Student Government Association Finance Policies

I.Purpose

A.The purpose of the Finance Policies is to create a set of standards which all SGA committees and recognized student organizations are to follow.

B.The Finance Policies are not to directly conflict with the SGA Constitution and Bylaws, nor may any club or organization’s constitution conflict with the Finance Policies. The Finance Policies supersede any individual club or organization’s constitution.

II.Pre-Requisites

In order for any club, committee, or organization (hereon referred to as “group”) to request funding through SGA, the following must be met regarding the group:

  1. The group must be recognized by SGA
  2. The group must have a President who is active, not abroad[*], and attending meetings at least once per month.
  3. The group must have a Treasurer who is active, not abroad*, and attending meetings at least once per month.
  4. The group must not be in violation of any College Policies, Finance Policies or other SGA Policies.
  5. The group must properly register with the Office of Student Activities each year.

III.Requesting Funds

  1. Year Long Budgets.
  1. At the end of each Spring Semester, the Finance Chairperson will request that all clubs who are designated as year-long budgets submit a budget request to the Finance Chairperson:
  2. Year-long budgets include: Dance Club, Diversity Committee, Programming Committee, all Programming Subcommittees, Senior Events Committee, SGA Executive Board, SGA Group Center, and SGA Vans
  3. The following clubs should provide a budget outlining their operational expenses (supplies, printing, licenses, etc.) but are required to submit any programming events according to the event based-budget process: Acres, Cairn, Rolling Stonehill, Swim Club, The Summit, and WSHL.

B.Event-Based Budgets

  1. Any club NOT designated as a year-long budget is considered an event-based budget and must follow the process outlined below:
  2. An itemized budget for an intended event must be created, using the Microsoft Excel template provided on the SGA Finance website.
  1. Club officials must then meet with a member of the Student Activities staff to review the proposed event and associated budget.
  2. Once initially approved by the Office of Student Activities, club treasurers must submit the proposed event budget to . Only then will an event be considered for review by the Finance Committee.
  3. The Finance Committee will publish each spring the budget allocation periods and deadlines to be held the following year to assist event-based organizations in their planning.

C.Budget requests must be submitted to using the Microsoft Excel template provided on the SGA Finance website. The request should come from the group’s treasurer.

D.A description and purpose for each event requested must be provided in the appropriate boxes found on the budget request template. Budgets lacking explanation are subject to be viewed as incomplete or unclear and thus inadmissible by the Finance Committee.

E.Budget allocation requests are to be completed by the group’s treasurer after a meeting with at least the group’s Executive Officers in which plans for the following semester or year were discussed. The group’s advisor should be aware of all proposed events and the money requested for each event.

F.Proposed events must clearly indicate in which semester they will be held.

G.With the exception of the Programming Committee and the Diversity Committee, groups may not have an Event or a Line Item that is titled or intended for “open booking” (i.e. TBA/TBD). No ambiguous Line Items or Event will be accepted on proposed or revised budgets.

H.Late Submissions

1Any budget requests submitted after the published deadline will be considered late.

  1. Any late submissions that are considered by the Finance Committee will have a penalty assessed to the final overall bottom line amount.
  2. Budget requests submitted after the Finance Committee has met will be reviewed after the start of the year, considered for the next allocation period, or at the discretion of the Finance Chair.

IV.Receiving Funds

A.At the end of the Spring Semester, the Finance Committee will meet for the purpose of allocating funds to year-long groups who have properly submitted budget requests, in addition to event based budgets for the first allocation period of the following year. Furthermore, the Finance Committee will meet monthly to review and approve the budgets of any proposed events submitted for that allocation period.

B.Any groups that wish to send a representative to these Finance Committee meetings should notify the Finance Chairperson by the Friday prior to the meeting in order to facilitate scheduling.

C.The Finance Committee has the option of allocating funds to a group in one of two ways:

1.The Finance Committee may assign a “Bottom-Line” dollar amount to a group. It is the group’s prerogative to redistribute this “Bottom Line” sum among their events as they see fit.

2.The Finance Committee may assign particular dollar amounts to each Event requested, detailing in specific ways how money should be spent for particular events.

D.The Finance Committee reserves the right to add any stipulation to an allocation of funds, regardless of the means in which the funds are allocated. The group must then follow this stipulation in order to properly utilize their funds.

E.Following these meetings of the Finance Committee, the Finance Chairperson will issue a memo to all groups and their adviser who requested funds informing them of their budget for the upcoming period with any stipulations, restrictions, or other information the group must know in order to properly use their funds.

V.Accessing and Using Funds

A.It is the responsibility of a group’s treasurer to share with the group any information contained in the budget memo from the Finance Chairperson.

