Welcome to Trustee Financial Management - PowerPoint Presentation

Welcome to Trustee Financial Management TrainingSunday, April 7, 2019 Trustee Student Organization Financial Programs, Services and Initiatives

TSOS Financial vs. SABS TSOS SU309Student Activities Tools & Resources Review Transactions for Compliance Support ALL Trustee OrgsPayrollPurchasingAdvising MeetingsHelp with Financial Record Keeping SABS SU314 Student Activities Tools & Resources Bank for Storrs Tier II & Trustee Orgs Cut Checks Process Deposits Balance Checks Event Supplies Account Activity Rpts Foundation Dollars Outstanding Checks

Financial Advisor RoleWHO TSOS Financial Team (Storrs SU 309):Kimberly Meanix Miller -- Sylvie Godbout -- Darren Thorne Campus Advisor/Activities Coordinator WHAT Payroll Training and SupportFinancial Training and SupportRegular Meetings to Anticipate NeedsInventory Management Budget Support Review every transaction for: Legality Policy Beneficiary Organization Approval Documentation, Documentation and Documentation

Part I Foundation

Tier IIIDepartment of Student Activities Established Tiers Tier III Designated to Organizations:Supported by Student FeesHigh VisibilityHigh AccountabilityLarge ConstituencyModerate to High Risk ActivitiesReliance on University for Funding and Financial Support Regular Interaction with University Staff

TrusteeEstablished by the UniversityApproved by the State of ConnecticutAccount established for the “Welfare” of OthersIn your case, the fee paying student body, ConstituentsIn Compliance with:CGS Sections 4-52 through 4-57a State Comptroller’s Manual for Activity/Welfare Funds State and Federal Law Relevant University Policies including BlueprintsAccounting, Financial and Business Best Practices

Purpose

Regulatory Umbrella

Organization DocumentsConstitution (Fundamental Organization)By-Laws (Day to Day Operation)Codes of Conduct Internal Policy Examples:Funding, Travel, Refreshments, Elections, Hiring, Phone Use, Mailing ProtocolKnow your documents!Deliberate Review & ApprovalChange if neededProvide latest ratified documentsto SABS by September 30

Part II Transparency

MeetingsOrganizations establish needs -> Regular Meetings Wherever decisions are made & business transactedTrigger Reporting RequirementEmergency Meetings & Technology Examples: Executive Committee establishing a budget – YES! Working group planning an approved event – NO !Meetings open to ConstituentsConsider Designated Constituent Comment Period

Agendas Published in advance to best reach your Constituents 7 days in advance of the Meeting * Suggest publishing with the following: Minutes of the previous meetingRegular Reports (President, Treasurer, Committee Chairs, etc)Background Information for Discussion ItemsBackground Information and proposed motions for Action Items Maintained in Organization FilesInclude:Include Org, Subcommittee, if applicable, Meeting Date, Time, Location, Type (Regular, Special, Monthly, etc), Matters for Discussion and Matters for Action

MinutesBenefit for all Meetings but a requirement for your decision-making groups Must be published within 7 days of meeting Must be provided to TSOSMust be retained by the OrganizationMust be approved at subsequent meetingInclude all information from Agenda plus:Voting Members, number representing a quorum and notation of present, absent, late arrival and early departureNon-Voting Members and notation of present or absent Guests present during any portion of the meeting Matters discussed, Action Taken and Regular Reports Include legislative intent, dissent, conflict of interest, vote outcome Foot the minutes and title document

Document Title for MinutesInclude OrganizationInclude Subcommittee, if applicable Include Meeting Type, if applicableInclude Date of Meeting YYYYDDMMInclude Fiscal Year Notation and NmbrInclude the number of the meetingThis is so it is clear if we are missing a set of minutes, 01, 03Example: USG Exec Monthly 20181122 Meeting Minutes # 19-06

Conflicts of InterestWhen an interest is different for one than other membersDisclose conflicts of interest, even if only perceivedRecuse yourself from participation and leave roomUpon conclusion of vote, return and be recognized Freedom of Speech If a student feels only person that can advocate, can do soMust make it clear not speaking as a member of the orgMust still leave during deliberation and vote Abstention not appropriate for conflict Abstention is an action on a matter Abstention conveys the student participated Students cannot participate when they have a conflict

Reasons to Abstain ProtocolSome organizations have President/Chair always abstainPresident/Chair would only vote to break a tie Deficiency of Information If a member were absent when information was discussed M ember feels they need more information but vote calledMinor opposition, matter has overwhelming supportOpposition not so strong as to oppose the majorityOpposition strong enough not to want to cast vote in supportTrue indifferenceShould be a rare occurrenceMember truly on the fence and feels outcome no real impactRed t-shirts vs. blue t-shirts example

ImportanceOrganizations can ONLY act in a MEETING AND that action MUST be documented in MINUTES OR …. THAT ACTION NEVER HAPPENED!

