Everything you need to know about finances and club budgets Financial Training Everything you need to know about finances and club budgets

2017- 2018 Jason Haynes AswouBusfin@wou.edu Director of Business and Finance Jason Haynes AswouBusfin@wou.edu Director of Student Organizations Alex Quesada Aswouorgs@wou.edu

Table of Contents Club Tiers What is IFC? Who falls under ASWOU? Budgeting Process ASWOU Accounts Spending Process IFC Policies ASW Accounts vs. Foundation Accounts Fundraised money FAQ Questions?

Club Tiers Clubs are broken down into three tiers: Funded (sponsored) clubs Receive student fee funds from the IFC. They must follow state guidelines when using their money. A club must be chartered for two consecutive years before requesting funding. Affiliated (non-funded) clubs Affiliated with a campus department or outside organization that may provide them with resources, money, curriculum, etc. Voluntary (non-funded) clubs Neither sponsored nor affiliated. Usually fundraise their money and may be a more social or “hangout” club.

Where does ASWOU money come from?

IFC! Incidental Fee Committee IFC makes the decisions on funding for organizations and departments Has eight voting members and one elected chair Three elected, three appointed by ASWOU, three appointed by WOU IFC members serve one year terms Main source of funding for student organizations

You’ve been approved to receive IFC money, now what?

Budgeting Process Funding is decided by the IFC one year in advance Budgets are submitted in the fall for the next year i.e. Budgets for 2018-2019 school year are decided in Fall 2017 Clubs submit budgets to the Director of Business and Finance Director of Business and Finance presents any budget changes to IFC Enhancement Requests Clubs may ask for more funds through Enhancement Requests Must have set IFC funds for: Travel, Clothing, and Foods

ASWOU Accounts IFC money will go into the club’s ASWOU account You can only access the money in this account through the Director of Business and Finance Your club will be given a specific “ASW” Index Number.

Ready to spend some money?

Spending Process Meet with Director of Business and Finance to see how much is allocated for event/travel Look at various costs and find a vendor (if possible) Turn in forms to ASWOU a minimum of four weeks in advance All expenditure forms MUST go through the Director of Business and Finance All forms require Director of Business and Finance signature Director of Business and Finance has direct access to funds and can check budgets

Spending Process Two ways to spend club funds 1. Using a vendor Fill out a Purchase Requisition form. Give the form to the Director of Business and Finance. Has to be approved before the order is made. Vendor will send WOU an invoice. Director of Business and Finance and the ASWOU Advisor sign and the Business Office sends a check to the vendor.

Spending Process 2. Using a non-vendor Fill out an ASWOU Expenditure Authorization form BEFORE anything is purchased. Bring it to the Director of Business and Finance and the ASWOU Advisor to sign. Buy supplies using your own money. Fill out a Reimbursement Form and turn it in to the Director of Business and Finance (include itemized receipts!) Business Office will send you a reimbursement check for the amount that you spent. Use this option only when the company cannot be made a vendor. Example: If you’re going to Michael’s to buy craft supplies with your own money.

Spending Process Meals and Refreshments Must have budgeted for all meals and refreshments Was budgeted the previous year Non-Travel Meal and Refreshment forms must be filled out for all events Must use WOU Catering Catering has the right to approve or deny any food from an outside vendor Fill out an ASWOU Catering Charge Authorization Fill out an online Catering Order Form (found on the catering website) Can get policy waived with a Waiver Form

IFC Policies What can be purchased with IFC funds? Promotional items Decorations (only reusable decorations) Refreshments and food (non-alcoholic refreshments; must be pre-budgeted) Travel expenses (must be pre-budgeted) Event supplies Clothing (must be pre-budgeted) What cannot be purchased with IFC funds? Gifts Firearms/Alcohol Craft supplies that are intended to be taken home by participants Candy

Foundation Accounts Foundation Accounts are a good way to bypass the strict policies with IFC funds. Accounts made through Jill in the Cottage Less restrictions than ASW accounts What can go into Foundation accounts? Fundraised money * Donations or grants NOT IFC money

ASW Accounts vs. Foundation Accounts Foundation and ASW accounts can both be used Money can only be transferred from Foundation to ASW accounts Any money transferred in to the ASW accounts will remain in the ASW accounts ASW Accounts More restrictive 7.4% Admin Overhead (may go up next year) IFC can see all activity Foundation Accounts Less restrictive 3% Admin Overhead Still need to do travel and meal forms ASWOU/IFC do not track these funds

Fundraised Money If ANY IFC dollars are used for a fundraiser, ALL funds fundraised MUST go back into the ASW account Take funds to Chelsie Broussard (ASWOU Office Coordinator) for ASW Account deposits Take funds to Jill in the Cottage for Foundation deposits NO OUTSIDE BANK ACCOUNTS, PAYPAL ACCOUNTS, OR CREDIT CARDS

FAQ What happens if we overspend our budget? Can ask IFC for more money Fundraise needed funds Get penalized for next year Director of Business and Finance is out of the office, what do we do? Leave it in the “IN BOX” on desk Be aware of the Office Hours Email Director of Business and Finance

FAQ What if we do not spend the entire budget? IFC may penalize the club the following year You will have the same funding the following year (since already budgeted for), but may lose funding the year after that No advantage Spend it or IFC will think that you do not need the funds! How do clubs track budgets and how do we know what was budgeted last year? Email Director of Business and Finance to set up a meeting

Questions? Director of Business and Finance Director of Student Organizations Jason Haynes AswouBusfin@mail.wou.edu Office Hours: M/W: 3 to 5 T/TH: 12:30 to 3:30 F: 11 to 3 Alex Quesada AswouOrgs@wou.edu Office Hours: M/W: 2 to 4 T/TH: 12:30 to 4:30 F: 2 to 4