Spending Monies: Initiating Expenditures

General Comments

Councils are subject to the same disbursement guidelines as every office within the University. There is no special system or recognition of council accounts with the exception that excess council money is carried forward into subsequent years. The University is under no obligation to transact an expenditure that does not conform to existing University policy and standards.

Part of your job as officers of a council is to fulfill your council’s activities while working within the existing University guidelines. Changes in University policy can occur, but they will be done systematically, through the appropriate channels and in the appropriate forums of advocacy. Changes in policy will not be made on a case-by-case basis or because you have (or have created) a crisis.

Councils are encouraged to discuss any upcoming projects with the Student Council Budget Advisor or your Council Advisor. Before making spending commitments, discuss with an advisor the best and most expedient ways to process your transactions.

It is also suggested that the treasurer (or other designated officer) give a report at each council meeting on the council's financial status attaching a copy of the report to the meeting minutes. This report should detail current allocation and new income, money committed (approved for spending but not yet paid), money paid out, balance available and requests for money that are pending approval.

Councils are responsible for monitoring the expenditures and budgets of any school-based organizations they fund. It is each council's responsibility to make the groups they fund aware of the University regulations regarding expenditures. Councils may also set any additional qualifications or guidelines they deem necessary for the payment of expenses for organizations they fund.

Councils have up to 30 days after an event to submit receipts, contracts or invoices for payment or reimbursement. Please make sure that all expenditures are submitted in a timely fashion. May 5th is the last day to submit cash reimbursements. May 31st is the last day to submit payments to individuals, purchase requisitions, reimbursements, expense reimbursements, business payment forms etc. to the current fiscal year. Anything submitted after May 31st will not be approved or processed.

Processing Expenditures

All council transactions must be accompanied by a completed Student Council Funding Request Form (Appendix D). The Funding Request Form will detail the type of transactions and give the names of the individuals responsible for the transactions. When signed by the President and Treasurer, the Funding Request Form will serve as authorization of the accompanying expense. In addition, the Treasurer must email and provide an updated excel spreadsheet to li7@nyu.edu indicating what their remaining balance is for their Council, taking into consideration the paperwork they are submitting.

Councils must complete the appropriate University expenditure forms for the expenditure to be processed. All expenditure forms will require the council’s University budget organization number and an account code that describes the type of expense being processed. See Appendix R for frequently used account codes.

When all the expenditure forms are ready to initiate a charge against your council's budget, they are brought over to the Student Council Budget Advisor. Copies of the transaction forms will be copied for the council's records and should be brought back to the council's treasurer or advisor, to confirm the transaction.

Tax Exemption

Council expenditures are only tax exempt if the vendor is paid through the University system (by Business Payment Form (BUS5000) or Purchase Order). If you need to have a tax-exempt form sent to a vendor, please contact the Student Council Budget Advisor.

Purchases paid by cash, credit card or through an outside checking account are not legally tax exempt. Even if the vendor is willing to extend you this courtesy, the University will not send the appropriate tax-exempt certification.