Financials

 

Maintaining an organization finances can be a daunting task.  SDCA offers training and can assist with bookkeeping questions, including contracts, purchase orders, and reimbursements.  SDCA also offers guidance on holding fundraisers and other income-generating programs and events.

 

In order to complete financial transactions, a student organization must designate at least one member or officer as the official signatory for the organization.  Only those members who have submitted the forms may receive such designation. All Vice Presidents of Finance must have their signature on file.

 

Types of Accounts

  • Agency-Managed by the Director of Student Development and Campus Activities
  • Off-Campus Accounts-Managed by the individual whom opens the account.
  • Operating- Managed by the Director of Student Development and Campus Activities

Agency Accounts

  • Each student and affiliate organization has an agency account.  These monies may be used for any purpose deemed appropriate by the organization and SDCA.
  •   It is important to always deposit monies from dues, fundraisers, ticket sales, and other receipts into this account through SDCA because these funds do not revert back to the University at any time. 
  • The agency account carries over from one fiscal year to the next and is an organization’s central account.  If an organization folds or remains inactive for more than one year any money remaining in its agency account will go in to a General Agency Account. 
  • This account will be used for the start-up of new organizations and for the purchase of necessary equipment for other clubs and organizations.  Balance inquiries should be directed towards the Director of SDCA. 
  • These accounts are public.

Start-Up Funds

  • Recognizing the need for new student organizations to have seed money to begin the academic year’s activities, SDCA allocates start-up funds to each duly recognized student organization to cover the cost of copy charges and other administrative costs the organization deems necessary. 
    Funds are restricted to essential services only.

Off-Campus Accounts

  • Pace student organizations may not have off-campus accounts.
  • Only Pace affiliate organizations may have their own accounts off campus.

Grants and Loans – Student Activities Fee

  • Student organizations under SA jurisdiction may submit budget requests for activities fee funding for their events and organization activities to the student-run Budget Allocation Council. 
  • The Council is comprised of representatives from the Pace University community. Certain criteria apply to be eligible for grants and loans. 
  • Please refer to BAC guidelines in the appendix.
  • Funding Sources - Fundraisers
  • Only recognized and active student and affiliate organizations are eligible to hold fundraising activities.   Such events include candy sales, t-shirt sales, ticket sales and auctions in addition to other innovative and creative ideas. 
  • Make sure that fundraisers are consistent with University policies and procedures.   

An organization wishing to conduct a fundraising activity must first have the approval of SDCA. 

  • Food sale fundraisers must be approved in advance to ensure no conflicts with the University’s food service contract. 
  • It is important to speak with a member of the SDCA staff if unsure of applicable policies. 

All fundraising events must clearly advertise the recipient of the funds.

  • Those events donating to charity must have the name of the charity listed in all promotional materials and include whether or not all or a portion of the funds will be donated. 
  • SDCA reserves the right to request, at any time, proof of fundraising monies paid to charity or not-for-profit organizations.

Transactions

  • Whether an organization is depositing into or drawing upon an account, there are important guidelines that must be followed. 
  • Failure to do so may result in lost organization monies, a slower reimbursement process, or no reimbursement at all.
  • Depositing Funds into an Agency Account whenever funds are collected by student organizations, they must be submitted as soon as possible to SDCA. 
  • SDCA will, in turn, deposit those funds, through OSA, into the organization’s agency account. 
  • The deposit will generate a receipt that will be kept in the organization’s file in SDCA. 
  • To maintain accurate financial records, organizations are encouraged to make copies of all deposit receipts and must bring a signed copy back once money is deposited at OSA.

Agency Account Expenditures must be discussed and approved at our organization’s weekly meeting.

 

All reimbursements must include the following:

 

Forms to access funds through Student Development and Campus Activities

  • Majority Authorization Financial Transaction Form
    Petty Cash Form
  • Special Payment Form

Accessing funds from an Agency Account

  • Only members designated by the organization who have completed Financial Training may submit a financial transaction for payment voucher processing. 

Payment vouchers include:

  • Petty Cash Vouchers can be issued for up to $100.00 to reimburse individuals who have spent their own money.  Valid ORIGINAL receipts, (those with the store/vendor’s name, date and the price indicated clearly) are needed to obtain a petty cash voucher.
  • Reimbursements or Check Requests are required for withdrawals over $100.00.  A Check Request form with the proper invoices, bills, receipts, etc. attached, is filled out and then processed through SDCA.  All check requests must be submitted to SDCA. 
  • The processing time of check requests varies, but will take a minimum of two weeks. Any financial transaction that depletes an account must be pre-approved.
  • Purchase Orders are used when ordering from outside vendors.  Examples of this would include purchases of t-shirts for an organization, promotional items, conferences etc. 
  • Processing time takes a minimum of 3 weeks. You  must meet with a member of SDCA before any orders can be placed.
    Direct Billing is when you give another department at Pace the account number for billing. 
  • Direct billing can occur for Food Service, audio-visual, transportation and bookstore charges, stockroom supplies, and Document Services requests. 
  • The appropriate forms must be obtained from and approved by SDCA PRIOR to billing.

