Ohio Alumni Association: Volunteer Finances Presented May 20, 2016 at the Alumni Leaders Conference

Topics Executive Board Training Financial Statements Bank Accounts Checks & Cash Events Tier Funding Controlled Value Cards Contracts Reimbursements

Executive Board Training Training, financial records, and contact information is required to be passed down from prior board members to oncoming members Your Alumni Association staff liaison is available to answer your finance-related questions: Erica Lipscomb: 740-593-4304 or lipscome@ohio.edu Tyler Gagai: 740-597-1280 or gagai@ohio.edu Ryan Boyd: 740-593-4305 or boydr3@ohio.edu David Bambrey: 740-593-4308 or bambrey@ohio.edu Katrina Heilmeier: 740-597-1216 or heilmeik@ohio.edu Kellea Tibbs: 740-597-9087 or tibbs@ohio.edu

Financial Statements Usually issued in the month following the end of the quarter based on the University’s fiscal year 1st quarter: July 1-September 30 – issued by October 31 2nd quarter: October 1-December 31 – issued by January 31 3rd quarter: January 1-March 31 – issued by April 30 4th quarter: April 1-June 30 – issued by July 31 Account balances can be requested at any time – contact your staff liaison Statements will only show activity for the current fiscal year New layout is to help groups track revenue and expenses across quarters

Bank Accounts All chapter/society funds are located in the OU Foundation bank account Operating funds are separate in the accounting ledgers only Deposit receipts cannot be sent to volunteers Outside bank accounts are PROHIBITED Any outside bank accounts must be closed Funds must be sent to your staff liaison to be deposited to the group’s operating account within the Foundation bank account

Checks & Cash Per University Policy 37.001, all checks for chapters/societies must be made payable to the “Ohio University Foundation” In the memo line, please indicate the purpose of the check ie. [Chapter/society name] and [event name/scholarship donation/etc.] Cash must be converted to a money order Deposit form

Events Events will be posted on OAA’s event calendar Credit card payments will be deposited directly to the group’s operating account Proceeds from an event can be donated by the group to their related scholarship Specific dollar amounts to be donated from each registration will not be listed on the event page A link to the ohio.edu/give page can be included on the event page if the group would like to encourage donations to their related scholarship

Tier Funding Groups are eligible to receive tier funding from the Alumni Association based on their tier level: Chapters/Societies – up to $5,000 Networks – up to $3,000 Liaisons – up to $1,000 Groups must be approved by the OAA Board of Directors to receive tier funding Funding will not be deposited into groups’ operating accounts Expenses will be paid directly from OAA’s operating accounts Transaction activity will be recorded on the bottom of each quarter’s financial statement Revenues from events will always be deposited to chapters’/societies’ operating accounts

Contracts Must be submitted to your Alumni Association staff liaison Will be reviewed, edited, and signed by University Finance Neither OAA staff nor volunteers have signature authority Anyone that signs a contract must pay that contract, will not be reimbursed, and will not be supported by the University if sued OAA will collect necessary insurance paperwork

Controlled Value (CV) Cards Each chapter/society may have two CV cards Must submit an application and cardholder agreement and pass the CV card quiz to be approved Cards take roughly 4 weeks to arrive Only the individuals’ whose name is on the card may use the card Itemized receipts and Receipt Description Forms must be submitted within 5 business days for every transaction Cards will be suspended if receipts are not timely submitted Single transaction limit is $250 and overall limit is $1,000 – contact your staff liaison to request limit increases Alcohol purchases must be approved in advance – contact your staff liaison

Reimbursements Require roughly 45 days to process Substitute W-9 must be on file Request for Reimbursement Form and itemized receipt must be submitted Better to make purchases through Bobcat Buy or use a CV card

Questions Contact your Alumni Association staff liaison with any questions