All Student Group Meeting 7 October 2014

Building Community MacPay Implementation Treasurer – Best Practice Agenda Building Community MacPay Implementation Treasurer – Best Practice

Building Community Angela Voerman

NAB MacPay A web based and electronic banking & payment process for Student Groups and Sport Clubs http://www.nab.com.au/business/accounts/specialised-accounts/nab-community-fee-saver

NAB MacPay BACKGROUND The existing Profit & Loss statement will no longer be done by Campus Life accounts Campus Life (U@MQ) Staff will be Authorised Parties on each account. We would not normally conduct a transaction but will be able to close a persons card and a Club account and will be required to make any changes to existing Club bank authorities 1 x Individual bank account per Student Group, optional 1 or 2 cards per Group, in name of each authorised Club officer. One of the cards per Group will have an emergency $200 Cash Advance facility A daily internet transaction limit of $2500 or per transaction per day applies

NAB MacPay SETTING UP THE ACCOUNT Step 1 Student Group to authorise the new bank signatories using the template set of Group Meeting Minutes Step 2 100 point AUSTRAC ID check for new NAB bank signatories at any branch. Will be provided with a customer number which will need to be noted on the Club Meeting Minutes Step 3 Student Group signatories must complete the NAB “Business Payments Card Application” Form in the NAB Uni Branch Step 4 All of the above must be completed and appointment made with the NAB Uni Branch and open the Group account. Step 5 Business Payments Card will be issued to Student HQ Office

NAB MacPay SETTING UP THE ACCOUNT Step 6 Student Group signatories must attend Treasurer Training Meeting 7 October Step 7 Collect MacPay Treasurer Pack Sign 1 copy of the “Welcome Letter” inside the Pack and return to Student HQ. Step 8 Each signatory must collect their individual NAB MacPay card at the Student HQ office and show identification Step 9 Within 7 working days of receipt of this signed Welcome Letter, funds will be transferred from the U@MQ Student Group Account to the NAB MacPay account Step 10 Student Groups to adhere to Treasurer Best Practice and present up-to-date Treasurer Packs for Audit upon request

NAB MacPay Change of Signatory Step 6 New Signatory MUST HAVE 100 point AUSTRAC ID check for new NAB bank signatories at any branch. Will be provided with a customer number which will need to be noted on the Change of Authorised Representative Form Step 7 Complete Student Group Change of Authorised Representative Form by both Outgoing Signatory and Incoming Signatory, attach Minutes of Committee meeting Step 8 Outgoing Signatory: MUST RETURN CARD TO STUDENT HQ OFFICE Step 9 Incoming Signatory: If requires a business payment card: Must complete Business Card Payment Application Form and submit with Change of Authorised Representative Form Step 10 Campus Life (U@MQ Ltd) will process forms with NAB Campus branch directly. Business Payment Cards will arrive at Student HQ Office for collection (7-10 business days after receipt to Branch)

Good Advice for Treasurers What is my job exactly? How should records be kept? Where do we stand right now? How do I keep tabs on what’s going in and out? How do I keep tabs on our assets? How do I keep track of cash?

What is the Treasurer’s job exactly? Your Student Group has delegated to you the responsibility for ensuring that all the Group’s financial rules are observed, all the correct financial procedures are followed, and all financial decisions are taken in the light of all necessary information. Simple right?

What is the Treasurer’s job exactly? Maintain accurate financial records and prepare monthly financial statements (e.g. profit and loss statement / budget etc.). System management - Use the MacPay system to make all payments Distribute, collect and lodge all club membership forms and monies in conjunction with the Secretary. Act as an authorised signatory for the club bank account and monitor the account in particular all payments made.

How should records be kept? First question: Where are the records? “In the best case scenario, your predecessor will provide you with a comprehensive handover”

Where are the records?

Where are the records? Here are the key things you’re going to need to do with the old Treasurer: Go over procedures – bank reconciliation systems, invoicing etc – so that you can oversee operations Get details of all the group’s bank account, and all signatories for them (complete Change of Authorised Representative Form) Find out what forms (invoices, receipts, petty cash etc.) are in use, and where they’re kept.

Where are the records? Ask what accounting systems are used / get up-to-date documents. Ask if there are any hidden hazards – any known spending / commitments / incomings that were not included in the budget papers, for example.

How should the records be kept from now on? All organisations need policies and procedures to protect the organisation and the people within in. Such procedures include financial controls.

How should the records be kept from now on? MacPay Treasurer Pack!!!!!!!!!!!!!! Monthly Finance Report (Excel spreadsheet)

MONTHLY FINANCE REPORT All payments must be accompanied by supporting documentation (i.e. Invoices for catering, receipts for purchases etc.

How do I stand guard on the money? How do I keep tabs on what’s going in and out? #1 RULE: COMPLETE Monthly Finance Report Check over the bank statement and compare it to the receipts of what is going in and out. Money going out Check quotes required for purchases over a given sum Payment by online banking (or card), no cash (except for petty cash) Money going in Make out a receipt for any incoming payment Store cash safely Bank income as soon as possible - DON’T LET CASH HANG AROUND (You also have to watch things that are equivalent to money – assets, through the assets register)

Do I need to worry about fraud? “If one of your Exec suddenly drives up in a Lamborghini, wonder a little.”

Do I need to worry about fraud? Yes. Fraud does happen in the not-for-profit sector. Never assume that – just because you are a student group and everyone is committed to working unselfishly for the greater good – you CAN’T afford to ignore the possibility of fraud. All complaints of suspected fraudulent behaviour MUST be escalated to Macquarie University, which will be investigated and, if warranted, reported to police.

Student Group Audit When called for an Audit Meeting you must provide your Group's completed up-to-date MacPay Treasurer Pack: Use 1 sleeve per month: Completed Monthly Finance Report itemizing all transactions Income / Expenditure All receipts attached in date order Printed copy of Monthly NAB Bank statement

MacPay FAQs Where can I get more information or download the documents? Hard copy in Student HQ Office Student Group FAQ website: http://www.mq.edu.au/macpay http://www.mq.edu.au/on_campus/get_involved/student_groups/faqs_forms/

All Student Group Meeting 7 October 2014