CENTER FOR STUDENT ENGAGEMENT
FINANCIAL POLICIES
Last Updated July 28, 2014
Financial Policies:
1. Student Organization/Departmental Account Policies
a. Student Association/University Account
b. Revenue Account
i. Deposits
c. Gift Account
i. Donations
d. Campus Recreation Account
e. Departmental Account
2. General Financial Transactions Policies
a. Petty Cash
b. Cash Advances
c. Receipts
d. GWORLD Payments
e. Cosponsorships
f. Transfers
3. Expenditure Approval Form/ Expenditure Request Forms (EAFS/ERF) Policies
a. List of Transactions
i. Vendor Payment
ii. Credit Card Payment
iii. Honoraria
iv. Sodexo Contract
v. Hatchet
vi. Transfers
vii. Reimbursements
b. Reimbursements
i. Student Association
ii. Revenue
iii. Center for Student Engagement
iv. Resident Hall Association
v. GW Band
vi. TRAiLS
4. Vendor Policies
a. Contracts
b. Payments to Vendors
i. Registration/Tournament Fees (Tournaments, Sporting Events)
ii. Individual and Sole Proprietorships (DJs, Photographers, etc.)
iii. Commercial Vendors (Businesses)
iv. Prizes, Awards, and Scholarships (Prizes, Awards)
c. Honoraria (Speakers)
d. Payments for Goods via University Credit Card (P-Card)
e. GW Logo (T-shirts, Imprinted Merchandise)
f. University Bookstore
g. The Hatchet
5. Event Policies
a. Outside Catering
i. Alcohol
b. University Catering and Conferences (Sodexo)
c. Marvin Center and University Conferences
i. Payments
d. George Washington University Police Department (GWPD)
e. Academic Scheduling Office
f. Academic Technologies Office
6. Travel Policies
a. Hotels
b. Airfare
c. Vehicle Rentals
d. Bus Rentals
e. International Travel
7. Supply Policies
a. University Procurement (Computers)
b. Office Supplies
c. Gift Cards
8. Miscellaneous Payment Policies
a. Donations
i. Domestic
ii. International
iii. Political
b. Investments
c. Wire Transfers
d. General
9. Additional Policies
a. GW Policies
b. Student Association Policies
1. Student Organization/ Departmental Account Policies
These policies involve the different types of accounts student organizations and departments can have.
1. a. Student Association/University Account
General Statement
Student organizations can apply for funding through the Student Association on an annual basis. The Student Association is responsible for the allocation of budgets and approval of expenditures for student organizations that receive Student Association funding. Student organizations that are allocated Student Association funding will have a Student Association Account managed through the Center for Student Engagement. Student organizations that do NOT apply for Student Association funding but RECEIVE cosponsorships from university departments will have a University Account created.
Policy
1. Student organizations apply for Student Association funding on an annual basis
2. The Student Association determines allocations for groups applying for Student Association Funding in the following three categories:
a. Administrative
b. Programming
c. Suborganizations
3. All Student Association funding is provided by a line-item basis.
4. If student organization is allocated Student Association funding, the student organization will receive a Student Association/University Account
5. Student organizations that receive cosponsorships from other departments will receive a Student Association/University Account
6. Student Association/University Accounts are managed by the Center for Student Engagement
7. Student Association/University Account balances are viewable through the student organization website: studentengagement.gwu.edu and are updated twice a week
8. Student Association/University Account balances do not roll over year to year
1. b. Revenue Account
General Statement
All student organizations have a Revenue Account. All student organizations are required to utilize the Center for Student Engagement for banking purposes, unless their national organization requires a separate banking account. Student organizations deposit fundraised money into a Revenue Account. All monies a student organization collects must be deposited into here, except donations (see Policy 1. c. Gift Account).
