End of year Financial Procedures for SA Groups
Richard Marmolejos
Memo
To: All Student Organizations
From: Financial Vice President's Office
Date: 4/24/2007
Re: End of Year Procedures and Issues
_____________________________________________________________
Hi everyone,
As you are all well aware the end of the semester is approaching quickly and before long we'll be headed off for our summer vacations. As we prepare for the close of the 2006-07 academic year there are several important considerations that student group leaders must make, especially in regards to financial procedures.
- Purchase Orders and Tax Exemptions Last day for PO's and Tax Exempt forms will be May 8, 2007.
- The last day to submit vouchers is Friday, May 11th. Any vouchers submitted after that date will not be processed. If you need a special extension then you must e-mail f...@sa.binghamton.edu, leave a note in the FVP's mailbox, or come speak to an office representative during office hours prior to the deadline. If you cannot get in touch with a member of the FVP's office then it is your responsibility to contact the SA business manager, Jackie Zagorsky, either in her office or at jzag...@sa.binghamton.edu. NO EXCEPTIONS!!!
- Prior Approvals the last day to
submit a prior approval form is Wednesday, May 8th. If
you do not submit a prior approval and one is required the voucher will
not be paid!!
- Fundraising the last day to submit a fundraiser notification form is Friday, May 4th. The last day to submit a net profit form is Friday, May 11th. You cannot request a funding rollover on this money if the forms have not been submitted prior to the deadline. There is no funding left for fundraiser supplements.
- May Prior Approval if a group wishes to file any vouchers after May 1st the treasurer must first submit a May prior approval form. If a group does not wait for an approved May prior the voucher will not be processed—we will not allow groups to liquidate their accounts frivolously!
- Rollover Requests a student group is entitled to rollover extra, fundraised money to next year as per the treasurer's handbook. A group is eligible to rollover the lesser of the account balance or the amount of money fundraised during the year. If you have any questions please stop by the FVP's office. All rollover requests must be accompanied by all relevant documentation including foundation account receipts, fundraiser notifications, net profit forms and fundraising supplements as well as receipts from LateNite or other performances. The deadline for filing rollover requests is Friday, May 11th 2007.
- Outstanding Debts. If there are known invoices that your organization will receive over the break a list must be submitted to Jackie before you leave. In addition, you must check with Jackie to make sure that the email address you have on file is correct. This is the only means of communication the SA will reach you by over the break. If you notify Jackie you will not be charged any penalty, but failure to notify her of incoming invoices will result in a 10% penalty.
If you have any questions or feel that your organization might need special consideration please contact the Financial Vice President's office sooner rather than later so that we may assist you. If you wait until the deadline before requesting a deadline you will not be granted an extension! It is not worth risking a 10% penalty for your group or personal liability for a debt, so don't wait to contact us! Thank you all and enjoy the rest of your semester, good luck on your finals, and have a great summer!
Sincerely,
Richard Marmolejos Christopher Powell
Financial Vice President Vice President for Finance-Elect
Student Association Student Association