Organization WebsitePurpose/Mission StatementGoverning Documents (Constitution, By-laws, Codes of Conduct, etc.)List of student officers, including office hours and contact informationList of board members/professional staff members (if applicable) with contact information Up-to-date meeting dates, times, locations, agendas, and minutes Approved budget informationInformation on how to get involved and upcoming events.

Part III Financial Policies

Treasurer Role ResponsibilitiesConvey financial information to Organization Within Organization, only one vote just like every other member Execute Organization Direction from Meeting ORG is decision maker CFO executes decision Financial Information Direction

Account SignersEach Trustee account must have four signersMust be an authorized signer to transact business Organization must ensure that signature cards are accurate and changes addressed in a timely mannerAccount signers execute decisions made by organizations and documented in minutes

RevenueStudent Fees DepositsContributions Organization paid for services renderedCo-sponsorshipsTier II Organization paying their portion For funding organizations only Charging a portion for an activity MarketPlace One CardCash at the door -> best avoided, if possible

Revenue VerificationReceipt Books Written whenever money received All revenue must be deposited Total of receipts must equal total deposit Copies White Copy to Customer who made paymentYellow copy documents depositBlue copy remains in book for continuityCompleted Receipt Book submitted to TSOSVoid all three copies and keep with book

Receipt

DepositsComplete receipts for your Revenue Make timely deposits of all revenueEstablish regular banking visitsMinimum weekly Have one or two back-up people if you can’t make itDon’t put off because of amountIf anticipate substantial depositPlan special trip for someone to go to the bank/SABSIf $500, must deposit within 24 hours Scan/Copy checks deposited Separate deposits, if needed DO NOT pay any event expenses from revenues

ContributionsIf value under $25, may be accepted without DSA approvalIf value over $25, considered gifts and must be reviewed and approved by TSOSAll donors wishes a donation to be tax deductible, they must go through Foundation Tier III Organizations cannot donate any revenue received from Student Fees

Illegal ActivitiesPer State of Connecticut Division of Special RevenueNo GamblingNo Raffles http://www.ct.gov/dosr/site/default.asp

Events Plan a minimum 2 months in advance Organization Approval Audience (fee paying students) Advertise Budget Purchases what , how & from whom Get advice to maximize success Assess right after event! Track attendanceAll fund-raising must be submitted to TSOS for review and approval prior to planning

Expenditure Decisions Approved in Minutes before money spent or committed (up to $ language) Organization Consider: Legality and adherence to policies Cost/Benefit to constituents/student body BudgetNeed and all alternatives to meet the needReasonablenessCost Benefit to Organization Travel must be approved in advance even if no cost is associated

Documentation AUTHORITYMinutes with specific motionPaperwork signed by 2 authorized signers TIER II GROUP FUNDED(if applicable) UCONNTACT name/mission for the Group UCONNTACT Roster for the Group BUSINESS JUSTIFICATION EVENT RELATED INFORMATION (if applicable)Flyer or if meeting related, agenda or minutesBeneficiaries/Attendance & Prize Form (if applicable) PAYMENT INFORMATIONIf vendor payment, invoiceIf reimbursement:Original Itemized Receipts and Proof of Payment

Purchasing Lead time, lead time!Minutes & two signatures always required TSOS must approve in advance Must pay directly, minimize reimbursement All must have a business justification Beneficiaries must be identifiedIf office, usually pretty clearRefreshments, give-aways, speaker* Actual beneficiaries must be identifiedPurchases for your members, partial paymentBanquets (Guests)

Vendor SelectionUniversity Contract?Limits Vendor Selection Bus Promotional ItemsVendor active in HuskyBuy ( UConn System)? Yes - do they have a W-9 date w/ i 2 years?Yes, all set!No, direct to HuskyBuy to update W-9 No – direct to HuskyBuy for set-upVendor must have Vendor # & recent W-9 DateDRS holds require payment directly to state

Cannot sign contract OR pay in advance! If contract required, must go through purchasingException to advance payment is conference registration Questions - What? Product or Service? Who? Vendor Choice How much?Method of Purchase?Business JustificationBeneficiaryPurchasing

Purchasing a Product(s)Life Expectancy over a year?YES? Durable item, add to inventoryNot appropriate for reimbursementNO? Expendable product, do NOT add to inventory Okay to reimburse if not possible to pay direct How much is it? Quotes >$1,000, >$5,000, >$10,000 If small purchase, check okay