Policy
1. All student organizations have a Revenue Account.
2. Student organizations shall not have outside bank accounts unless:
a. National organization requires an outside bank account
b. Expressly given permission for purposes of collecting online donations/fees
3. Student organizations must deposit any fundraised funds into their Revenue Account (except donations- see Policy 1. c. Gift Accounts)
4. Revenue Accounts are managed by the Center for Student Engagement
5. Revenue Account balances are viewable through the student organization website: studentengagement.gwu.edu and are updated twice a week
6. Revenue Account balances roll over year to year
7. Revenue Account balances cannot go into the negative
Deposits
1. Student organizations will fill out a deposit form and meet with an authorized staff member who will confirm the deposited amount
2. The deposit will be credited to the student organization Revenue Account
3. The deposit will be subject to reduction should a check be returned for nonsufficient funds
4. All checks must be written to “The George Washington University” AND must state clearly in the “TO” line “GW STUDENT ORGANIZATION”
5. A night deposit bag may be available should the student organization wish to check it out
a. Student organization who wish to utilize the night deposit drop, must check out a night deposit bag
b. Student organization deposits money into night deposit bag and places bag into night deposit drop safe
c. Student organization must meet with the CSE Financial Services the next business day to process deposit
6. A cash box is available for rental from the Center for Student Engagement
1. c. Gift Account
General Statement
All student organizations have access to a Gift Account. Student organizations may receive donations from businesses, alumni, or parents. Donations are collected through the Office of Development. The Development Office will collect all donations on a monthly basis. The Center for Student Engagement will credit student organizations’ Gift Accounts.
Policy
1. Student organizations can create a Gift Account if there is a donation made to their organization that goes through the Development Office
2. Gift Accounts can be utilized in the same manner as Revenue Accounts
3. Gift Accounts roll over year to year
4. Gift Accounts cannot have a negative balance
5. To utilize Gift Accounts, student organizations must utilize a CSE EAF and specifically state that the expense should be paid out the Gift Account
6. Funds in Gift Accounts cannot be transferred to the SA Account; however, funds in Gift Accounts can be transferred to the Revenue Account
7. Gift Account balances are viewable through the student organization website: studentengagement.gwu.edu and are updated twice a week
1. d. Campus Recreation Account
General Statement
All club sports student organizations have access to a Campus Recreation Account. Campus Recreation allocates funds to club sports on an annual basis. All financial transactions are conducted and monitored through the Center for Student Engagement.
Policy
1. Campus Recreation allocates club sports funding each year
2. Campus Recreation accounts can be utilized in the same manner as Student Association Accounts
3. Campus Recreation accounts DO NOT roll over year to year
4. Campus Recreation accounts cannot have a negative balance
5. To utilize Campus Recreation Accounts, student organizations must utilize a CSE EAF and specifically state that the expense should be paid out the Campus Recreation Account
6. Funds in Campus Recreation Accounts cannot be transferred to another other account
7. Campus Recreation Account balances are viewable through the student organization website: studentengagement.gwu.edu and are updated twice a week
1. e. Departmental/ University Accounts
General Statement
The Center for Student Engagement, GW TRAiLS, GW Band, and the Residence Hall Association all have departmental/university accounts that are managed by CSE Financial Services. All financial transactions are recorded. Transactions must be submitted to the Center for Student Engagement and CSE Financial Services for recording purposes.
Policy
1. The following have departmental/university accounts:
a. The Center for Student Engagement
b. GW TRAiLS
c. GW Band
d. Residence Hall Association
e. Program Board
f. Cherry Tree
g. WRGW Sports
h. Wooden Teeth
2. All financial transactions are recorded by the CSE Financial Services for the following:
a. The Center for Student Engagement
b. GW TRAiLS
c. GW Band
d. Residence Hall Association
e. Program Board
f. Cherry Tree
g. WRGW Sports
h. Wooden Teeth
3. The departmental/university accounts do not roll over from year to year
4. To access the departmental Oracle code, contact CSE Financial Services
2. General Financial Transactions Policies
These policies detail general financial transaction policies that student organizations and departments will utilize on a consistent basis.
2. a. Petty Cash
General Statement
Petty cash is available to all student organizations and staff. Petty cash can be used for small purchases if the need is known in advance. While petty cash is an available option, students and staff should request a cash advance if the need for petty cash is known well in advance.
