Budget Training Workshop ASI Financial Services Spring Semester - PowerPoint PPT Presentation

Budget Training Workshop ASI Financial Services Spring Semester 2020

Outline  Budget Process  Club Accounts & Allocation Process  ASI Budget Request Packet  What not to include  Deadlines  Other Sources of Funds

Budget Process  Be registered, approved, and in good standing with the Office of Student Life and Cultural Centers (OSLCC) to be eligible for ASI funding.  Attend Budget Training Workshop  Plan for all expenses & Complete the Annual Budget Request Packet  Submit the ASI Budget Request Packet to your Council  Budgets will be reviewed and approved by your council  Councils will submit budgets to Financial Services for final Review and posting, which takes up two weeks.  If your budget has an issue, you will be notified by a member of the ASI budget Team. Please ensure you respond and coordinate on how to rectify the issue.  Congratulatory email

Club Accounts & Allocation Process Clubs have two accounts:  Agency Account (3XXXXX) – Club Generated Deposits  ASI Account (17XXXX) – ASI Funding (can’t deposit into this account) Clubs receive their ASI Funding in two phases:  70% during Fall Semester  20% Fundraising  30% during Spring Semester

ASI Budget Request Packet

Budget Request Form (Cont.) Amount Requested / Relined  ASI Allocation : This line should be blank because your club has not yet received an allocation for this year.  Carryover : The remaining balance in your ASI account when preparing the budget, taking into consideration any further spending that will be done in the current fiscal year. This will be a projection of any monies left over after 19-20.  Fundraising, club dues, etc. : This is the amount you plan to fundraise throughout the year. For presentation purposes, it will be 20% of your Total Expenses unless your Total Allocation is known. *Please note that you are only required to fundraise a minimum of 20% of the actual allocation from the council .

Budget Request Form Amount Requested/Relined:  Please use the amount requested/ relined column for your new request. Expenses:  Each expense line item represents how much your club will approximately spend throughout the year.

Profit & Loss Statement

Budget Request Form (Cont.) Total Request  Total Expense minus Total Income equals Total Request. *This will be done automatically through excel formula. But double check to make sure.

Line Item Explanation Sheet Income

Line Item Explanation Sheet (Cont.) Expense Expense Line:  Please ensure that you have a breakdown for each line item. (Double check that your calculation of the expense is correct)

Responses to Questionnaire

What not to include  Refreshments for General Meetings  Gift cards (Cash Equivalents)  Fundraising events or supplies used to generate additional income  Premiums for individual student health insurance, excess medical, and auto insurance, and group liability/ group travel accident insurance  Political & Religious Events  Salaries & Benefits for Staff or Faculty  Scholarships Please reference ASI Financial Guideline & Stipulations for a complete list.

Deadlines  The 20% of alternative funding.  Monday February 3 rd , for FY 2019-20  Once the 20% has been met, release of the remaining 30% allocation will follow!  Budget submission to councils will vary.  Check with your council!  Councils must submit all club budgets to Financial Services.  Friday April 24 th , 2020 In ability to meet the alternative fundraising deadline will result in the 30% allocation being withheld. Furthermore, your club will not be eligible to receive any additional funding from ASI or Councils.

Deadlines  Agriculture Council – March 10 th , 2020 Clubs:  Subject to change, check  College of Education and Integrative Studies Council – March with your council! 17 th , 2020  If you don’t know what  College of Letters Arts & Social Sciences Council – March 10 th , 2020 council you belong too, please ask!  Engineering Council – March 30 th , 2020  Environmental Council – March 16 th , 2020  Greek Council – March 2 nd , 2020  Hospitality Management Council – March 22 nd , 2020  Multi-Cultural Council – March 30 th ,2020  Science Council – March 10 th , 2020  Student Interest Council - March 13 th , 2020  United Business Student Senate – March 13 th , 2020

Other Sources of Funds on Campus

Administrative Fund

Mid-Year Budget Requests  In order to be eligible for mid-year ASI funding, clubs are required to submit and obtain funding approval for their Annual Budget from their council  Mid-year budget requests shall not be submitted for retreats, banquets, or other general club expenses.  For student groups that submit a mid-year budget request to the ASI Finance Committee and/or the ASI Senate, a maximum of $6,000 per group per year shall be funded, not to exceed $750 per person for a conference, convention, or program.  More than one request is permitted per budgeted year, not to exceed a total of $6,000.  Please plan accordingly! Reference ASI Financial Guideline & Stipulations for any further details.

Mid-Year Budget Requests  Submit the budget request to the ASI Treasurer  Once approved, you will be notified by the ASI Treasurer of their obligation to attend the next Finance Committee meeting at least 4 business days prior to the meeting date.  Make a brief presentation (5 – 7 minutes) to the Finance Committee and respond to questions from the committee.  The ASI Treasurer will notify the requesting group of action taken by the Finance Committee. Reference ASI Financial Guideline & Stipulations for any further details.

Conclusion  Deposit your 20% fundraising!  Pick-up your P&L’s (Profit & Loss) statements from ASI Financial Services ( Must be an authorized signer )  Use the correct ASI Request Packet , which can be found on the ASI Financial Services website. Your council should have a copy of it too!  Follow the example and instructions that are on this presentation when completing the packet.  When in doubt, ask questions!  Be aware of your councils deadline (Slide 12 of the PowerPoint)  Remember that there are other sources of funds. ( Admin Fund & Mid-Year Budget Request )

Thank You! Questions? Website: www.asi.cpp.edu email: asifs@cpp.edu