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Financial Policies: Budgeting

*Learn how to budget*

1. 1. Revenue Policy
   2. Revenue Procedure
   3. Refreshments/Entertainment Policy
   4. Travel Policy
   5. Disclosure Policy
   6. Closed Events Policy
   7. Publicity
   8. Giveaways/Gifts/Awards/Prizes Policy
   9. Alcohol Policy
   10. Membership/Entry Fee Policy
   11. Induction Ceremonies Policy
   12. Athletic Gear/Clothing Policy
   13. Shipping Policy
   14. Promotional Giveaway Policy
   15. Budget Rollovers Policy
   16. National Affiliation Policy                     
   17. Advisor Policy

SGA Senate approves every club/organization鈥檚 annual budget during the preceding spring semester. The budget is derived through a method of shared responsibility between Senate and the all-campus Budget and Finance Committee (B&F). This committee is composed of senators and appointed students via the willingness-to-serve process. B&F operates autonomously of the Student Senate. In the spring, clubs apply for their budgets and initially meet with the Budget and Finance Committee. Applications will be accepted for budgets during a rolling budgeting process, as established by the Budget and Finance Committee, and announced to all clubs and organizations at the end of the spring semester. At the conclusion of this period, the committee reviews all submitted budget requests, balances the budget-at-large and makes recommendations to the Student Senate for their approval. The Senate passes the entire budget and has the authority to make changes to the Budget and Finance Committee鈥檚 recommendations. Before the Student Senate votes, the committee will hold a period to hear appeals. Additionally, any club or organization has the right to appeal directly to the Student Senate before the vote if they are still unsatisfied with their budget allocation. Organizations have four sources for securing funding to support their activities:

All funds generated in any manner must be held in trust by the college. For example, any money raised must be deposited into the clubs or organizations account. Furthermore, expenditure of these funds must follow the guidelines set forth by the Student Government Association鈥檚 constitution, the financial policy guidelines, and ultimately the college鈥檚 financial policies.

Before making allocation or budgeting decisions of any nature, the following (not in any particular order) will be considered:

• The number of students involved in, benefited or served by the activities and the quality of the services provided
• The degree of necessity in order to achieve the desired effectiveness in its activities
• The contributions made by the club/committee鈥檚 activities to an environment of greater student involvement in the Skidmore community
• The record of supporting goals of both SGA and Skidmore College
• The record of performance and financial responsibility
• The impact as it relates to funding others, and their comparative benefit
• When applicable, the ability to raise revenue in order to lessen their need for SGA funds
• The budget allocation in previous years

Spring Budgeting Process

• The SGA Senate approves every club/committee鈥檚 annual budget during the preceding spring semester.
• The SGA operating budget is derived through a method of shared responsibility between Senate and the B&F Committee, with review and input from the Office of Leadership Activities and Financial Services. The B&F Committee operates independently of the Senate and in consultation with the Director of Leadership Activities, the SGA Financial Coordinator and the Director of Financial Services to compile and balance the budget before making a recommendation to the Senate.
• In the spring, clubs/committees apply for their budgets and meet with the B&F Committee upon request. Applications for budgets will be accepted in accordance with the financial schedule.
  
• The B&F Committee reviews all submitted budget requests, consults with the aforementioned parties from the Office of Leadership Activities and Financial Services, balances the budget and announces the budget recommendation.
• Before the Senate votes, the B&F Committee will hold a period to hear appeals from clubs/committees not satisfied with their budgets. Additionally, any club/committee has the right to appeal directly to the Senate before the vote if they are still unsatisfied with their budget allocation.
• The Senate passes the entire budget and has the authority to make changes to the B&F Committee鈥檚 recommendations.

 

A. Supplemental Budget Requests

In the event a club needs additional funding to carry out its programming, a budget modification request must be filled out.

a. These requests are brought before the SGA Budget and Finance Committee, which may make a recommendation to Senate to allocate additional funds to a club budget for a specific purpose.

b. In order for clubs to meet with the Budget and Finance Committee to discuss their requests, they must contact the VP for Financial Affairs to be added to the Budget and Finance Committee meeting agenda. Requests must be submitted at least two weeks before the funds are needed so as to allow time for a review and a recommendation by the Budget and Finance Committee and a decision from the Senate.

c. After a club meets with the Budget and Finance Committee, the committee will make a recommendation to the Senate with respect to the request for additional funding. The recommendation may be in support of all or part of the requested funds or against any supplemental allocation. The request then goes to the Senate for a vote. A representative from the club requesting the supplemental funding must be present at that Senate meeting.

d. The B&F Committee may vote on a supplemental of $1,000 and below without the consent of Senate. It is at the discretion of the B&F Committee whether or not to bring a supplemental under $1,000 or less to Senate.

c. Funding For Individual Activism: JSS Activism Fund

SGA has a limited amount of funds set aside to enable individual non-affiliated students to participate in activism events or causes to expand their sense of community involvement, service and awareness. Please note: This is an SGA-funded program, and only students may apply. Requests must be submitted at least two weeks before the funds are needed so as to allow time for review and a recommendation by the Budget and Finance Committee.

