Financial Considerations
A very important area where you can lend your expertise to student organizations is in the realm of financial situations. Student organizations at Hamilton are eligible to receive funds from the Student Activities Fee through the SA Finance Committee. Detailed guidelines that are updated regularly and may be found in the Student Organization Manual. Money problems most fequently happen in the following area with student groups:
Contract Preparation
This is an area where you need to be involved. Any negotiation with outside vendors, speakers or performers must be reviewed and approved by Student Activities.
STUDENTS ARE NOT PERMITTED TO SIGN A CONTRACT. This must be done by a Student Activities staff member. Remember, by signing a contract they are legally obligating the College, and may be obligating themselves.
Contracts are legal obligations and you should help them read the fine print. If a group defaults on a contract, consequences could be severe.
Proper Documentation For Reimbursement
Disbursements of funds must be handled according to the procedures outlined by Student Activities and the SA Finance Committee.
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Disbursements are normally made by check and in some instances petty cash.
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An original invoice or receipt from the vendor must be attached to the voucher.
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All original invoices and receipts must be supplied to Student Activities. If additional copies of the invoices or receipts are needed, copies should be made prior to visiting Student Activities.
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Goods and services purchased must be described in sufficient detail before the SA Finance Committee approves the request. An explanation must be given about how the expense benefits and relates to the student organization.
Good Financial Ideas for Groups to Follow
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Set up a system of internal checks and balances. The knowledge about where money is coming from and going should not be limited to just one person.
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Come up with realistic budgets prior to events and then follow them. While it may be unrealistic to try to plan down to the penny, it is important to have direction. In fact, SA Finance Committee may require a budget prior to its approval of an event or activity.
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Student groups are not required to collect dues, but frequently dues provide sufficient income for club operations.
