KSA Club
Treasurer Training
May 20, 2008
Agenda
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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?
Student activity
fees
Dean’s
contribution
General KSA
funding pool for
2008 – 2009
Pool of Club
Funds
Unspent club
SOFO accounts
Section Budgets
Social Budget
KSA Committees
Revenue from
events/activities
Corporate
Sponsorship
Phone-a-thons
KSA versus SOFO funds
KSA 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
Membership numbers current and expected
List of co-chairs
Transition checklist
Budget Request
2007 - 2008 review
Plan of events and
requested funding
Leadership plan for 1Ys and first years
Transition Checklist Elements
• Role assignment
– Technology representative
– CMC representative (certain clubs only)
– Treasurer/Finance representative
• Meeting attendance
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Treasurer training (May 20th and in the Fall)
Club leader kick-off (Today)
CMC orientation (as required) (May 19th)
Bi-Quarterly roundtables
• Additional items
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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:
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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 taxexempt 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:
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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: [email protected]
• Deborah Garcia – Kellogg SOFO Rep
– Email: [email protected]
– 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?