Policy
1. Petty cash requests must be submitted at least 3 business days in advance of the need
2. Petty cash is limited to $150 per request
a. Petty cash cannot be used for the following:
i. Tobacco
ii. Alcohol
iii. Pay vendors who must go through the Supply Chain procedures
b. Student Affairs Departments may request additional funding by contacting the Division of Student Affairs Finance Director
3. Petty cash is limited to one request per organization at a time
a. Petty cash must be returned prior to requesting/receiving another petty cash amount
4. Petty cash receipts and left over cash are due back to the CSE Financial Services Office within 5 business days
a. Individuals will be contacted after the 5 business day timeframe
i. If individuals do not turn in receipts and/or left over cash after a two week period, their organization/department will be charged for the entire amount
ii. If an organization/individual fails to turn in receipts and/or left over cash, student organization will be unable to request additional petty cash for the remainder of the year
5. Petty cash MUST be picked up at the Center for Student Engagement
a. Individuals must fill out the Marvin Center Petty Cash form in order to receive their petty cash
b. Individuals must meet with the CSE Financial Services in order to pick up the petty cash
c. Individuals must meet with the CSE Financial Services when dropping off their petty cash
i. Individuals cannot leave their petty cash with any other individual
2. b. Cash Advances
General Statement
Student organizations may request a cash advance if they know they will need funds in excess of $150, as allotted via Petty Cash. If the amount needed exceeds $150, student organizations can request a cash advance as long as the request is at least 6 weeks in advance.
Policy
1. Student organizations may request a cash advance for amounts exceeding $150
a. Student organizations must submit a budget to the Center for Student Engagement, along with a SA or CSE EAF
2. CSE Financial Services will provide the student organization with the funds requested
3. The student organization must provide receipts of all expenditures within five (5) business days upon the conclusion of their event
a. If the student organization losses receipts, the student organization will be charged for the entire amount requested
b. If receipts are lost or are not submitted, the student organization may not be able to request petty cash or cash advances in the future
i. See Policy 2.c.(6).b. for potential outcomes if receipts are not submitted
4. CSE teams may request cash advances through the Concur system with approval through CSE Financial Services
2. c. Receipts
General Statement
A receipt is needed to process any reimbursement and petty cash. Receipts are also needed when utilizing the George Washington University P-Card (credit card).
Policy
1. All receipts must be original and itemized
a. If original receipt is not available and a credit card statement for that specific purchase is available, the credit card statement may suffice
2. If receipts are not available and credit card statement will not suffice, student organization advisor may create memo stating what was spent and why there is no receipt. This memo may be approved and may suffice for sufficient documentation. Additionally, a Missing Receipt Acknowledge and Approval Form as provided by Accounts Payable must be attached. See here: https://accountspayable.gwu.edu/sites/accountspayable.gwu.edu/files/downloads/GW%20Missing%20Receipt%20Acknowledgement%20and%20Approval%20Form%20rev.2.4.14.pdf
3. All receipts must be dated within 30 days
a. An exception may be granted if during winter holidays or during any other period of time when the CSE and/or Student Association office is closed
b. If receipt is older than 30 days, student organization advisor may create memo stating what was spent and why the receipt was not turned in within the specified timeframe. This memo may be approved and may suffice for sufficient documentation. Additionally, a Missing Receipt Acknowledge and Approval Form as provided by Accounts Payable must be attached. See here: https://accountspayable.gwu.edu/sites/accountspayable.gwu.edu/files/downloads/GW%20Missing%20Receipt%20Acknowledgement%20and%20Approval%20Form%20rev.2.4.14.pdf
4. Receipts must be taped to an 8.5x11 piece of paper
a. NO STAPLES OR PAPERCLIPS can be used
5. Petty cash receipts and left over cash are due back to the CSE Financial Services Office within 5 business days
6. Individuals will be contacted after the 5 business day timeframe
a. If individuals do not turn in receipts and/or left over cash after a two week period, their organization/department will be charged for the entire amount
b. If an organization/individual fails to turn in receipts and/or left over cash, student organization will be unable to request additional petty cash for the remainder of the academic year
7. Forward electronic p-card receipts to CSE Financial Services within 5 business days.
a. If your organization has 5 missing electronic receipts for the p-card, no additional p-card purchases can be made.
2. d. GWORLD Payments
General Statement
All student organizations have the opportunity to collect funds via GWORLD. Student organizations have four options for collecting funds via GWORLD: the Center for Student Engagement (stationary); the Student Association (stationary); the Mount Vernon (stationary); and contracting with GWORLD for a portable machine.
Policy
1. Student organizations need to contact the Center for Student Engagement to fill out a form to utilize the GWORLD machine for the following locations: CSE, Mount Vernon, and Student Association