Post on 12-Jan-2016
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?