financial training susan anthony, bookkeeper and kate johnstone, finance team leader

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?