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JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

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Page 1: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

JFC Information Session FY16

A Guide to a Successful Budget Process

Carnegie Mellon University Student Body Vice President of Finance

Page 2: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

JFC Overview

• The Joint-Funding Committee (JFC) allocates student organization funding and oversees the budget making process.

What is the JFC?

• The JFC exists to help student organizations with their yearly budgets. It is their job to help you get what you need to succeed.

Why is there the JFC?

Page 3: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Student Activities Fee Overview

• Funds collected from all full time students to be used for students activities that meet the needs of CMU students.

What is the Students Activity Fee?

• $123/semester for Undergraduates• $99/semester for Graduates

How much is the Students Activity Fee?

• 90% Undergraduate SAF• 30% Graduate SAF

How much of the SAF does the JFC allocate?

Page 4: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Student Body Vice President of Finance

JFC Representative

Understand your organizations’ finances

Help create the most effective budget for you org

Liaison between your org and the JFC

Advocate for your organization during JFC meetings

Page 5: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Student Body Vice President of Finance

JFC Budgeting

You are creating a budget for FY 16

FY 16 = Fiscal Year 16 = Fall ‘15 / Spring ’16

We are currently in FY 15

PERSEPCTIVE: You are creating a working budget for your organization’s expected expenses and revenue, as if the JFC didn’t exist.

The JFC will then come in, review your budget, and figure out how much and which items we can subsidize for you.

Common Funding App Line Item Changes

Page 6: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

JFC Rep Budget Review• Meet with JFC

Representative• Walk through

preliminary budget

Budgets Due• Funding Module• Budgets Due

JFC Budget Review• JFC Goes through

every Budget• JFC

Recommended Budgets

Appeals Process• JFC Appeals Due • USS/GSA

Appeals Due

JFC Budget Timeline 2014

1/23 Feb-March 4/8 – 4/15

4/23

Page 7: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

How To Build a Budget

Your budget is what you will be spending money on next year and how you plan to earn revenue to make those expenses.

The JFC exists to help subsidize SOME of those costs.

What you should do to make the best budget

Page 8: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Where to Start? Categorize your budget

Compare Budget Tracker Budget with your own bookkeeping Go over historic budgets and map out your next year.

Make sure to update costs based on actual spending from the previous year.

Divide up your costs and revenue.

Figure out what you have spent money on in the past and where you get money from.

Decided if you need to make capital purchases.

Reach out to your JFC Rep and the SBVPF!

Page 9: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Student Body Vice President of Finance

New Funding Module

https://cmu.campuslabs.com/finance/

Page 10: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Student Body Vice President of Finance

Page 11: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Student Body Vice President of Finance

Page 12: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Student Body Vice President of Finance

Page 13: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Student Body Vice President of Finance

Page 14: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Student Body Vice President of Finance

Page 15: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Student Body Vice President of Finance

Page 16: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Student Body Vice President of Finance

Page 17: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Student Body Vice President of Finance

Page 18: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Student Body Vice President of Finance

Page 19: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Student Body Vice President of Finance

Page 20: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Student Body Vice President of Finance

Page 21: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Student Body Vice President of Finance

Page 22: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Student Body Vice President of Finance

Page 23: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Student Body Vice President of Finance

Page 24: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Student Body Vice President of Finance

Page 25: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Student Body Vice President of Finance

Page 26: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Student Body Vice President of Finance

Page 27: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Student Body Vice President of Finance

Page 28: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Student Body Vice President of Finance

Page 29: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Student Body Vice President of Finance

Page 30: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Student Body Vice President of Finance

Page 31: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Student Body Vice President of Finance

Page 32: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Student Body Vice President of Finance

Page 33: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Student Body Vice President of Finance

Page 34: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Student Body Vice President of Finance

Page 35: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Student Body Vice President of Finance

Link to Appeals Information/Form

Page 36: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Student Body Vice President of Finance

Page 37: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

JFC Funding Restrictions

The Bylaws and Rules of the JFC

Page 38: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Student Body Vice President of Finance

Speakers and Capital

Speaker funds and Capital exist in a different location.