Important Notes

  • Only those members who have completed Treasurer Training are authorized to process any financial transactions. The Senator/ President must co-sign Petty Cash Transactions.
  • With the exception of affiliate organizations, student organizations are not permitted to have an outside bank account.
  • The organization’s treasurer should keep accurate records of all campus account withdrawals and deposits.  For questions regarding budgetary concerns, account activity or balances, please make an appointment with SDCA, especially when discrepancies occur. All agency accounts must be reconciled with the VP of Finance on a monthly basis. 
  • This information can be found by contacting the Student Association .
  • No student(s) is permitted under any circumstances to personally make money from any event, project, or fundraiser sponsored by a student organization. 
  • Any student found in violation of this policy will be subject to disciplinary process.  Exceptions, such as student D.J.’s at approved events, must be cleared through SDCA.
  • Reimbursements always require original receipts or invoices as documentation of purchases.  Both must include the full name and address of the vendor.
  • Photocopies of receipts are not acceptable.
  • Credit card statements are not accepted as receipts.  Please request itemized receipts of all purchases.
    All reimbursements from restaurant receipts must be itemized by menu items.  Verify that an itemized bill can be obtained before choosing a restaurant.  Include the names of the parties served and describe the business transpired. 
  • Check stubs are unacceptable as receipts.
  • Organizations will not be reimbursed for alcoholic beverages without prior SDCA approval. 
  • Receipts that indicate the purchase of alcoholic beverages will not be reimbursed in part or in full.
  • Capital Purchases (large scale assets, such as computers and other physical property) are not reimbursable.  Procurement of these types of items must be made through the university’s purchase order system, E-Procurement.
    Invoices presented by vendors for payment will not be processed unless a purchase order was processed and approved first. 
  • DO NOT ORDER SUPPLIES WITHOUT A PURCHASE ORDER OR YOU WILL NOT BE REIMBURSED!
  • Contracts must be submitted at a minimum of 1 month in advance.
  • Vouchers for document services must be returned to SDCA. 
  • Copies of all transactions must be filed with SDCA as well.
  • All deposits and withdrawals MUST come through SDCA

Transactions

  • Whether an organization is depositing into or drawing upon an account, there are important guidelines that must be followed.  Failure to do so may result in lost organization monies, a slower reimbursement process, or even worse no reimbursement at all.

Depositing Funds into an Agency Account

  • Whenever funds are collected by student organizations, they must be submitted as soon as possible to SDCA.  SDCA will, in turn, deposit those funds, through OSA, into the organization’s agency account.  The deposit will generate a receipt that will be kept in the organization’s file in SDCA. 
  • To maintain accurate financial records, organizations are encouraged to make copies of all deposit receipts and must bring a signed copy back once money is deposited at OSA. Agency Account Expenditures must be discussed and approved at our organization’s weekly meeting. All reimbursements must include the following:

Forms

  • Majority Authorization Financial Transaction Form
  • Petty Cash Form
  • Special Payment Form

Accessing funds from an Agency Account

  • Only members designated by the organization who have completed Treasurer Training may submit a financial transaction for payment voucher processing. 

Payment vouchers include:

  • Petty Cash Vouchers can be issued for up to $100.00 to reimburse individuals who have spent their own money.  Valid ORIGINAL receipts, (those with the store/vendor’s name, date and the price indicated clearly) are needed to obtain a petty cash voucher.
  • Reimbursements or Check Requests are required for withdrawals over $100.00. 
  • A Check Request form with the proper invoices, bills, receipts, etc. attached, is filled out and then processed through SDCA.  All check requests must be submitted to SDCA. 
  • The processing time of check requests varies, but will take a minimum of two weeks. Any financial transaction that depletes an account must be pre-approved.
  • Purchase Orders are used when ordering from outside vendors.  Examples of this would include purchases of t-shirts for an organization, promotional items, conferences etc.  Processing time takes a minimum of 3 weeks. You  must meet with a member of SDCA before any orders can be placed.
  • Direct Billing is when you give another department at Pace the account number to withdraw the funds from.  Direct billing can occur for Food Service, audio-visual, transportation and bookstore charges, stockroom supplies, and Document Services requests.  The appropriate forms must be obtained from and approved by SDCA PRIOR to billing.