docTreasurer Training Presentation
download 
Report Transcription
Treasurer Training Presentation
RHA Finances Treasurer Training Fall Semester 2014 What is RHA? The Residence Halls Association is MSU's on-campus student government that is committed to continuously improving the on-campus experience at MSU. RHA remains dedicated to improving the on-campus living experience and providing representation and services to students including Campus Center Cinemas, RHA TV, RHA Movie Offices, Karaoke, Special Events and Condom Connection. RHA Policies Must notify RHA of names, addresses and phone #’s of all executive board members within two weeks of their election or appointment. Must notify RHA immediately of any changes with individuals authorized to sign on their RHA account May not hold off-campus financial account or an on-campus departmental account. Lack of Attendance If your hall does not have a representative, you can lose access to your funds Funds will be frozen after 3 consecutive missed meetings, General Assembly or committee meetings. They will be reinstated after attending 3 consecutive meetings, General Assembly and committee meetings. Finance Framework RHA allocates student tax dollars to all undergraduate residence hall groups. All on-campus residents are assessed a $25 fee per semester Allocated to halls ($6 per student) $4.50 per resident to each hall government $1.50 per resident to the black and LGBTA caucus Halls budget and program Halls can be reimbursed after RHA budget is approved Finance Framework All on-campus undergrad residents are assessed a $25 fee per semester LGBT Black Caucus Residence Halls E-Board Transactions Reimbursement – for out of pocket expenses Relies solely on receipts or paid invoices Out of pocket expenses that need to be reimbursed 1. Provide personal funding for the transaction, making sure to collect receipt, invoice, or other proof of payment 2. Attach receipts with the proper paperwork and turn into the Finance Desk 3. Within a few weeks, payment is reimbursed through the University via mail or direct deposit. If you wish to make high payment purchases, there are other options rather than paying out of pocket. Reimbursement Payment MSU employed Students/Faculty will have their payments directly deposited into their bank account, similar to payroll MSU Students unemployed by the University will receive payment through the mail using the address provided on the requisition Reimbursements will only be allowed for purchase of goods. Reimbursements for payment of services, memberships or donations are not allowable. Direct Payments to off campus vendors for purchase of goods OFF CAMPUS VENDOR PAYMENTS Eliminates reimbursements and allows for timely payments. 1. Contact receiving vendor to set up a plan of payment and collect both an invoice 2. Attach invoice to the proper paperwork and turn into the Finance Desk 3. Within a few weeks, payment is either mailed directly to the vendor with no extra cost or picked up from the Accounting Office to be delivered by hand to vendor at a $15.00 special handling fee 4. DTA will contact any new vendors for W-9-tax information Allows for a check to be cut prior to the transactionSpecial Handling fees apply $15 Service Fee out of Residence Hall Budget Direct Payments to online vendors for purchase of goods Please make sure the company website is complete and screenshots of products being purchased are provided Important to include shipping and handling costs when applicable Payment to Off Campus Vendors for Services Utilized when making a direct payment to an individual or business for their services 1. Determine receiving individual’s relation to the University » Companies must supply W-9 Tax Information for tax verification if new vendor with MSU » MSU Faculty and Staff will receive payment through “Project Pay” which may be subject to individual’s personal income tax. » Students may receive payment through project pay (dependent on MSU employment) or to their personal MSU account through Financial Aid. 2. For payments where SSNs are involved, please contact DTA to handle the processing to keep SSN secure. 3. Attach invoice and any supporting documents to the proper paperwork and submit to the Finance Desk 4. Within a few weeks payment is sent to the individual Purchasing Sourcing Considerations Domestic/Michigan Purchases - Every effort should be made to purchase domestically produced goods and services from domestically based sources. Preference should be given to goods or services, or both, manufactured or provided by Michigan businesses if they are competitively priced and of comparable value.” Sustainability - Because MSU is committed to the environmental principles of sustainability, the university prefers to work with suppliers with take-back programs for packaging material and/or endof-life cycle product. Internal Billing –Purchase of Departmental Goods & Services Purchase of items through an MSU Departments MSU Stores, REHS Culinary, Spartys Stores, Student Services Copy Center REHS Purchasing Cards cannot be used for purchases. RHA can use the Purchasing Card of the Central Business Manager (Pam Willis) with prior approvals Funding to RSO’s Registered Student Organizations Funding Student Organizations Limited to Registered Student Organizations (RSO) with University Accounts. 1. Collect receiving party’s University account number 2. Include University account number with proper paperwork when turned into the Finance Desk 3. Within a few days payment is sent within MSU’s finance system to the receiving account. 