Budget and Finance Policies
i. Each organization is required to submit a completed Organization Registration Form to the Office of Student Activities no later than the specified deadline set for the current semester. Each organization is required to have a constitution on file in Student Activities and a roster of members including: President, Treasurer, and Publicity Chair.
ii. Each club and organization must indicate a faculty or staff advisor at the time of registration.
iii. Each is required to submit a reconciliation of all expenses, revenues, transfers made to the account by the end of the month. Failure to do so may result in temporarily not being able to use the Student Activities credit card.
iv. All recognized clubs and organizations are expected to fundraise and co-sponsor events.
v. Recognized clubs and organizations are prohibited from spending more than their available funds. Creating a deficit will prohibit funding until the money is fundraised.
vi. Usage of funds for personal benefit is prohibited.
i. The following will be given priority in allocating funds:
Recognized organizations will receive a uniform budget. Amounts will be decided according to the total funds available.ii. Organizations in good standing may submit a Special Funding Request to the ASMC Finance Chair. All special funding requests must fall under the new policy of being a programmatic, sustainability, and/or accessibility initiative. Proposals must include proof of fundraising, co-sponsorship, and the prudent use of funds. It must also be in accordance with all ASMC and College Policies. Organizations are required to wait until requests are approved before spending the funds.
i. To ensure no cash outlay overlaps, only recognized organization treasurers may request cash advances, petty cash, reimbursements and deposit funds.
ii. Cash advances must be liquidated before requesting another advance.
iii. If revenue is received, it will first be used to cover un-liquidated cash advances. All expenses are strictly for college events and supplies. Exceptions, such as outside donations, MUST be approved by the ASMC Executive Board prior to disbursement.
iv. Receipts, cash advance reconciliation and reimbursements must be turned in to the ASMC Finance Chair no later than the indicated cut-off date for the current semester. No exceptions.
v. All contract invoices/billings must be received by the ASMC Finance Chair no later than the indicated cut-off date for the current semester. No exceptions.
vi. Failure to adhere the deadlines may result in non-payment of expenses incurred.
i. Remaining funds within a club or organization account will be returned to the ASMC general fund at the end of the academic/fiscal year.
ii. Recognized clubs and organizations may request to allow funds to rollover into the next academic year. Requests must be made to the ASMC Finance Chair no later than the indicated cut-off date for the current semester. Requests must be approved by the ASMC full board.
iii. Available funds from organizations that have been inactive for at least a semester will be returned to the ASMC general fund.
iv. It is the responsibility of the organization, its officers and especially its treasurer to take note of deadlines and procedures.
Constitution (66k, pdf)