Financial Resources 2017-09-08T10:15:38+00:00
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Financial Resources

For any questions regarding invoices, please contact our VP Finance.

CHEQUE REQUEST FORM

1. Please fill the form here and attach the receipts to the form.
2. Bring the form and receipts to room 228 (MUS office) and hand it to the VP of the portfolio you fall under, or put the materials in their “drop-off” tray.
3. Both the VP of your portfolio and VP Finance will sign off on the form, and then the Finance Department will process the cheque request.
4. Pick up your cheques in the MUS office from the “Ready For Pick Up” tray.

CASHBOX REQUEST FORM

Please fill the form below if you are a club/committee that needs a cashbox for a specific period of time. We will contact you by email shortly after to inform you of pickup procedures.

Please note that if the cashbox isn’t returned as soon as the event is over, there will be repercussions.

Deposits: you must make sure that your club does not leave any money in the cashbox once the cashbox is returned. The money must be returned by the end of your event or the next day. Bring the deposit to room 228 and put it in the assigned envelope, (that you must fill out in full detail).

POLICIES

Below is a brief overview Financial Policies for MUS Clubs. This overview does not reflect the entire scope of the Financial Policies. This overview merely pertains to some of the more important information that clubs can utilize as an extra resource, but should by no means count as the Financial Policy of the Management Undergraduate Society.

Expenses made on behalf of the MUS are made under the decree they are fair, meaningful transactions that have had prior consideration and approval.

If any Board of Directors Member, Executive or general committee member incurs a liability that is greater than funds budgeted, then such liability may become the personal obligation of the individual incurring or authorizing such cost.

All contracts, invoices, and reimbursements will require time to be processed. The times listed in the following only include time after reimbursements are given to the Vice-President of Financial Affairs:

  • Contracts: Ten (10) Business Days
  • Invoices and Cash/Cheque Reimbursements: Ten (10) Business Days (plus mailing time)

These processing times are effective if all supporting documents are complete.

A reimbursement will only be processed when proper supporting documentation is submitted. Proper documentation consists of:

  • One copy or photocopy of the original purchase and itemized receipt/Invoice
  • Reimbursement/Cheque request form (or equivalent)
  • Signatures from all required parties

Credit Card Statements or equivalent records will not be accepted as proof of a reimbursable transaction, but may serve as evidence that a transaction occurred.

Receipts can be submitted up to two (2) months after date of purchase for reimbursement.

Outstanding reimbursements over sixty (60) days will not be processed.

All signing of cheques required by Chartered Clubs will go through the approval of the Vice President of Financial A airs of the MUS. In the case where the Vice President of Financial A airs is not available, then only will the cheques go through the President of the MUS. All signing of cheques for Chartered Clubs expenses can take approximately three (3) business days to process.

Signing authority for Chartered Clubs shall be restricted to the Clubs representatives that meet the following criteria:

  • Have one or the equivalent of the following committee positions
    • Executive Director
    • Director of Finance
    • Unspecified role, but has budgetary responsibility for the committee
  • Have been authorized in writing by the Vice-President of the respective portfolio, and must have submitted the following to the Vice President of Financial Affairs prior to May of the respective year
    • Full Name
    • Position on Committee
    • Signature of Person
  • Additions or changes to those with signing authority after May of the respective year shall take place under the following conditions
    • Change in personnel
    • Leave of absence by one with signing authority
    • Significant event that prevents one from completing duties
    • Initial committee hiring

No committee member with signing authority may authorize their own reimbursements.

In cases where there are two Co-Presidents of a Chartered Club, only one President will be granted signing authority. The decision on which President will be given signing authority will be determined from a mutual agreement between the Presidents only.

The following items will only be reimbursed to individuals as determined by the Vice-President of Financial Affairs, on special conditions:

  • Delegate fees for required conference/event attendance
  • Anything deemed to be beneficial to the operations of the MUS. Examples include, but are not limited to, project management software and stand–‐ up banners with MUS logo and branding

The following items will only be reimbursed with authorization of the Vice President of Financial Affairs:

  • Gas
  • Parking Fees
  • Meals

All reimbursements for a fiscal year must be given to the Vice President of Financial Affairs ten (10) business days before the last day of the fiscal year.

The fiscal year of the Management Undergraduate Society takes place from May 1st to April 30th.

To ensure complete transparency, minimum cash payments or reimbursements will be provided by the MUS.

The Vice President of Financial Affairs and the President have complete overriding powers of all bank accounts of Chartered Clubs of the MUS including Dave’s store

Only Chartered Clubs and Dave’s store are given their own personal bank accounts and must follow the following rules:

  • On these bank accounts, there are four authorized signatories, two from the MUS President and the Vice President of Financial Affairs, and two from the Club or Dave’s store executives
  • To sign cheques of any Chartered Clubs or Dave’s store, two signatures are required to process the cheque, , one from the MUS President or the Vice President of Financial Affairs, and one from a Club or Dave’s store executive with signing authority.
  • Primary contacts for these accounts will be the Director of Finance of the respective Chartered Clubs and the Dave’s Store Managers.

In cases where the Chartered Clubs and Dave’s store does not follow the Banking Policy and the Financial Policy, the Vice President of Financial Affairs will revoke the offenders’ signing authority and will freeze that particular account.