B.The treasurer must complete a revised budget using the same spreadsheet located on the SGA Finance website.

1.This revised budget must be completed following any guidelines and restrictions disclosed to the group in the budget memo.

2.This revised budget must be completed maintaining all formulas present in the budget template located on the website and should contain no alterations with the exception of completing blanks on the form.

C.The revised budget must contain at least two of the original programs for year-long budgets described in the initial budget allocation request. These programs must remain on the budget for the entire period without exception.

D.Once the Finance Chairperson receives the revised budget from the group’s treasurer, he/she will post each group’s budget on the SGA Finance website.

VI.Maintenance of Budgets

  1. The Executive Treasurer is responsible for updating the activated on-line budgets throughout the semester by indicating exact usage in the appropriate columns.
  2. The treasurer of each group is responsible for:
  1. Relating any and all updates made by the Executive Treasurer or the Finance Chairperson to the group
  2. Validating that the revised budget found on the SGA Finance website appropriately reflects the financial standing of the group
  3. Ensuring that the group follows all SGA Finance Policies outlined in this document.
  1. A group’s violation of any SGA Finance Policies, the SGA Constitution and Bylaws, or College policies may result in the freezing of the group’s budget by the Finance Chairperson. This may only be reversed by a meeting between the treasurer of the group and at least one member of the SGA Executive Board, depending on the violation committed, in order to unfreeze their budget.
  2. Overspending

1.The Executive Treasurer will not pay any charge that exceeds the amount allocated within an Event Item on the group’s budget.

2.The Finance Chairperson will not approve any re-allocation requests for any funds previously spent. See “Re-Allocation Requests” section for more detailed information.

3.The treasurer of the group and the group as a whole will be held accountable for overspending.

  1. Unused Funds for event based budget

1.If an event is cancelled out of clubs control

  1. The non-occurrence of the event will not impact future allocations to the club
  2. Any purchases will be reimbursed at the discretion of the Executive Treasurer
  3. If the event is planned to be rescheduled, the Finance Chair must be informed
  4. Funds approved for the original event will remain in the club's account provided the event happens within the same Event Activity Period.

2.If an event is cancelled due to a club's lack of initiative

  1. All funds for the approved event will be returned to the SGA General Account
  2. The club may be penalized the next time it requests an allocation for another event

3.After an event has taken place and all expenses are finalized, any remaining allocated money will be removed from the budget and returned to the SGA General Account

VII.Re-Allocation Requests

A.In the occurrence that a club will need to spend a different amount on an event or events than originally approved, a re-allocation request may be submitted by a club’s treasurer via the electronic form on the SGA Finance website.

B.Re-allocation requests must be submitted prior to the occurrence of any event involved in the re-allocation that adds money to the Event Item total. Only past events that came under budget (i.e. have unused funds) may be the source of funds for re-allocation requests.

C.All re-allocation requests are subject to the approval of the Finance Chairperson.

D.In the re-allocation process, a group must maintain their minimum requirement of original programs outlined in Article V, Section C.

E.A re-allocation request may be considered approved upon written or email communication from the Finance Chairperson or reflection in the group’s budget on the SGA Finance website but no funds may be spent prior to their location in the appropriate Event Items on the SGA Finance website budget.

VIII.Additional Allocation Requests

A.In the event that a club will need to spend a greater amount on a program than originally anticipated, an additional allocation request may be submitted by a club’s treasurer via the electronic form on the SGA Finance website prior to the occurrence of any event involved in the request.

B.Additional allocation requests under $200 are subject to approval by the Finance Chairperson. Additional allocation requests of $200 or more are subject to the approval of the Finance Committee. In a case in which the Finance Committee cannot be assembled in a timely period to satisfy the request, an additional allocation request must be unanimously approved by the Finance Chairperson, Executive Treasurer, and Director of Student Activities.

C.A group may submit an additional allocation request to add to an Event Item already approved on the group’s budget or to create a new Event Item.

D.An additional allocation may be considered approved upon written or email communication from the Finance Chairperson or reflection in the group’s budget on the SGA Finance myHill Site, but no funds may be spent prior to their location in the appropriate Event Items on the SGA Finance website budget.

IX.Specific Funding Policies of the Finance Committee

A.The following items have been deemed unessential by the Finance Committee during the budget allocation request process and the reimbursement process and thus will not be funded:

1.Food at more than one regular meeting per semester

2. Hospitality of guest speakers

4.Decorations or supplies that could be obtained through the Group Center

5.Amex, Visa, or other ambiguous gift cards for prizes or other incentive

6.Gifts for guest speakers over $50 or monetary compensation over $1,000

7. Purchase of apparel or uniforms.

The Finance Committee reserves the right to allow exceptions to these items when it deems them appropriate or necessary to a group’s purpose or event.

