National Finance Policies

Students Offering Support National Finance Policies 

Below are the national financial policies of Students Offering Support that must be followed by all chapters of the organization.

  1. Bank accounts must be opened with Bank of Montreal to increase the ease of banking between Head Office and chapters. Any exceptions to this must go through the Director of Student Leadership.
  2. All chapter bank accounts should have 2 signing authorities, generally the VP Finance and one of the chapter presidents.
    • Signing authorities should only be changed once per year, so put thought into who your signers will be!
    • New chapters must have the Executive Director as one of the signing officers.
  3. Each chapter must submit a budget each August, which must then be approved by the Director of Student Leadership and followed by the chapter throughout the semester.
    • VP Finances must complete the income statement tab at least twice per semester by updating actual revenue & expenses and comparing them to the budget.
    • Budget reviews should be done based on the results of the income statement, and the Director of Student Leadership must be notified of any major changes.
    • Deadlines are as follows:
      • Fall Semester: October 31 & December 15
      • Winter Semester: February 28 & April 15
      • Summer Semester: June 30 & August 30
  4. Bank reconciliations must be completed by the 15th of each month for the previous calendar month and submitted through Portal.
    • All expenses must have receipts uploaded to Portal and be pre-approved in the budget.
    • Any expenses that are not in the budget or exceed the budgeted amount by $100 or more must be approved by the Director of Student Leadership before they are spent.
    • All reimbursements must be submitted within the fiscal year in which they are spent. Note that the SOS fiscal year is from September to August, aligned with the academic year.
  5. Exam-AID Revenue must be recorded in Portal within 24-48 hours and must be deposited in the bank within the week.
    • Cash must be collected by two people.
    • All Exam-AID revenue must be recorded along with a sign-off sheet signed by the two people who collected the cash.

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