Spending Monies: Keeping Track

As your council spends money on projects, these monies will be subtracted from your University account and the deductions appear on an accounting report called the Organization Budget Report or OBR. This report is issued monthly by the University, and will show itemized expenditures charged against the council's account. OBR’s will be emailed on the 2nd Friday of every month and should be compared to your excel spreadsheets.

Elements of the OBR (See Appendix P)

1. The SUMMARY PAGE shows the status of the council's account year to date.
2. The DETAIL PAGE lists all the expenditures made during that month only.
3. The PURCHASE ORDER STATUS PAGE lists the payment status of all Purchase Orders and other encumbrances.

All the report pages include the following information:

1. DATE OF REPORT (The last day of the month covered by the report).
2. YOUR FUND and DEPARTMENT/ORGANIZATION # and NAME (The department number and name of your student council).
3. EXPENSE ACCOUNT CODES (Describe the types of expenditures made).

4. Definition of Budget.

   The funding for the current year is allocated among the various expense codes based on prior year activity. In addition, based on the budget submitted by the council at the start of year, the Student Council Budget Manager may have reallocated additional funding into other expense codes to cover the estimated expenditures identified by the council. Unallocated funding will appear under code 76420 - Subsidies.

   If there is a balance in the account from the prior year, it will be carried over and appear on the OBR under code 76470 - Allocation To/From Other.

5. When money is expended or charged, it will appear as an expense on the OBR under the appropriate account code.
6. Money left over on any account code is shown as "BALANCE AVAILABLE".
7. Expenses paid during the month are reflected on the OBR under the heading "CURRENT MONTH".
8. "FISCAL YEAR TO DATE" shows the total amount spent from the beginning of the academic year (September 1) to the end of the month covered by the OBR.

Explanation of Detail Page

These entries on the OBR detail each transaction that occurred for each account code. These amounts need to be checked for accuracy by verifying them against the council's own ledgers and records. If any discrepancies/ errors appear on the OBR, bring it to the Budget Manager's attention.

Route of the OBR

The monthly OBR is copied and forwarded to the council Treasurer for review and reconciliation with the council's records of expenditures. The Budget Manager retains the original copy for use during audits.

Closing out the fiscal year

All expenses must occur between September 1, 2005 and May 31, 2006 of any calendar year. Any student who wishes to be reimbursed in cash must submit their Expense Reimbursement prior to May 5th. Any Expense Reimbursements submitted after May 5th will be processed as a check and will be mailed directly to the payee’s home. Please make sure the permanent home address is listed and not their dorm. This is to ensure that the reimbursement is charged to the correct fiscal year.

The fiscal year will be closed on May 31st at 5pm of every year. If May 31st falls on a Saturday or Sunday, it will be the Friday that precedes the May 31st deadline. Any expense reimbursement requests received after May 31st, 2006 will not be processed and therefore the costs will become the personal financial responsibility of the Council’s members. If you are planning events or anticipate expenses for the period May 31st , 2006 through August 31, 2006, please contact the Budget Manager prior to May 31st , 2006.

What will not be reimbursed?

Funding from the University for student council activities can only be provided in accordance with the university polices. The Office of the Vice President for Student Affairs oversees the administration of student council funding and as such has the final determination how funds can be used. Items that are not commonly reimbursed include but are not limited to:

1. Expenses that do not benefit the student body at large are not reimbursable,
2. private council meetings held at restaurants
3. parties held at a bar where your entire school is unable to participate,
4. alcohol*,
5. receipts that do not list what was purchased,
6. gifts to one another for working as a student council representative or for any other reason,
7. purchase of schoolbooks, novels,
8. expenses that are unrelated to the purpose or mission of the student club, the school, and/or the university
9. donations to any civic, religious, governmental or other agency

When in doubt, call Nicolle Bruechert at 998-4961 prior to purchase.