Spring Break
Club accounts system to change
by Michelle Minkoff
News | 4/24/07
Posted online at 10:55 PM EST on 4/23/07
/ Last updated at 6:43 AM EST on 4/23/07
At Sunday's Union Senate meeting, Student Union Treasurer Choon Woo Ha '08 announced that the Union and administrators will overhaul the process by which clubs access their finances.
Currently, over 20 clubs have off-campus bank accounts associated with the University's tax-identification number and others have off-campus bank accounts associated with a non-University tax identification. Both scenarios frustrate the University's accountability for funds that originate from clubs, said Keenyn McFarlane, budget director for students and enrollment.
All secured clubs-Waltham Group, the Justice, BTV, WBRS, the Archon and Student Events-and up to five non-secured clubs, which will be chosen by Ha through an application process, will receive a procurement card that will allow them their own debit system overseen by the University. Ha, as well as a budget analyst and a representative from the Procurement Department will train club leaders to use the P-card system.
Ha said only these clubs will receive a P-card because it would be too difficult to track every transaction from every campus club.
"This is the biggest financial reform for the Union in many years, Ha said. "SAF was more of a political and internal restructuring. This is a complete reform that might have domino affects in the future. It will change how the treasury system operates."
In the proposed structure, the only organization with an off-campus bank account will be the Student Union. This will be associated with the University's tax ID and will have a $10,000 limit. Ha said the Union will withdraw small loans from the account when clubs need to make emergency purchases.
These transactions would go on record through the Accounts and Payables Department. When purchases go through Accounts and Payables, clubs will be able to be reimbursed for sales tax up to $5.
"This will require clubs to submit forms weeks in advance in order for checks to be processed," Ha said.
Currently, over 20 clubs have off-campus bank accounts associated with the University's tax-identification number and others have off-campus bank accounts associated with a non-University tax identification. Both scenarios frustrate the University's accountability for funds that originate from clubs, said Keenyn McFarlane, budget director for students and enrollment.
All secured clubs-Waltham Group, the Justice, BTV, WBRS, the Archon and Student Events-and up to five non-secured clubs, which will be chosen by Ha through an application process, will receive a procurement card that will allow them their own debit system overseen by the University. Ha, as well as a budget analyst and a representative from the Procurement Department will train club leaders to use the P-card system.
Ha said only these clubs will receive a P-card because it would be too difficult to track every transaction from every campus club.
"This is the biggest financial reform for the Union in many years, Ha said. "SAF was more of a political and internal restructuring. This is a complete reform that might have domino affects in the future. It will change how the treasury system operates."
In the proposed structure, the only organization with an off-campus bank account will be the Student Union. This will be associated with the University's tax ID and will have a $10,000 limit. Ha said the Union will withdraw small loans from the account when clubs need to make emergency purchases.
These transactions would go on record through the Accounts and Payables Department. When purchases go through Accounts and Payables, clubs will be able to be reimbursed for sales tax up to $5.
"This will require clubs to submit forms weeks in advance in order for checks to be processed," Ha said.
Be the first to comment on this story