B.Alcohol may not be purchased with a group’s funds.

C.Without exception, no group may charge admission to any event that is to be held in The Hill.

D.Clubs cannot allocate money for transportation costs for their personal vehicles

a.Clubs should reserve SGA Van(s) at least 2 weeks prior to an event.

b.Gas for vans should only be purchased using SGA Gas Cards.

c.In the event all vans are booked, students can be reimbursed per mile when driving their own personal vehicles. This can only be approved, in advance, by the SGA Treasurer.

E.The Finance Committee will consider allocating funds to cover or subsidize the cost of attending a conference if the group’s attendance: 1) benefits the Stonehill student body, 2) each expense is specifically broken down into line-items with exact costs, and 3) the group can justify to the Finance Committee the number of proposed members who will attend the conference. Conferences may not be added during the budget revision or re-allocation processes without a formal meeting between the group’s executive officers and the Executive Treasurer and Finance Chair.

F. Prizes exceeding $600 may not be distributed without the winner completing the appropriate tax forms.

G.Fundraisers

1.Each club has the option of fundraising in order to provide a more comfortable financial situation for the group.

2.A fundraiser must be specifically approved by the Director of Student Activities prior to its inception.

3.Any fundraiser must be consistent with SGA Finance Policies, the SGA Constitution, and the policies of Stonehill College. In order to comply completely, clubs should consult with the SGA Finance Office, Office of Student Activities, and / or Office of Advancement & Development. Groups that violate any of the aforementioned policies will be held accountable.

4.Should a group wish to maintain such funds beyond the period addressed by their budget, they must receive approval from the Finance Chairperson.

5.Any money collected by the group must be deposited through the Executive Treasurer before being spent.

6.In order for groups to utilize fundraised money, the funds must be outlined in the budget prior to fundraising or re-allocated prior to their usage.

H.Excess Gains/Losses

1.Excess revenues not re-allocated within two weeks of the expiration of a group’s budget will be transferred to the SGA General Fund.

2.In the event of a loss on an Event Item that was required but failed to raise sufficient funds, the Finance Chair and Executive Treasurer reserve the right to sanction the group in any way they see fit.

X.Check Requisitions

A.The request must be for reimbursement or payment of a specific line-item included in the budget or an item for an Event included in the group’s budget deemed reasonable by the Executive Treasurer and Finance Chairperson.

B.Check requisition forms may be found on the SGA Finance website as well as on the door of the SGA Finance Office.

C.Original receipts must be included with this form as proof of purchase and submitted together in an envelope to the Executive Treasurer. The proof of purchase may not be stapled to the form.

D.All SGA disbursements of funds will follow the College’s business cycle as set by the Controller’s Office. As a general rule, checks will be issued the following week after check requisitions have been submitted to the SGA Executive Treasurer (if all SGA Financial Policies and appropriate documentation have been provided).

E.If any policies have not been properly followed or appropriate documentation has not been submitted, there will be a delay in payment and/or reimbursement. It is the responsibility of the Executive Treasurer to communicate with the group the reasons for the delay in payment and how they can be rectified.

XI. Expenses

  1. Certain expenses listed in the approved and activated budget can be covered in advance of the date of expense through the use of Petty Cash or a Cash Advance.
  2. Petty Cash or Cash Advance form should be submitted to the Executive Treasurer electronically (). The treasurer who submitted the form will then receive an e-mail when he/she can pick up their completed Petty Cash or Cash Advance form in the Office of Student Activities. It is then the responsibility of the person named on the form to submit the form to the appropriate office (noted on the top of the form) to get the cash.
  3. Both options need the signature of the Director of Student Activities before it can be considered complete.
  4. Both options can cover multiple line items, but expenses much be explicitly stated on the form.
  5. Neither option can be used to cover contracted services from outside organizations or individuals.
  6. Receipts of purchase(s), remaining cash, and the original form must be submitted to the Executive Treasurer, the Executive Finance Chair, or a member of the Student Activities staff in person within 2 business days of items being purchased.
  7. Petty Cash
  8. Petty cash may only be used for expenses up to $100.
  9. Petty cash forms must be submitted at least 3 days prior to the expected date of purchase or payment of a line item.
  10. A club may only have 3 outstanding Petty Cash requests at one time.
  11. Cash Advance
  12. Cash advances will only be approved when the requested amount exceeds $100.
  13. Cash advance forms must be submitted at least 2 weeks prior to the expected date of purchase or payment of a line item.

XII. Provisional Status