It’s that time of year again, as your student organization looks to plan epic events and engaging opportunities for the campus community. Those events take cash money though, and in order to put on a great event, you need to know how to keep track of your budget.
The Student Activities Office can help you with that. It is strongly recommended that your organization’s Treasurer or another officer takes some time to attend one of our Financial Trainings this week. They are offered Monday through Thursday this week, starting at 6pm in 4-237.
We are excited to be a partner in your plans to take on big goals and do great things. We look forward to seeing you all this week at the Financial Trainings!
MIT works with vendors utilizing a payables policy of Net 30, which means that MIT strives to pay all its obligations within 30 days of receipt of service. Notice this is not 30 days after you get the bill, but 30 days after the vendor or entertainer provided their services. This policy works well for student groups working with outside vendors, but what about reimbursements to students? What policy should we use for reimbursing members of your organization?
I would like to suggest that all Treasurers of student groups adopt a Net 10 policy for reimbursement to students, ensuring they will receive their reimbursement within two weeks. It is important to remember that the process doesn’t end with the electronic reimbursement submission to SAO. There can be up to a week from that time before the check or direct deposit reaches the student. Treasurers must be mindful of this timeline when developing their own internal systems to provide funds back to organization members.
Finally, it is very important that the submission of the reimbursement is done correctly, as incorrect submissions can cause significant delays in the reimbursement process. The SAO offers Signatory Trainings each semester for any organization Treasurers interested, and is perfect for first time Treasurers or those looking for a refresher on the process!
The Signatory Trainings are happening in the next couple of weeks, starting tonight, so make sure you get to one soon!
Tuesday, Feb 12 from 6-7pm in 56-114
Thursday, Feb 14 from 6-7pm in 3-133
Wednesday, Feb 20 from 6-7pm in 3-133
Thursday, Feb 21 from 6-7pm in 3-133
Please visit the SAO website or email Colin Codner (firstname.lastname@example.org) for additional details.