Financial training Susan Anthony, Bookkeeper and Kate Johnstone, Finance Team Leader

What is the role of the Student Leader? Communicating with team and advisor regarding financial status Completing the appropriate forms/reporting Evaluating the actual income and spending compared to the budget Prepare a Budget

How to spend money If you receive or spend any money, you are responsible for completing the proper form The best method --college credit card For example-- Water: purchase of filters

Copying cards and Hospitality charges Copying cards – use card designated to group Hospitality charges – use card designated to group

College Press or Campus Store Complete Intra-College Spending Form Attach Receipt!

When to Complete Forms Timely completion of forms is essential!

Filling In Financial Forms The Collaboratory Org Number: General Collaboratory Org: 7410 Disability Resources- WV Subaward: 7413 WV Mark II India Pump: 7412 The appropriate Account Code: _of_accounts_for_wiki.pdfhttp:// _of_accounts_for_wiki.pdf Be sure to note the Project or Site Team

Filling In Financial Forms The Group, Team and Project or Site Team to be charged: ratory_Class_List.pdf ratory_Class_List.pdf Receipts/Invoices are required for all forms for reimbursement or petty cash. If you lose a receipt fill out the Missing Receipt form.

Form for Intra-college spending

Form for Petty cash request

Form for Deposits at the business office counter

General Financial Policies Note: All purchases over $100 must be pre-approved. See Tony Caito for approval. Spending Range Requires Signed Approval By: $0 - $50Group Leader (Student) $51 - $999Advisor (Faculty, Staff or Volunteer) $ $4999Collaboratory Manager (Tony Caito) $5000+Collaboratory Director (David Vader)

How to use financial statements/budget as a tool The timely completion of forms is essential so that the financial statements received monthly are complete and accurate Current Financial Statements can be a good indicator whether you are on track with your project Are there cost overages? Did you run into unanticipated challenges?

Financial Reports Monthly, you’ll receive the following forms: Summary income statement Detail income statement Budget vs actual income statement Where there are large differences, evaluate why Consider whether the difference means that you’ve overspent, or is it simply a matter of timing (Oct vs Nov) Site Teams will receive weekly donation reports

The Project Budget Worksheet dget_worksheet Project Revenue Tab Realized and Anticipated Funding Project Expenses Tab Anticipated Expenses- based on previous year or estimated new budgets Group General Tabs Overall Group Revenue and Expenses Group Budget Tab Summary of All Group Revenues and Expenses

Budget worksheet Going forward, projects will be able to complete up to a 3- year budget at the time the project is approved You will not need budget approval every year, but will need approval for revisions Projects that are already in process may complete a 2-year budget this year

Who to contact Your advisor Collaboratory Manager for preapproval of all expenses over $100 Victoria Johnson for site teams and logistics Your finance team representative for financial statement questions

Questions?