Purchasing a ServiceFederal Tax Reporting ObligationNever appropriate for reimbursement Speaker, Entertainer, Coach?Over $1000? State Requires taxes be withheld OR OR a waiver/reduction form submitted Required to be a PSA through HuskyBuy If Student, must process via payrollIf State Employee, must be:Approved by University Office of Audit, Compliance and Ethics (OACE)Go to bid handled by procurementIf University will not issue a vendor #, no payment can be made

Methods of Payment Hits KFS and appears on Monthly BillHusky BuyUniversity Department like CateringUniversity Contract via Purchase OrderPro-cardAmazon which goes through the Pro-cardDirectCheck Use of Organization PO & HuskyBuyReimbursement Requiring Proof of Payment by Student

Direct Pay vs Advance or Reimbursement No Direct Pay Pay by Advance OR Reimbursement: Purchase not determined until on-site for Refreshments or Non-Durable supplies (life<1 yr ) Maximize Effort to Pay Direct before Advance or Reimbursement: Travel Expenses Refreshments Non-Durable Supplies (Life<1 yr ) Direct Pay REQUIRED NO option for Advance n or Reimbursement: Services Inventory (life > 1yr) Reimbursements should be minimized

Purchase Requests/Orders Request for Quote (RFQ) - request a Tier III Organization makes of vendors providing specifications of desired product/service and asking cost information (quote) in return. Purchase Request (PR) - request a Tier III Organization makes of TSOS that a purchase be approved and/or processed on their behalf.Purchase Order (PO) is the document resulting from a PR issued to a vendor in lieu of a contract that provides assurance to the vendor that payment will follow delivery of the service or product.The type and amount of the purchase will determine which is appropriate:Organization Purchase Order (OPO) - PR processed internally by TSOS and conveyed back to Organization who issues PO to Vendor OR University Purchase Order (UPO) - PR processed by TSOS through KFS and University Accounts Payable (A/P) issues PO to Vendorl

OPO UPOOrganization Purchase Order University Purchase Order SABS Check Monthly Bill

Accounting/BookkeepingRecord transactions: Use TSOS Financial WorkbookCheck register, spreadsheet, etc. Report financial status: Total Income Total Expenses Current Balance

Risk ManagementNo pencil, blue ink only EthicsSeparation of duties Corrections Meaning of your Signature 125.00 DV 100.00 00 125.00 125.00 125.00

Outstanding Checks Outstanding ChecksCollect contact information from payees before payment Deliver payment quickly Follow up if notified of an outstanding check If subsequent notification, escalate contact! This is the organization’s responsibility!

Travel Must be approved in advance with up to $ Pay directly whenever you can Reimbursement okay for travel Save all receipts Mileage rate, insurance levelsTips up to 20% (if handwritten, need statement) ITEMIZED ORIGINAL receipts are required! Off Campus Event Process Required Submit Final Email

University (KFS) Bill QuarterlyPay timelyGather documentation throughout quarter Payment processed through SABS Account Check hand delivered by students – Wilbur Cross Ideal Organization review budget vs actual and vote authorizing paymentOrganization responsible for all documentationPayrollAll University Purchasing including ProcardInternal Billing CreditsPhone Bill Top signed & returned declaring business justificationBottom submitted with Quarterly Bill

Other… Tax Exempt Advantage of Paying Direct Take time to set it up with vendor in advance Student reimbursements may not always include tax AdvancesPrevent lost student opportunityGifts and Gift CardsNominal gifts if at all (none to paid students or staff)No generic gift cards (no MC, Visa, Amex, Amazon) Never gift instead of compensate Prize Forms!!

Other… “Scan Ready” and “File Friendly”Tape Small Receipts to full sheet, all four sides on edges NO staples or clips within the request packet Do not use highlighter, can obscure Use blue pen marked in margins if neededExclusively use Shared/Generic MailboxesFOITransition EaseAccess to HistoryContacts seamless given same email addressAllows to step back for health or academic reasons Allows you to better separate personal/volunteer roles

Other Reporting Requirements InventoryMinimally at Officer Transition Budget Adoption No later than September 30, for current year Student Fee Advisory Committee (SFAC) Budget Projection (training provided in August)Deadline determined by SFAC near end of Fall Monthly Financial Statements5th of every month

Inventory Sufficient Controls President & Treasurer Responsible for Inventory Control Inventory are items with a lifespan > 1 Year Capital Inventory > or = $1,000 Controllable Inventory < $1,000 Physical Inventory required minimally 1X/YearNewly purchased items must be added accordinglyBroken/antiquated items must be disposed of following a specific processItems with no further use to the Organization but with remaining useful life – contact SABS for dispositionTrustee Organizations are prohibited from making donations

Questions Policies are references not to be memorized Website SABO.UCONN.EDU/Tier-III-accounts/ Kimberly Meanix Miller, Financial Manager (SABO)Kimberly.Miller@UConn.edu Office 860-486-4260 Cell 860-833-9000 Thank you!