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Financial Policies - Budgeting

*Learn how to budget*

    1. Revenue Policy
    2. Revenue Procedure
    3. Refreshments/Entertainment Policy
    4. Travel Policy
    5. Disclosure Policy
    6. Closed Events Policy
    7. Publicity
    8. Giveaways/Gifts/Awards/Prizes Policy
    9. Alcohol Policy
    10. Membership/Entry Fee Policy
    11. Induction Ceremonies Policy
    12. Athletic Gear/Clothing Policy
    13. Promotional Giveaway Policy
    14. Parking Revenue
    15. Budget Rollovers Policy
    16. National Affiliation Policy                     
    17. Conferences Policy
    18. Advisor Policy

SGA Senate approves every club/organization’s annual budget during the preceding spring semester. The budget is derived through a method of shared responsibility between Senate and the all-campus Budget and Finance Committee (B&F). This Committee is composed of senators and appointed students via the Willingness-to-Serve process. B&F operates autonomously of the Student Senate. In the spring, clubs apply for their budgets and initially meet with the Budget and Finance Committee. Applications will be accepted for budgets during a rolling budgeting process, as established by the Budget and Finance Committee, and announced to all clubs and organizations at the end of the spring semester. At the conclusion of this period, the Committee reviews all submitted budget requests, balances the budget-at-large, and makes recommendations to the Student Senate for their approval. The Senate passes the entire budget and has the authority to make changes to the Budget and Finance Committee’s recommendations. Before the Student Senate votes, the Committee will hold a period to hear appeals. Additionally, any club or organization has the right to appeal directly to the Student Senate before the vote if they are still unsatisfied with their budget allocation. Organizations have four sources for securing funding to support their activities:

All funds generated in any manner must be held in trust by the College. For example, any money raised must be deposited into the clubs or organizations account. Furthermore, expenditure of these funds must follow the guidelines set forth by the Student Government Association’s constitution, the financial policy guidelines, and ultimately the College’s financial policies.

Before making allocation or budgeting decisions of any nature, the following will be considered: (not in any particular order)

Spring Budgeting Process

 

A. Supplemental Budget Requests

In the event a club needs additional funding to carry out its programming, a budget modification request must be filled out.

a. These requests are brought before the SGA Budget and Finance Committee, which may make a recommendation to Senate to allocate additional funds to a club budget for a specific purpose.

b. In order for clubs to meet with the Budget and Finance Committee to discuss their requests, they must contact the VP for Financial Affairs to be added to the Budget and Finance Committee meeting agenda. Requests must be submitted at least two weeks before the funds are needed so as to allow time for a review and a recommendation by the Budget and Finance Committee, and a decision from the Senate.

c. After a club meets with the Budget and Finance Committee, the Committee will make a recommendation to the Senate with respect to the request for additional funding.  The recommendation may be in support of all or part of the requested funds or against any supplemental allocation.   The request then goes to the Senate for a vote. A representative from the club requesting the supplemental funding must be present at that Senate meeting.

d. The B&F Committee may vote on a supplemental of $1,000 and below without the consent of Senate. It is at the discretion of the B&F Committee whether or not to bring a supplemental under $1,000 or less to Senate.

c. Funding For Individual Activism: JSS Activism Fund

SGA has a limited amount of funds set aside to enable individual non-affiliated students to participate in activism events or causes to expand their sense of community involvement, service, and awareness.  Please Note: This is an SGA-funded program, and only students may apply. Requests must be submitted at least two weeks before the funds are needed so as to allow time for review and a recommendation by the Budget and Finance Committee.

Upon a positive decision from the Budget and Finance Committee, funds will be made available to the individual student. The student will be bound by all SGA Financial Policies, i.e. logging expenses, receipts, and tax-exemption. Additionally, within a month of the conclusion of the activism event, the student is required to submit a write-up about the event: purpose, accomplishments, difficulties, etc. The Budget and Finance Committee must actively promote and publicize this opportunity, as well as establish criteria each year as for the definition of activism.

For more information, visit the Club Funding page.

