Financial training Susan Anthony, Bookkeeper and Kate Johnstone, Finance Team Leader.
-
Upload
randolf-gallagher -
Category
Documents
-
view
212 -
download
0
Transcript of Financial training Susan Anthony, Bookkeeper and Kate Johnstone, Finance Team Leader.
Financial training
Susan Anthony, Bookkeeper and Kate Johnstone, Finance Team Leader
What is the role of the Student Leader?
• Communicating with team and advisor regarding financial status
• Completing the appropriate forms/reporting
• Evaluating the actual income and spending compared to the budget
• Prepare a Budget
How to spend money
• If you receive or spend any money, you are responsible for completing the proper form
• The best method --college credit card • For example-- Water: 7410-6320 purchase
of filters
Copying cards and Hospitality charges
• Copying cards – use card designated to group
• Hospitality charges – use card designated to group
College Press or Campus Store
• Complete Intra-College Spending Form
• Attach Receipt!
When to Complete Forms
• Timely completion of forms is essential!
Filling In Financial Forms
• The Collaboratory Org Number:• General Collaboratory Org: 7410• Disability Resources- WV Subaward: 7413• WV Mark II India Pump: 7412
• The appropriate Account Code:• http://www.thecollaboratoryonline.org/w/image
s/Chart_of_accounts_for_wiki.pdf
• Be sure to note the Project or Site Team
Filling In Financial Forms
• The Group, Team and Project or Site Team to be charged: http://www.thecollaboratoryonline.org/w/images/Collaboratory_Class_List.pdf
• Receipts/Invoices are required for all forms for reimbursement or petty cash.
• If you lose a receipt fill out the Missing Receipt form.
Form for Intra-college spending
Form for Petty cash request
Form for Deposits at the business office counter
General Financial Policies
http://www.thecollaboratoryonline.org/wiki/Finance
Note: All purchases over $100 must be pre-approved.
See Tony Caito for approval.
Spending Range
Requires Signed Approval By:
$0 - $50 Group Leader (Student)
$51 - $999Advisor (Faculty, Staff or
Volunteer)
$1000 - $4999Collaboratory Manager (Tony
Caito)
$5000+Collaboratory Director (David
Vader)
How to use financial statements/budget as a
tool• The timely completion of forms is essential so
that the financial statements received monthly are complete and accurate
• Current Financial Statements can be a good indicator whether you are on track with your project
• Are there cost overages?• Did you run into unanticipated challenges?
Financial Reports
• Monthly, you’ll receive the following forms:• Summary income statement • Detail income statement• Budget vs actual income statement
• Where there are large differences, evaluate why• Consider whether the difference means that
you’ve overspent, or is it simply a matter of timing (Oct vs Nov)
• Site Teams will receive weekly donation reports
The Project Budget Worksheet
http://www.thecollaboratoryonline.org/wiki/Help:Project_budget_worksheet• Project Revenue Tab
• Realized and Anticipated Funding• Project Expenses Tab
• Anticipated Expenses- based on previous year or estimated new budgets
• Group General Tabs• Overall Group Revenue and Expenses
• Group Budget Tab• Summary of All Group Revenues and Expenses
Budget worksheet
• Going forward, projects will be able to complete up to a 3-year budget at the time the project is approved
• You will not need budget approval every year, but will need approval for revisions
• Projects that are already in process may complete a 2-year budget this year
Who to contact
• Your advisor• Collaboratory Manager for preapproval of all
expenses over $100• Victoria Johnson for site teams and logistics• Your finance team representative for financial
statement questions
Questions?