THE FINANCE COMMISSION OF THE AMS

Treasurer’s Handbook

2014-2015

The AMS Finance Commission: -government/finance-commission/

THE FINANCE COMMISSION OF THE AMS

ON THE POSITION OF TREASURER

Each Club, Constituency, and Resource group is a subsidiary organization of the Alma Mater Society, which in turn is subject to the rules and regulations of the British Columbia Societies Act. This policy guide is designed to help you become familiar with the responsibilities of the position of Treasurer and as a reference of Finance Commission Policy.

The position of Treasurer is an important responsibility. You are the only authorized signing officer of your organization, and as a result are solely responsible for all transactions processed through your accounts. You are accountable to both your organization’s executives and the Finance Commission.

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THE FINANCE COMMISSION OF THE AMS

SECTION 1: INTRODUCTION

What is an AMS Subsidiary?

Clubs, constituencies and resource groups are all AMS subsidiaries. These groups have been recognized by the AMS as subsidiaries through formal constitution by the Student Administrative Commission (SAC) or the AMS Council. Subsidiaries have certain responsibilities to the AMS but also enjoy many benefits of AMS membership. Such as free space booking, free accounting services, no banking charges, insurance coverage, and access to grants and other funding opportunities.

AMS subsidiaries, however, are not legal entities. Instead they exist within the AMS, which is a legally recognized not-for-profit organization, and not a charitable organization.

What does this mean for subsidiaries?

Not-for-profit Vs. Charitable: the AMS cannot issue tax receipts fordonations to any of its subsidiaries, but can issue a receipt to acknowledge payment.

Importation of goods: Upon request, the AMS can issue a duty/taxexemption request letter for goods entering Canada. Canada Customs may waive or reduce duties and taxes based on this request, however there is no guarantee.

Contracts: need to be signed by the AMS, rather than any member orexecutive of the subsidiary, because the AMS is the legally recognizedentity.

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THE FINANCE COMMISSION OF THE AMS

RESPONSIBILITIES

Treasurers will have the following responsibilities:

•Oversee all the financial activities of your organization.

•Ensure that your club is in good standing with the AMS.

•Be accountable for all the transactions for your organization’s accounts at the AMS.

•Check the Treasurer’s folder in the administration office at least once a week. Note: some invoices in your club mail folder may require yoursignature. Please sign these invoices and return them to the receptionist. Do not remove these from the administration office.

•Write your clubs budget and aim to follow it.

•Seek out alternative sources of revenue for unexpected expenditures or special projects.

•Reimburse individuals who have spent money on behalf of your organization and paying all the companies that your organization does business with.

•Generally provide financial direction for your organization.

•Be responsible for all bookings made on behalf of your organization by acting as one of the two Bookings Representatives for your organization, and ensuring there is sufficient finds in your account prior to renting any equipment from the AMS.

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THE FINANCE COMMISSION OF THE AMS

TREASURERS SHOULD COMPLETE THE FOLLOWING STEPS IN ORDER TO PERFORM THEIR

DUTIES:

(NOTE: information on how to complete each of these steps is explained in the rest of the policy guide)

•Read the Policy Handbook.

•Complete the 2014-2015 Treasurers Authorization Form.

•Complete a Signing Authority Card for 2014-2015.

•If you are a new treasurer, you must submit a 2014-2015 Treasurer’sTest and attend Treasurer’s Orientation.

•Submit a budget for the upcoming fiscal year (you will receive an email with your club’s budget template that you will fill out and return to the Finance Commission)

IMPORTANT DEADLINES:

  1. Treasurers must complete and submit all forms by September 13th,

2014:

  1. New Treasurers:
  2. Treasurer’s Test
  1. Treasurer’s Orientation
  2. Treasurer’s Authorization Form
  3. Treasurer’s Signing Authority Card
  1. Returning Treasurers:
  2. Treasurer’s Authorization Form
  1. Treasurer’s Signing Authority Card
  1. Waiver submissions signed by ALL CLUB MEMBERS must be completed by October 9th, 2014.
  2. Budget Submissions are due on July 15th, 2014. (Please see Section

Three (3))

These deadlines may be subject to change. More information about important deadlines in available at our website.

Note: failure to comply with deadlines or other rules set forth by the Student Administrative Commission (SAC) will result in suspension of all account access, termination of SUB booking privileges, denial of participation in Club Days, and/or possible de-constitution of the club.

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THE FINANCE COMMISSION OF THE AMS

SECTION 2: ABOUT THE FINANCE COMMISSION

The Finance Commission is here to help you.

Each year the Treasurers encounter different problems or concerns, and the Finance Commission can assist you with these difficulties, here is what the Finance Commission does throughout the year:

  1. Oversees the financial activities of the AMS Subsidiary organizations;
  1. Oversees short-term loans to clubs, constituencies, and resource groups
  1. Monitors the accounts of subsidiary organizations and assists with the preparation of their budgets
  1. Produces the Finance Commission Policy Guide for reference purposes
  1. Ensures compliance with Fiscal Procedures by all organizations within the Society
  2. Performs other duties related to the finances of the Society
  1. Organizes financial awareness campaigns

Members of the Finance Commission

Joaquin Acevedo, Vice-President Finance

TBD, Vice-Chair, Finance Commission

TBD, Vice-Chair, Student Administrative Commission

Amy Lam, Accounting Supervisor

The Finance Commission meets bi-weekly in the summer and weekly throughout the school year to decide on club and constituency grants, short-term loans, financial accounts, finance policy, and fundraising opportunities. If your organization applies for a grant or loan of any kind you may be asked to attend one of these meetings to present and answer any questions the Commission may have.