B. Funding For New Clubs

A new club or organization chartered at a point in the year that does not allow the club to budget through the annual process is highly encouraged to meet with the VP for Financial Affairs and Budget and Finance Committee.     

a. Upon initial ratification of a club charter by the Club Affairs Committee and the Senate respectively, each club is entitled to apply for a one time annual chartering allocation of Student Government funds. The amount granted is at the recommendation of the Budget and Finance Committee to the Senate in the form of a supplemental. Clubs chartered during the fall semester may receive up to $3,000, and clubs chartered in the spring may receive up to $1,500.    

b. In order to receive said funds, the club must appear before the Budget and Finance Committee.  The Student Senate must then vote upon the Committee’s recommendation.     

c. If granted, these funds are placed in an account assigned to the club by the VP for Financial Affairs and the Office of Leadership Activities and are available for expenditure in accordance with an approved line-by-line budget.

C.  Revenue and Profit

Most clubs are required to generate some form of revenue.  Revenue lines are used when an event or initiative is anticipated to generate funds.  Revenue is used to help offset the cost of events and initiatives. This offsetting of cost helps SGA keep the student activity fee reasonable.

Revenue is defined as any money generated from an event or initiative.

An Example of Revenue:

Club X wishes to hold a dance. The total expenses for the event are $1,000.00 Club X expects $250.00 in ticket sales. Thus Club X is bringing in $250.00 in revenue to offset the cost of the event.

Club X’s budget will be broken down as follows:

Expenses:                           

$1,000.00 Revenue (ticket sales):     
- $250.00 Actual Allocation:                 
$750.00

Profit is defined as any money generated that exceeds an event or initiative’s actual expense.  If a club generates a profit on an event, the club may wish to keep said money in their club’s budget for the next fiscal year (See the Budget Carryover process).  SGA understands that in order for some events to function a club might have to withdraw the entire anticipated expenses, with the knowledge that revenue will be brought in to repay this debt. This can be done with the approval of the VP of Financial Affairs.  

An Example of Profit:

-Club X holds the dance above.  Club X had an amazing turnout and brings in $1,200.00

Total Ticket Sales:      
$1,200.00 Expenses:                  
-$1,000.00                   

Profit: $200.00

In the event that a club raises funds that exceed their anticipated revenue, the excess money is considered “fundraised” and is more loosely governed by SGA than allocated funds.  If a club fails to make a good-faith effort to meet their anticipated revenue line(s), they may be subject to disciplinary action.

D. Budget Carryover Requests

When a club has money left in its budget at the end of the fiscal year, the excess normally goes back to the SGA for surplus reallocation.  If, however, a club has a compelling reason for retaining some or all of its profit beyond the end of the fiscal year, it may apply for a Budget Carryover. Forms are available outside of the Office of Leadership Activities.  In the proceeding fall, the incoming VP for Financial Affairs will review requests, and if appropriate, grant a Carryover Request.

E. SGA Restrictions for Club Funding

a. SGA will not pay for protective gear worn by individual players or individual clothing attire.  For example, the SGA might pay for hockey nets but would not pay for hockey helmets.

b. SGA will not pay any event that is not open into the entire campus community. Exceptions may include class events, hall events, and leadership banquet. Accordingly, all events must make a full faith effort at advertising events. If an event is not advertised appropriately, it is at the discretion of the VP for Financial Affairs to consider that event a closed private event, and thus something SGA will not pay for.

c. SGA will never pay for the following:

    1.   Alcoholic beverages, unless it is important to the club’s or organization’s mission.
    2.   Individual membership fees.
    3.   Senior Gifts.
    4.   Induction Ceremonies for Departmental Honor Societies.
    5.   Awards.

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 1. Revenue Policy

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2. Revenue Procedures

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3. Refreshments/Entertainment Policy

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4. Travel Policy

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5. Disclosure Policy

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6. Closed Events Policy

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7. Publicity

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8. Giveaways/Gifts/Awards/Prizes Policy

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9. Alcohol Policy

10. Membership/Entry Fee Policy

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11. Induction Ceremonies Policy

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12. Athletic Gear/Required Clothing Policy

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13. Shipping Policy

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14. Promotional Giveaway Policy

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15. Budget Rollover Policy

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16. National Affiliation Policy

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17. Conference Policy

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18. Advisor Policy

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