Finance & Budget
From StudentOrganization
Contents |
Finance Process Documents
- StudentOrg Expense Form: Used for all purchases from student organization budgets. Must be submitted to Director of Student Activities along with purchase documentation.
- Student Organization Recognition Application (for new student organizations) or Student Organization Re-Recognition Application: The funding request form is the last page of the recognition application. Note: Funding allocations from Student Majlis occurs simultaneously with the recognition process.
- Tartan Card Release Form: This form must be filled out by the chief financial officer (treasurer, VP of Finance, etc.) of each club and turned into their Student Affairs advisor before being allowed to use the Tartan Card.
How to make a budget
- It is best to have a few executive members of your organization collaboratively develop the budget.
- Referring to copies of past budgets or example budgets can be helpful.
- Be realistic and conservative.
- Be conscious of details—project all income/expense for large and small events, and/or meetings.
- Present your budget in a coherent, organized format. Think of using programs like Excel to aid in the presentation and organization of your budget.
- A well-organized budget consists of projected income and projected expenses: (1) list all income sources, such as external sponsorships or membership fees (2) list all projected expenses, such as event materials or administrative supplies. (3) your proposed budget request is equal to total projected expenses minus total projected income
- This sample budget can help you get started!
How to obtain funding
Note: The funding process at CMU-Q is completed simultaneously with the Student Organization Recognition process. When a student organization is considered for recognition or re-recognition, Student Activities and Student Majlis also consider the budget request of said organization.
Student Majlis Funding
To receive Student Majlis Funding you must:
(1) Make a budget
(2) Submit funding form and budget via the Student Organization Re-Recognition Application (or, for new organizations, the Student Organization Recognition Application). The funding form is the last page of the recognition application.
(3) Meet with Student Majlis and Student Activities representatives to review application and receive funding allocation.
External Funding
Any registered organization may partake in its own financing activities, such as fundraising, academic department sponsorships, membership fees, or corporate sponsorships. However, the intended financing methods should be approved in advance by your Student Activities Advisor.
Spending Guidelines & Regulations
- At the end of the Fall semester, any unused funds from an organization’s budget will be carried over into the Spring semester. Unused funds as of the end of the academic year, however, cannot be carried over into the next academic year.
- Organizations must get approval from a Student Activities Advisor before sponsoring an event that needs funding.
- All activities or events organized by student organizations must be open to the entire CMU-Q student body.
- Each organization must appoint one member to be responsible for financial matters such as budget management, financial documentation, funding application, etc. Essentially, each group needs to appoint a treasurer. As stated above, this person must fill out the Tartan Card Release Form.
- Student organizations are permitted and encouraged to collaborate with one another. Two or more groups can co-sponsor events and share financial capacities.
- If a student organization uses all allocated funds and can legitimize the need for more funds, additional funding is available through Student Majlis via the Special Allocations Process. The organization's advisor can assist with this.
- All purchased items are property of Carnegie Mellon University and must be returned to the organization's advisor at the conclusion of the funded event.
How to manage your budget
- Be fiscally responsible. Make every attempt to stay within your set budget.
- Budget should accurately reflect income and expenses. As such, it is imperative to always know your current budget balance.
- While every member of group should understand organization’s budget, only a few people in organization should be authorized to handle financial transactions.
- Treasurer should be responsible for tracking spending, managing budget, maintaining financial documentation of income and expenses, and submitting Expense Forms to the Organization's Advisor.
- It is normal for a budget to change and shift throughout the year due to unexpected costs or new event ideas. Unexpected costs should be compensated for in other areas of a budget.
How to spend your budget
There are 3 different methods for spending a budget. They are (in order of amount of money being spent):
1. Petty Cash
What is this? Cash reimbursement for purchases under 100 Riyal
Process:
- Make Purchase
- Complete and submit StudentOrg Expense Form to your Student Affairs Advisor with receipt.
2. Tartan Card
What is this? Easiest method of payment. Use this for purchases between 100QR and 3600QR. Vendor must accept MasterCard.
Process:
- Have your financial officer fill out the Tartan Card Release Form (you only have to fill it out once).
- Your chief financial officer must go to your Student Affairs Advisor in order to obtain the Tartan Card.
- Make Purchase.
- Complete the StudentOrg Expense Form with two receipts (i.e., itemized & credit card).
- Return Expense Form with the Tartan Card to your Student Affairs Advisor within 24 hours of receiving it.
3. Purchase Order
What is this? Used for purchases between 3600QR and 18000QR or in the event that a vendor cannot take credit card but the service is over 100QR. This is a pre-payment whereby the Accounting Department pays vendor directly.
Process:
- Obtain a written, official quotation for the cost of the service from desired vendor at least 14 days before your event. Complete and submit the StudentOrg Expense Form with the quote to your Advisor.
- After the service has been performed, obtain a written, official invoice from the service provider and submit it to your Advisor.
NOTE: Anything over over 18000QR, will need to be handled on a special-case basis. Student generally should not be spending this much money on any given service, however if the need arises, the process should begin no later than 3 weeks before your event. Consult with your Advisor for more details.