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THE FINANCE COMMISSION OF THE AMS

The Finance Commission’s office is room 238F in the Student Union Building. The VP-Finance office is room 238M in the SUB. Our office hours and availability are listed on the door of the office and all members are available by both email and telephone.

WHO TO TALK TO WHEN YOU NEED HELP

Our website is always the best place to start. Information about grants, loans, deadlines, Treasurer Orientations and much more can all be found online. There is also a list of FAQ’s that might be able to answer your questions as well.

Treasurer’s main liaison to the Commission is the Vice-Chair

Contact the Vice-chair of the Finance Commission for:

•Applying for an AMS fund (constituency Aid Fund, Club Benefit Fund, or Student Initiative Fund)

•Information about applying for short-term loans

•Inquiries about the status of your club’s loan or finances in general

•Any other general questions you may have

Members of SAC and the Finance Commission are available in person during their office hours (posted on their office door) at room 238F in the Student Union Building or by telephone or email:

Finance Commission

SUB Room 238F 604-822-2361

The AMS Finance Commission: -government/finance-commission/

THE FINANCE COMMISSION OF THE AMS

Student Administrative Commission

SUB Room 238F 604-822-2361

AMS Administration Office

SUB Room 266 604-822-2901

Office hours: 9:00am-4:30pm (closes at 4:00pm during the summer)

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THE FINANCE COMMISSION OF THE AMS

SECTION THREE: PROVISIONAL BUDGET SUBMISSION

The Finance Commission will create an individualized budget template for each subsidiary. The Commission will then email Treasurers their subsidiaries budget template along with a detailed PDF containing precise instructions on how to complete the budget. This budget serves as a guide for your clubs finances for the year and helps the Commission ensure clubs can continue to be successful by keeping their finances in order.

Once the Budget template has been filled out, it is then submitted to the commission via email and inputted into the AMS accounting program which will also upload the budget to be viewable at anytime on Sharepoint, the online financial records/monitoring system for clubs/constituencies.

More detailed information on the submission process will be emailed to Treasurers closer to the new fiscal year.

PLEASE NOTE: MAKE SURE YOUR CLUB HAS UPDATED ITS EMAIL LIST WITH SAC. IF YOUR CLUB FAILS TO UPDATE ITS INFORMATION WHEN NEW EXECUTIVES ARE ELECTED, THE AMS DOES NOT HAVE THEIR (OR YOUR) INFORMATION. THIS MEANS THE EMAILS WILL BE GOING TO LAST YEAR’S TREASURER AND NOT YOU! IF YOUR CLUB FAILS TO UPDATE ITS DATA AND YOUR BUDGET IS LATE BECAUSE YOU DIDN’T RECEIVE ANY EMAILS FROM THE COMMISSION, YOUR CLUB IS AT FAULT AND YOUR ACCOUNTS WILL BE FROZEN UNTIL A BUDGET IS SUBMITTED AND APPROVED BY THE COMMISSION.

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THE FINANCE COMMISSION OF THE AMS

SECTION FOUR: TREASURER’S ORIENTATION

In order to officially become the signing officer for your club, you will need to go through a treasurer’s orientation with the Finance Commission.

The last day for all subsidiaries to sign in a Treasurer for the 2014-2015 fiscal year (the test, orientation, authorization, and signing authority card) is September 13th, 2014. Your club may lose privileges to SUB bookings,office space, participating in Clubs Days, or even face de-constitution if you do not sign in a Treasurer before the deadline.

In the case of emergencies where the Treasurer is away, it is suggested that your President assign a temporary treasurer who will also need to go through the authorization process, including orientation. The temporary treasurer must be approved by the AMS VP Finance, and will only have signing authority for a term of two weeks. If the treasurer is expected to be away for a lengthy period of time, your club needs to hold a by-election to elect a new treasurer.

PLEASE NOTE: the University and the AMS function all year round, including the summer. If you agree to be the Treasurer please be advised that you are expected to fulfill your duties ALL YEAR ROUND. There are several deadlines that you must meet during the summer months, including the budget submission. Absence from the University is not a valid excuse for missing summer deadlines.

HOW TO OFFICIALIZE A NEW TREASURER

  1. Submit a complete Treasurer’s Test (Online) and Authorization Form into the Financial Orientation coordinator mailbox in SUB Room 238. Both these forms are found online at the Commission’s website, under Treasurer’s Authorization. (It is best if you bring these documents to your orientation rather than the mailbox. This will

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THE FINANCE COMMISSION OF THE AMS

guarantee we can locate your form quickly, rather than searching through the forms already submitted).

