KSA Club Treasurer Training

May 20, 2008

Agenda

• Sources of Funds• Reimbursement Process• Funding & Reimbursement Guidelines• Treasurer’s Responsibilities• Club Funding Request• Q&A

Sources of Funds

Where Does the Money Come From?

Unspent club SOFO accounts

Student activity fees

Dean’s contribution

General KSA funding pool for 2008 –

2009

Section Budgets Social Budget

KSA Committees

Pool of Club Funds

Revenue from events/activitie

sCorporate

Sponsorship

Phone-a-thons

KSA versus SOFO fundsKSA Funds SOFO Funds

Come from Student dues ($56 per quarter/student) each quarter and allocated by the KSA through annual budget process

Revenues generated by clubs through club events / activities

Rules Specific NU and Kellogg rules govern the use of these funds

Up to club co-chair discretion and SOFO regulations

Management Club Treasurer and signed off by KSA VP of Finance and SOFO rep (Deborah Garcia)

Club Treasurer and signed off by SOFO rep (Deborah Garcia)

Carry-over Any unused funds are taken back into the common KSA fund and reallocated each year

Carried over from year to year as in a traditional bank account

Held … by KSA VP of Finance and paid out on request

… in club account and managed by Club Treasurer

Keeping track Accounts balanced by KSA VP of Finance

Monthly account balance sent out by SOFO rep (Deborah Garcia)

How Can You Get Funding?

• KSA Funding– Annual budget allocation process– Form available on-line on KSA website

• Club Fundraising– Club activities

• Club dues• Ticket sales for specific events

– Corporate Sponsorship (Jennifer Johnson / Elizabeth Orr) – Phone-a-thon (Nathalie Harris)

Process Timing

• Club funding document emailed to leaders– May 12th

• Funding request due via email– June 1st

• Final day for submitting receipts– June 4th

• Assessment and allocation– June and July

• 2008-2009 club budget communicated– August 8th

Elements of the Funding Request

List of co-chairs

Membership numbers current and expected

Transition checklist

2007 - 2008 reviewPlan of events and requested funding

Leadership plan for 1Ys and first years

Budget Request

Transition Checklist Elements

• Role assignment– Technology representative– CMC representative (certain clubs only)– Treasurer/Finance representative

• Meeting attendance– Treasurer training (May 20th and in the Fall)– Club leader kick-off (Today)– CMC orientation (as required) (May 19th)– Bi-Quarterly roundtables

• Additional items– Updated website– Funding guidelines– Communication guidelines– Club Handbooks and Sharepoint (as required)

Club Handbooks

• Maintained as a soft-copy document to allow for effective knowledge transfer between leadership and among club members

• Contents:– Mission– List of expected events, including leadership transition– List of key club/industry specific resources– Club member’s guide to different roles within industry– List of industry specific recruiting tips– Link to alumni database

Club Funding

• A few notes…– Attendance at events such as roundtable meetings is

MANDATORY! Please email if you will not be able to attend an event

– Funding will be WITHHELD if the criteria are not met. School funds are a privilege, not a right

– We want to work with you to make Kellogg better – this requires effort from all parties

Reimbursement Process

The Reimbursement Process

1) Club member compiles the original receipts & submits them to the Club Treasurer with an explanatory note for his/her signature

2) Club Treasurer reviews the receipts and fills in and signs a voucher. He/she submits the signed voucher and original receipts to the KSA VP of Finance (Fritz Buerger) OR the Kellogg SOFO rep (Deb Garcia)

3) KSA VP of Finance reviews the vouchers, signs the white voucher and then updates his/her records. He/she passes the voucher and receipts to the Kellogg SOFO rep

The Reimbursement Process

4) The Kellogg SOFO rep spot checks vouchers, files a copy and delivers the vouchers and receipts to SOFO for processing

5) SOFO processes the vouchers, cuts checks and mails them or holds them for pick up

6) Kellogg SOFO rep picks up the checks, files a copy and puts the checks in student mailboxes

The Reimbursement Process - Overview

Original Receipt is

collected by Club

Treasurer

Club Treasurer completes

voucher and submits to KSA/SOFO

KSA VP reviews

voucher and signs

SOFO checks voucher and submits for processing

SOFO processes and cuts a check

SOFO delivers check to

student who incurred expense

Reimbursement Voucher

Reimbursement Process

• SOFO reimbursements – Give to directly to Deborah Garcia (located in office 250A)

• KSA reimbursements – Put in Fritz’s mailbox

• It takes approximately 10 – 12 business days for the checks to be cut and delivered after Deborah processes them

• This also depends on when she gets the invoice from Fritz, and a student worker to help her process all the checks (so please be patient before emailing me that you haven’t gotten a reimbursement check)

Funding and Reimbursement

Guidelines

KSA Funding Guidelines

• Must be used for activities that benefit the student body. All activities must be made available to the whole student body.

• 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 or lodging.

• Copying: All copying must be done in Copy Center• Mailbox Stuffing: Once per quarter with cost under

$100• Clear all expenses under $400 for remainder of the

quarter through VP of Finance• When in doubt, apply the “in front of the class” rule

Reimbursement Guidelines

• Budget and reimbursement process maintained by club treasurer / finance co-chair

• Must provide correctly completed voucher signed by club treasurer and receipts/proof of payment

• Receipt requirements – original, itemized, proof of payment in under 90 days

• No reimbursement for Illinois Sales Tax (use NU tax-exempt letter located on club web site)

Payments to Individuals

• Contracts are required to pay INDIVIDUALS for services rendered

• Students CANNOT sign contracts• Contracts must have:

– Kellogg school administrator’s signature– Vendor signature– Individual’s social security number– Individual’s permanent address

• Additional information or questions: See Kellogg SOFO Rep

Treasurer’s Responsibilities

Treasurer’s Responsibilities

• Serve as the main financial contact between club/club members and KSA VP Finance (Fritz) and Kellogg SOFO rep (Deborah)

• Sign transfer forms• Sign off on all club expenses – vouchers must have

your signature• Apply for KSA funds by June 1st• Final Day for Reimbursements June 4th• Treasurers MUST maintain financial records

for KSA and SOFO budgets

Key Contacts

• Fritz Buerger – KSA VP Finance & Business Development – Email: fbuerger2009@kellogg.northwestern.edu

• Deborah Garcia – Kellogg SOFO Rep – Email: d-garcia2@kellogg.northwestern.edu– Office: 250A– Phone: 467-3525

Frequently Asked Questions

• What happens to my KSA funds from this year?– “Use it or lose it” by 6/1. Vouchers must be in my box by

6/4.

• When is my budget due?– Budgets are due via email on 6/1.

• Where can I get more vouchers?– 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 weeks

• Where is the club stuff located online? (NU tax letter, rules, etc)– KSA Clubs page on Serial

Questions?