Financial Policy

Last Updated February 24th, 2011

The Management Undergraduate Society (MUS) is solely operated by the undergraduate students of the Desautels Faculty of Management. The following regulations govern the financial transactions and reporting of the MUS for all events and services.

Reimbursement

  1. Liability
    1. The financial liability of the Management Undergraduate Society is limited to the funds budgeted for it in the current approved budget of the MUS
    2. Expenses made on behalf of the MUS are made under the decree they are fair, meaningful transactions that have had prior consideration
    3. If any Board of Directors Member, Executive or general committee member incurs a liability that is greater than funds budgeted, then such liability may become personal obligation of the individual incurring or authorizing such cost
    4. The Vice President of Financial Affairs holds the right to review such liability and determine if the cost authorized by the Board Member, the Executive and general committee member is within reasonable means
  2. Monetary Limitations of Reimbursement
    1. For each reimbursement, a maximum amount will be set per submission:
      1. $500 for the general membership of the MUS
      2. $1000 for Board Members
      3. Any amount over the prescribed amount will be at the discretion of the Vice President of Financial Affairs
  3. Procedures
    1. A reimbursement will only be processed when proper supporting documentation is submitted
      1. Proper documentation consists of:
        1. One copy or photocopy of the original receipt (purchase receipt only)
        2. Reimbursement request form (or equivalent)
        3. Signatures from all required parties (see section 4)
      2. Credit Card Statements or equivalent records will not be accepted as proof of a reimbursable transaction, but rather serve as evidence that a transaction occurred
    2. Receipts can be submitted up to two months after date of purchase for reimbursement without penalty
    3. After a specified period, a processing time penalty shall be applied to the reimbursement in question, subject to the following:
      1. After 60 calendar days, a 14 day processing time penalty will apply
      2. After 90 calendar days, a 30 day processing time penalty will apply
      3. After 120 calendar days, a 60 day processing time penalty will apply
    4. Outstanding reimbursements over one year will not be processed
    5. Reimbursements that are completed inconsistently with the above will not processed
  4. Replacement for Receipt Procedures
    1. A Receipt Memo, signed by two Management Undergraduate Society Executives, other than the President and Vice President of Financial Affairs, can substitute receipts
    2. Memos can replace receipts when the receipts are missing, not issued, or that the nature of the reimbursement does not provide a receipt (such as, but not limited to, refunds for MUS event).
      1. Some form of evidence is required to prove transactional occurrence
    3. The memo shall be written by someone with signing authority (subject to section 5)
    4. Only a maximum of ten memos from each committee shall be accepted per fiscal year.
  5. Signing Authority (Clubs)
    1. Signing authority for Clubs and Committees shall be restricted to the Club President or Committee Chair and one other designated person on the club or committee
    2. To receive signing authority, the following criteria must be met:
      1. Have one or the equivalent of the following committee positions
        1. Chair
        2. Vice‐Chair
        3. Director of Finance
        4. Unspecified role, but has budgetary responsibility for the committee
      2. Have been authorized in writing by the Vice-President of the respective portfolio, and must have submitted the following to the Vice President of Financial Affairs prior to May of the respective year
        1. Full Name
        2. Position on Committee
        3. Signature of Person
      3. Additions or changes to those with signing authority after May of the respective year shall take place under the following conditions
        1. Change in personnel
        2. Leave of absence by one with signing authority
        3. Significant event that prevents one from completing duties
        4. Initial committee hiring
    3. No committee member with signing authority may authorize their own reimbursements
    4. Any other committee member with signing authority may authorize reimbursements
    5. Reimbursements submitted by those without signing authority shall not be processed
  6. Processing Times
    1. All contracts, invoices, and reimbursements will require time to be processed. The times listed in the following only include time after reimbursements are given to the Vice President of Financial Affairs
      1. Contracts: 7 Business Days
      2. Invoices and Cash/Cheque Reimbursements: 7 Business Days (plus mailing time)
    2. Requests to confirm a payment and reimbursement will only be carried out after these dates of submission. Notifications will be provided.
    3. In instances where contracts, invoices, reimbursements or any procedures needing to be done faster than these dates, the Vice President of Financial Affairs shall be notified as soon as possible. However, there is no guarantee that funds will be provided more quickly than the minimum processing time.
  7. Improper Reimbursements
    1. Any reimbursement not done according to this policy shall be deemed as an “improper reimbursement”
    2. Improper reimbursements shall be returned to the respective committees. If this is not possible, the reimbursements shall be put on hold, and the initiator shall be notified
    3. The Management Undergraduate Society is not liable for consequences resulting from reimbursements putting on hold
    4. The Vice President of Financial Affairs reserves the right to question any value
    5. The Vice President of Financial Affairs is responsible for systematically tracking suspicious expenses and accurately analyzing data to prevent recurred offence
  8. Restricted Items
    1. Any item that has been approved and referenced in the budget is not considered a restricted item
    2. Any restricted item in question for reimbursement must be brought to the attention of the Vice President of Financial Affairs prior to submission for reimbursement
    3. The following items will only be reimbursed to individuals as determined by the Vice President of Financial Affairs, on special conditions:
      1. Delegate fees for required conference/event attendance
      2. Anything deemed to be beneficial to the operations of the MUS
        1. Examples include, but are not limited to, project management software and stand‐up banners with MUS logo and branding
    4. The following items will only be reimbursed with authorization of the Vice President of Financial Affairs
      1. Gas
      2. Parking Fees
      3. Meals
    5. The following items will not be reimbursed under any circumstances
      1. Any type of fines incurred that otherwise would have been avoidable
      2. Tips in excess of 20% or tips above pre‐applied gratuity
  9. Overriding Powers
    1. In all previous sections, unless otherwise specified, the President shall have equal responsibilities and powers of the Vice President of Financial Affairs
    2. In the case of any discrepancies, the President may rule in place of the Vice President of Financial Affairs or overturn any decision made by the Vice President of Financial Affairs
  10. Procedures for Disputes and Appeal
    1. Reimbursement disputes must first be submitted in writing to the Vice President of Financial Affairs
    2. The Vice President of Financial Affairs must respond within five business days with a ruling on the complaint
    3. Appeals of the initial ruling of the Vice President of Financial Affairs may be made to the Board of Directors no more than one week afterwards
    4. If an appeal is made to the Board of Directors, a new ruling must be made within five business days
    5. All appeals must be communicated to the Ombudsperson to ensure fairness in the ruling
  11. Dates and Fiscal Year
    1. Fiscal year of the Management Undergraduate Society starts on May 1 to April 30
    2. Expenses fall into the fiscal year that they are incurred
    3. All reimbursements for a fiscal year must be given to the Vice President of Financial Affairs ten business days before the last day of the fiscal year
      1. A reimbursement that is deemed to be improper during the final ten days of the fiscal period shall be dealt with on a case‐by‐case basis whether reimbursement shall be awarded
  12. Systems of Reimbursement
    1. While it is the responsibility of the Vice President of Financial Affairs to oversee all procedures referenced within the Reimbursement Policy, it shall be the authority of the Vice President of Financial Affairs to create and manage systems of reimbursement (paper, electronic, or otherwise)