  1. The Vice-Chair and/or Financial Orientations coordinator will review these documents. Those with incorrect answers and/or insufficient information will be notified and expected to resubmit answers or forms.
  1. Once completed, the Treasurer will be scheduled for the next Treasurer’s Orientation. Please email to book a time for orientations.
  1. The Treasurer will need to complete a Signing Authority Card for 2013-2014. This Card will expire on April 30th 2014, the last day of the Fiscal Year.

HOW TO OFFICIALIZE A RETURNING TREASURER

Note: If you are a returning Treasurer, whether for the same or different organization, you are not required to attend another Treasurer’s Orientation. However, you will need to submit a Treasurer’s Authorization Form and complete a new Signing Authority Card.

  1. Submit a Treasurer’s Authorization Form into the Financial Orientations Coordinator’s mailbox in SUB Room 238. (This form can be found online at the Finance Commissions section of the AMS website.)
  1. The Vice-Chair or the Financial Orientations Coordinator will review the document to ensure it has been filled out correctly and all necessary information is present.
  1. Once completed, the Treasurer will need to complete a SigningAuthority Card for 2014-2015. You must come to the FinanceCommissions office (SUB 238F) to pick up your Authorization Form if you submitted it to the mailbox. To save time and confusion it is best to bring your authorization form to the office during office hours (rather than the mail box) as we can complete the authorization quickly and in one step.

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THE FINANCE COMMISSION OF THE AMS

SECTION FIVE: YOUR AMS BANK ACCOUNT

Once you have completed your orientation and are signed in as Treasurer, you are ready to start accessing your organization’s bank account.

WHY DO WE HAVE AMS ACCOUNTS?

All clubs and constituencies have an account with the AMS. Have anaccount with AMS allows your organization certain benefits and privileges that regular banks do not offer you, such as:

•Free accounting and insurance

•Free banking and interest free loans

•Free bookings in the SUB

•Lockers or offices in the SUB

It is also important that you keep an active account with the AMS so that our system can continue operating.

AMS Subsidiaries are not, under any circumstances, permitted to use any outside bank accounts (as they are not legal

entities, only the AMS is a recognized legal party). If you discover that your club maintains an outside bank account, please inform the Finance Commission immediately. You will be asked to close this account and redeposit all funds into your AMS account; otherwise your club/constituency will be immediately de-constituted.

WHERE TO ACCESS YOUR AMS ACCOUNT

The “AMS Bank” is located in the Administration Office on the second floor of the Student Union Building. As part of your Treasurer’s Orientation, you will be given a tour of the office and become familiar with its procedures.

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THE FINANCE COMMISSION OF THE AMS

There are a number of services offered by the Business Administration Office that you should be familiar with:

  1. Most importantly, the Treasurer’s Table is where all the banking forms and Treasurer’s Binder are kept. You will be shown the location of all these forms during your orientation. (See section eight)
  1. A Coin-rolling Machine is available for use by clubs/constituencies during business hours in the Administration Office. If you have only a few rolls, ask the cashier for coin wrappers instead of using the machine. Before using the machine, ask the receptionist for the sign in book.
  1. An Automated Postage Meter is available for clubs/constituencies during business hours in the Administration Office. If you would like to make use of this service please speak to the receptionist. For large numbers of items, let the receptionist know at least one day in advance, in order to ensure sufficient postage. All postage will be charged to your club’s account.
  1. If you need to look up a Postal Code, there is a Postal Code Book available in the Administration Office.
  1. Closing account balances and activity can also be viewed online. Go to: commission/club-account-transactions-and-balances/

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THE FINANCE COMMISSION OF THE AMS

SECTION SIX: ACCOUNT AND TRANSACTION CODES

It is very important that Treasurers have a good understanding of their primary account code and sub-account codes. The Treasurer’s Binder of the AMS Account Codes is in the Administration Office at the Treasurer’s Table. This binder will provide you with all the information you need about your club’s account codes.

PRIMARY ACCOUNT CODE:

Your first step is to find your primary account code. This is a three-digit number that identifies your account, much like your account number at any regular bank.

All subsidiaries and their respective primary account codes are listed alphabetically at the beginning of the binder in the “Alphabetic Division Listing” section.

The listing will look like this:

719Speech & Linguistics Students Association

999Star Wars Club

796Statistics Club

SUB-ACCOUNT CODES:

After you have found your primary account code you need to find the list of sub-accounts for your club. They are listed numerically by primary account code in the “Accounts List” section of the binder.

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THE FINANCE COMMISSION OF THE AMS

Your sub accounts will look something like this:

999-0000-00 / ***SAMPLE CLUB ***
999-4001-00 / Operating Surplus
999-5050-00 / Membership Fees
999-5028-00 / Social Revenue
999-5028-00 / Miscellaneous Revenue
999-7107-00 / Miscellaneous Expense
999-7107-01 / Social Expense (Dinner)
999-7107-02 / Social Expense (Dance)

Note: It is important to note that these numbers do NOT represent individual accounts within your primary account. These numbers are just a way of categorizing or giving a name to each of your transactions. Think of them as “tracking numbers”. These categories are the names for the transactions that appear on your trial balance. For more information, see section seven.