2004 Treasurer Training

Funding Reimbursement process Treasurer’s Responsibilities GMA Budgets Q&A Agenda

GMA Funds –Annual budget SOFO Funds –Events / Activities –Corporate Sponsorship (Gina) –Phone-a-thon (Tricia) How can you get funding?

Michael Ginal – GMA VP Finance & Business Development Theresa Parker - Asst Dean & Dir. Finance - Kellogg Phone: (847) Office: Leverone 2 nd Floor Deborah Garcia – Kellogg SOFO Rep Phone: (847) Office: Leverone 2 nd Floor Key Contacts

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

GMA AccountSOFO Account Funds come from: Student dues ($56 per quarter/student) allocated by the GMA VP of Finance through annual budget process Revenues generated by clubs through club events / activities RulesSpecific NU and Kellogg rules govern the use of these funds Largely up to club co-chair discretion… ManagementClub Treasurer and signed off by GMA VP of Finance and SOFO rep (Deborah Garcia) Club Treasurer and signed off by SOFO rep (Deborah Garcia) Carry-overAny unused funds are taken back into the common GMA fund and reallocated each year Carried over from year to year as in a traditional bank account Held… by GMA VP of Finance and paid out on request … in club account and managed by Club Treasurer Keeping trackAccounts balanced by GMA VP of Finance Monthly account balance sent out by SOFO rep (Deborah Garcia) GMA versus SOFO account

Must be used for activities that benefit the student body. All activities must be made available to the whole student body. Social: $400/year (2x $200) 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. Copying: All copying must be done in Copy Center (only 3.6 cents a copy) Mailbox Stuffing: 1/quarter, <$100 End of Year Spending: >$400 must be approved by GMA – VP Finance GMA funding guidelines

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 GMA 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

Reimbursement Voucher

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) NU reimbursement guidelines

Payments 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

SOFO reimbursements – give to Deborah Garcia GMA reimbursements – put in Mike’s mailbox It takes approximately 10 – 12 business days for the checks to be cut and delivered after Deborah processes them Reimbursement Process

Treasurer’s Responsibilities Serve as the main financial contact between club/club members and GMA VP Finance (Mike) and Kellogg SOFO rep (Deborah) –Sign transfer forms Sign off on all club expenses – vouchers must have your signature Apply for GMA budgeting by 6/2 Maintain financial records for GMA and SOFO budgets

Frequently Asked Questions: What happens to my GMA funds from this year? –“Use it or lose it” by 6/7. Vouchers must be in my box by 6/7. When is my budget due? –Budgets are due on-line on June 2 nd. Where can I get a voucher? –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? –

Phone Deborah Gina Malia Michael Contacts