Annual Report

As per Article XIX, Section E, the Vice President of Financial Affairs, Finance Committee, and any other MUS member they should wish to engage are charged with the creation of an Annual Report.

  1. Purpose and Nature
    1. The Annual Report is meant to foster transparency in the activities and expenditures of the MUS, and accountability among the membership of the MUS
    2. Statements and representations made in the Annual Report shall be made with the above purpose in mind
    3. All information in the Annual Report must reflect, as best as possible at the time of publication, the true and accurate picture of MUS activities and expenditures
  2. Required Components of the Annual Report
    1. The Annual Report shall contain, at minimum, the following components:
      1. Overview of the Management Undergraduate Society
      2. Unaudited Financial Statements for the previous fiscal year
      3. Analysis of financial results
      4. Strategic Plan Assessment
      5. Executive Council Portfolio Assessments
      6. Club Assessments
      7. Sustainability Audit
    2. The format of the above components shall be selected with the intention of reflecting a true and accurate picture, as per Article 1, section C
    3. Any additional non-required components may be added to the initial report in the interests of fostering transparency of MUS operations
  3. Financial Statements
    1. The fiscal year of the MUS shall be from the first (1st) of May to the thirtieth (30th) of April of the following year
    2. The accounts of the MUS shall be maintained according to Generally Accepted Accounting Principles
    3. The financial statements to be included in the annual report and released publicly are as follows:
      1. Statement of Operations, with itemized revenues and expenses as described in Article 5
  4. Itemized Revenues and Expenses
    1. The Annual Report shall contain an itemized list of revenues and expenses, organized by categories and subcategories across all of MUS events
    2. The categories of expenses to be addressed include:
      1. Funding
      2. Administrative
      3. Executives & Board of Directors
      4. Councils & Committees
      5. Services
      6. Clubs
      7. Other
    3. Subcategories to be included are at the discretion of the Vice President of Financial Affairs, Finance Committee, and any other MUS member they should wish to engage
    4. The itemized list should compared budgeted versus actual results, to help in assessing the budgeting process
  5. Analysis of Financial Results
    1. In addition to the statement of operations, the Vice President of Financial Affairs must write and sign an analysis of the statement of operations
    2. This analysis can include, but is not limited to:
      1. Description of statement of operations
      2. A discussion of any extraordinary revenues/expenses
      3. Description of funding strategy/rationale
      4. Forward looking statements related to financial operations
  6. Strategic Plan Assessments
    1. The Strategic Plan Assessment shall include the most updated Strategic Plan, as approved by the Board of Directors for the previous fiscal year
    2. The strategic plan assessment shall discuss progress towards strategic objectives as outlined in the Strategic Plan
      1. This discussion shall include an emphasis on any shortfalls, and corrective actions that will be taken
    3. The assessment to be included in the Annual Report shall be approved by a simple majority (50% plus one) vote of the Board of Directors
  7. Executive Council Portfolio Assessments
    1. The Executive Council Portfolio Assessments shall include the goals of the Executive Council, as outlined at the beginning of this fiscal year
    2. Each member of the Executive Council, including the President, shall be responsible for an assessment of the accomplishments and shortfalls in their portfolio
      1. This assessment must discuss specific actions taken with the intention of progressing towards strategic objectives
      2. The assessment should also emphasize any shortfalls, and corrective actions that will be taken
    3. Each Executive Council member’s assessment to be included in the Annual Report shall be approved by a simple majority (50% plus one) vote of the Executive Council
  8. Club Assessments
    1. The Club Assessments shall include the goals of each Club, as outlined at the beginning of the fiscal year
    2. Each Club President shall be responsible for an assessment of his/her club’s accomplishments
      1. This assessment must discuss specific actions taken with the intention of progressing towards strategic objectives
      2. The assessment should also emphasize any shortfalls, and corrective actions that will be taken
    3. Each Club’s assessment to be included in the Annual Report shall be approved by a simple majority (50% plus one) vote of the Clubs Council
  9. Sustainability Audit
    1. The sustainability audit shall be overseen by the Vice President of Internal Affairs, and be conducted as outlined in the Sustainability Policy
  10. Publication
    1. The final Annual Report shall be approved by a simple majority (50% plus one) vote of the Board of Directors
    2. The Annual Report shall be published by before the end of the fiscal year (April 30th), and publicly disseminated

 

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