You MUST list speaker funds and Capital within your org budget, the JFC will appropriately subsidize costs, and the money will sit in the SBVPF account. When you have a speaker event or purchase capital, reach out the SBVPF to get the subsidized money from their account. (This money is NOT in your org account)

Page 39: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Funding Limitations

The JFC can fund:

Lecture Fees

GBM Refreshments

Charity Events

Cultural Events

Political Discussions

Campus Events

The JFC can’t fund:

Student Salaries*

Alcohol*

Charity Donations

Religious Symbols

Political Parties

Academic Events

Page 40: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

A General Rule

The JFC has the right to not fund anything “not germane to the purpose of the group”.

We do tend to interpret this more loosely. For Example:

A service group is still allowed to hold social events to encourage members to bond.

However, A service group focused on helping bring medicine to Africa would not be allowed to go on an expensive trip to New Zealand.

Page 41: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

How The JFC Reviews Budgets

Understanding our Process

Page 42: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Metrics versus Merit

Metrics Goal is to provide

consistency between different groups.

The JFC funds the same amount for Hotel rooms, mileage cost, etc. no matter which group is being funded.

Merit Goal is to prioritize by

campus impact.

The JFC looks at how many students would be involved, its importance, etc. when determining how much the event should be funded.

Page 43: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Metrics In Our Bylaws

List of Funding Metrics

Food

Advertising

Travel

Hotels

Booth

Buggy

Page 44: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

New Organizations

An organization that has not previously been JFC funded is limited to a maximum subsidy. This amount is determined in the JFC’s List of Funding Metrics.

Any organization receiving JFC funding for the first time is considered a new group, even if you’ve been around for a long time.

Reason(s): Need to prove club sustainability; New Organizations should not become reliant on the JFC as their only source of funding.

Page 45: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

How JFC Reviews Merit

Adjusts line items to abide by metrics

Looks at past budgets & notes changes

Looks at past years’ actual spending (audit)

Looks at deviation from budgeted expenses/revenue vs. actuals

Reads responses submitted forms and JFC Rep impression

Evaluates campus impact and needs & priorities of organization

Page 46: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Changes from Previous Years

Explain all budget increases

Be very descriptive

If you are adding new events/costs, explain their impact and why JFC should support them

Be able to explain all questions that arise from looking at your audit

Page 47: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

”Budget Tips & Tricks

“The JFC Secrets”

Page 48: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Tip: Utilize Your Rep

No question is too stupid, and each conversation strengthens your understanding of the fiscal process.

Update them know what your organization is doing.

Page 49: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

In/Correct Assumptions

The JFC process is bias and unfair.

False; it is transparent to those who want to know about it, and rewards those who put in the effort.

The JFC enjoys cutting budgets

False; we want orgs to succeed, but just have a finite amount of resources. Prove to us you’re the best investment and you will reap the rewards.

Page 50: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Checklist

Submit the Declaration of Intent

Attend a JFC info session

Meet with your JFC Rep once this semester and once before you submit your budget

Submit a budget by 1/23/15

Be aware of last minute questions/emails from your rep between 1/23/15 – 1/30/15

(if needed) Appeal in April

Page 51: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Reminders

Transitions

If your organization is transitioning at the end of this semester or the beginning of the next semester bring both sets of leaders to the JFC meetings

Speaker funds

The JFC zeroed out speaker funds for events for weren’t guaranteed to happen. Those funds were moved to the SBVPF’s budget

Capital Items

Check your budget for items o-coded as “Capital Expense Fund”

Page 52: JFC Information Session FY16 A Guide to a Successful Budget Process Carnegie Mellon University Student Body Vice President of Finance

Questions?Visit http://www.cmu.edu/stugov/sbvpf/

Email me at [email protected]