1. This could be for a sponsorship, donating money to RSO, These accounts are not to be confused with an MSUFCU (off campus banking) account. Rush Processing aka Special Handling When time is of the essence For $15, vouchers above $200.00 may be rushed The processing fee will be charged to the respective RHA account Payment is available via mail or pick-up from the Accounting Office Please indicated if you wish to pick it up from the RHA Office or have it mailed on Reimbursement Form For ultimate speed please submit paperwork during office hours Checklists “Do I have…..” Type: Reimbursement Completed Requisition form with ALL needed original signatures Original Itemized Receipts Proof of Payment Any other supporting documents for event Type: Payments for Services and Goods Completed Requisition form with ALL needed original signatures Itemized invoice with Due date and total amount due W-9 Tax Form for Vendor (when new vendor to MSU) Any other supporting documents for event Type: Funding to RSO’s Completed Requisition form with ALL needed original signatures RSO name and On-Campus Account number Any other supporting documents for event Gifts and Prizes Gifts & Prizes Gift cards are allowed but must be store specific (eg. Cold Stone Creamery, iTunes, etc.) Proper documentation of the recipient is required for gifts Recipients who receive in excess of $600 during the calendar year must provide SSN to the DTA Drawings are allowable, but raffles are not Prohibited Regardless of the individual’s age, drugs and alcohol are strictly prohibited No Gift Cards to any places that serve or sell Alcohol (Meijer, Buffalo Wild Wings, etc) Gifts & Prizes This is to be the PERMANENT address of the recipient The RHA Rep Signature can be: • The person who purchased the gift being given, • The Hall Government President, or • The Hall Government Treasurer Documentation Should have original itemized receipt Requisition Forms: • Be complete and accurate Description of transaction Payee information Amount Attach receipts/invoices Approval Signatures Paying Affiliate Completed forms should only be left with the RHA Finance Staff Documentation Forms and examples can be located in the Finance folder located on the RHA website: www.rha.msu.edu/files /finance Hard-copies may also be picked up from the Finance Desk Example Form Proper Addresses are very important. Please complete both Permanent and Local Please print neatly or complete on computer to make legible to read. Must be completely filled out to be accepted by Finance Staff. Affiliate Group= name of your residence hall or group. Authorization Approval is required for every transaction: • President, Treasurer, Payee, and Advisor must sign each time! Example Receipt Receipts should be original and include the following information: Name of business Date of transaction Itemized list of expenses Method of payment—NEEDS PAYMENT CONFIRMATION. Example Invoice There is a difference between a QUOTE and an INVOICE. Payment Timeline Submitted to Finance Office Within 30 days of original purchase Bill SS.39.12 Receipts must be submitted to the finance staff within 30 days for reimbursements. Any receipts submitted between 30-60 days will be subject to a $25.00 late fee from the funds of the constituency. Any Receipts submitted between 60-90 days will be subject to a $50.00 late fee from the funds of the constituency. Any receipts after 90 days will NOT be accepted under any circumstances. Any collected fees will be re-allocated into the tangible items fund of the Committee on Budget. Finance staff processes form(s): 1-2 days Handed off to DTA for approval: 1-3 days (depending on how busy office is) Central Business Manager-Student Organizations: 1-3 days Accounting Department: 7-10 business days Budgeting Setting your goals for spending When budgeting always maintain a buffer for incidentals Consult Expect previous budgets or alumni for advice changes RHA will pay attention to which groups use the money and which do not Semester carry forward is limited to 125% of your current allocation Helpful Tips Prefer to make payments using a credit card or check If paying by cash, make sure proof of payment is clear Do not highlight items on receipt, please circle items instead Provide calculator receipt if possible when numerous items are being calculated. TELL THE STORY—(ie. Removing Bottle deposits from receipt) Tips should be included on the receipt. • Handwrite tip on the original receipt if needed • Will not reimburse a tip more than 15% Never provide a student’s PID MSU Net ID is the identifier for reimbursements Bottle deposits cannot be reimbursed Receipts should only include reimbursable items-Personal items should be purchased with a separate receipt Split Reimbursements of shared expenses-Send over all documentation together When in doubt, please ask! Committee on Budget RHA can co-sponsor events Must request to attend Committee on Budget Meetings There are guidelines of what you can spend money on and how much. You can come to committee on budget as long as you are active in RHA at both general meetings and committee meetings Application can be found at: www.rha.msu.edu/cob If you have questions about COB, contact CFO @ [email protected] Other Notes: Do not sign/authorize any document that is not fully completed Signing a requisition means you are in agreement with all items submitted • RHA is NOT tax exempt • Donations to entities outside of MSU are not allowed using RHA funds. • Fundraising is not allowed using RHA funds. • Cannot use Bridge Cards to make refundable purchases • Any Questions please ask!! • Finance Staff • DTA- [email protected] Finance Office RHA Office – Holden Hall 234 Wilson Road Rm G-7 East Lansing, MI 48825 Hours: Tuesday 12-4 Wednesday 2-5 Thursday 2-5:30 Friday 1:45-5 Director of Treasurers & Allocations: [email protected] Jessica Kloosterman: Nick Aprilliano: Monday 2-5, 6-7 Chief Financial Officer: [email protected] Phone: 517-355-8285 Questions?
