer

Keeping track

Accounts balanced by KSA VP of Finance

Monthly account balance sent out by SOFO rep (Deborah Garcia)

KSA versus SOFO fundsKSA versus SOFO funds

• Sources of funds• Reimbursement Process• Funding & reimbursement

guidelines• Treasurer’s Responsibilities• Club Funding Request• Q&A• Administrative issues

AgendaAgenda

Club member compiles the original receipts & submits

them to the Club Treasurer with an explanatory

note for his/her signature Club Treasurer reviews

the receipts and fills in and signs a voucher. He/she submits the signed voucher and

original receipts to the GMA VP of Finance OR the Kellogg SOFO rep

KSA VP of Finance reviews the

vouchers, signs the white voucher and

then updates his/her records. He/she

passes the voucher and and receipts to

the Kellogg SOFO rep

The Kellogg SOFO rep spot checks vouchers,

files a copy and delivers the vouchers and receipts to SOFO

for processing

SOFO processes the vouchers,

cuts checks and mails them or holds them for

pick up

Kellogg SOFO rep picks up the

checks, files a copy and puts the

checks in student mailboxes

1

2

3

4

5

6

Reimbursement VoucherReimbursement Voucher

• SOFO reimbursements – give to directly to Deborah Garcia

• KSA reimbursements – put in Brad’s mailbox

• It takes approximately 10 – 12 business days for the checks to be cut and delivered after Deborah processes them

Reimbursement ProcessReimbursement Process

• Sources of funds• Reimbursement Process• Funding & reimbursement

guidelines• Treasurer’s Responsibilities• Club Funding Request• Q&A• Administrative issues

AgendaAgenda

• Must be used for activities that benefit the student body. All activities must be made available to the whole student body.

• Speakers: Tangible or physical gift of reasonable value. No fees, accommodations, meals or transportation (NU rule).

• Events: Entry fees for tournaments and case competitions. No transportation or lodging.

• Copying: All copying must be done in Copy Center (only 3.6 cents a copy)

• Mailbox Stuffing: 1/quarter, <$100

• Clear all expenses > $400 for remainder of the quarter through VP of Finance

• When in doubt, apply the “in front of the class” rule

KSA funding guidelinesKSA funding guidelines

• Budget and reimbursement process maintained

by club treasurer / finance co-chair

• Must provide correctly completed voucher signed by club treasurer and receipts/proof of payment

• Receipt requirements – original, itemized, proof of payment, <90 days

• No reimbursement for Illinois Sales Tax (use NU tax-exempt letter located on club web site)

KSA reimbursement KSA reimbursement guidelinesguidelines

Payments to IndividualsPayments to Individuals

• Contracts are required to pay INDIVIDUALS for services rendered

• Students CANNOT sign contracts• Contracts must have:

(1)Kellogg school administrator’s signature(2)vendor signature(3)individual’s social security number(4)individual’s permanent address

• Additional information or questions: See Kellogg SOFO Rep

• Sources of funds• Reimbursement Process• Funding & reimbursement

guidelines• Treasurer’s Responsibilities• Club Funding Request• Q&A• Administrative issues

AgendaAgenda

Treasurer’s Treasurer’s ResponsibilitiesResponsibilities

• Serve as the main financial contact between club/club members and KSA VP Finance (Brad) and Kellogg SOFO rep (Deborah) – Sign transfer forms

• Sign off on all club expenses – vouchers must have your signature

• Apply for KSA funds by 5/31• Final Day for Reimbursements 5/31• Maintain financial records for KSA

and SOFO budgets

• Brad Wiedman – KSA VP Finance & Business Development ([email protected])

• Deborah Garcia – Kellogg SOFO Rep ([email protected])

Key ContactsKey Contacts

• Sources of funds• Reimbursement Process• Funding & reimbursement

guidelines• Treasurer’s Responsibilities• Club Funding Request• Q&A• Administrative issues

AgendaAgenda

• Sources of funds• Reimbursement Process• Funding & reimbursement

guidelines• Treasurer’s Responsibilities• Club Funding Request• Q&A• Administrative issues

AgendaAgenda

Frequently Asked Frequently Asked Questions:Questions:

• What happens to my KSA funds from this year?– “Use it or lose it” by 5/31. Vouchers must be in my box by

5/31.

• When is my budget due?– Budgets are due via email on 5/31.

• Where can I get more vouchers?– Deborah Garcia has voucher books in her office

• What if I don’t have a SOFO account?– Deborah Garcia can help you arrange for a new SOFO account

• How long does it take for me to get reimbursed?– Roughly 2-3 weeks

• Where is the club stuff located online? (NU tax letter, rules, etc)– Bottom left of serial – Student Organizations/Club resources

link

• Where can I get information on SOFO?– http://www.kellogg.nwu.edu/sofo/

Questions?Questions?

• Sources of funds• Reimbursement Process• Funding & reimbursement

guidelines• Treasurer’s Responsibilities• Club Funding Request• Q&A• Administrative issues

AgendaAgenda