Upon a positive decision from the Budget and Finance Committee, funds will be made available to the individual student. The student will be bound by all SGA Financial Policies, i.e. logging expenses, receipts and tax-exemption. Additionally, within a month of the conclusion of the activism event, the student is required to submit a report about the event: purpose, accomplishments, difficulties, etc. The Budget and Finance Committee must actively promote and publicize this opportunity, as well as establish criteria each year as for the definition of activism.

For more information, visit the Club Funding page.

B. Funding For New Clubs

A new club or organization chartered at a point in the year that does not allow the club to budget through the annual process is highly encouraged to meet with the VP for Financial Affairs and Budget and Finance Committee.     

a. Upon initial ratification of a club charter by the Club Affairs Committee and the Senate respectively, each club is entitled to apply for a one time annual chartering allocation of Student Government funds. The amount granted is at the recommendation of the Budget and Finance Committee to the Senate in the form of a supplemental. Clubs chartered during the fall semester may receive up to $3,000, and clubs chartered in the spring may receive up to $1,500.    

b. In order to receive said funds, the club must appear before the Budget and Finance Committee. The Student Senate must then vote upon the Committee鈥檚 recommendation.     

c. If granted, these funds are placed in an account assigned to the club by the VP for Financial Affairs and the Office of Leadership Activities and are available for expenditure in accordance with an approved line-by-line budget.

C.  Revenue and Profit

Most clubs are required to generate some form of revenue. Revenue lines are used when an event or initiative is anticipated to generate funds. Revenue is used to help offset the cost of events and initiatives. This offsetting of cost helps SGA keep the student activity fee reasonable.

Revenue is defined as any money generated from an event or initiative.

An example of revenue:

Club X wishes to hold a dance. The total expenses for the event are $1,000. Club X expects $250 in ticket sales. Thus Club X is bringing in $250 in revenue to offset the cost of the event.

Club X鈥檚 budget will be broken down as follows:

Expenses:                           

$1,000 Revenue (ticket sales):     
- $250 Actual Allocation:                 
$750

Profit is defined as any money generated that exceeds an event or initiative鈥檚 actual expense. If a club generates a profit on an event, the club may wish to keep said money in their club鈥檚 budget for the next fiscal year (see the budget carryover process). SGA understands that in order for some events to function, a club might have to withdraw the entire anticipated expenses, with the knowledge that revenue will be brought in to repay this debt. This can be done with the approval of the VP of Financial Affairs.

An example of profit:

-Club X holds the dance above.  Club X had an amazing turnout and brings in $1,200.

Total Ticket Sales:      
$1,200. Expenses:                  
-$1,000                  

Profit: $200

In the event that a club raises funds that exceed their anticipated revenue, the excess money is considered 鈥渇undraised鈥� and is more loosely governed by SGA than allocated funds. If a club fails to make a good-faith effort to meet their anticipated revenue line(s), they may be subject to disciplinary action.

D. Budget Carryover Requests

When a club has money left in its budget at the end of the fiscal year, the excess normally goes back to the SGA for surplus reallocation. If, however, a club has a compelling reason for retaining some or all of its profit beyond the end of the fiscal year, it may apply for a budget carryover. Forms are available outside of the Office of Leadership Activities. In the following fall, the incoming VP for Financial Affairs will review requests, and if appropriate, grant a carryover request.

E. SGA Restrictions for Club Funding

a. SGA will not pay for protective gear worn by individual players or individual clothing attire. For example, the SGA might pay for hockey nets but would not pay for hockey helmets.

b. SGA will not pay any event that is not open into the entire campus community. Exceptions may include class events, hall events and leadership banquet. Accordingly, all events must make a full faith effort at advertising events. If an event is not advertised appropriately, it is at the discretion of the VP for Financial Affairs to consider that event a closed private event, and thus something SGA will not pay for.

c. SGA will never pay for the following:

1. 1. Alcoholic beverages, unless it is important to the club鈥檚 or organization鈥檚 mission
   2. Individual membership fees
   3. Senior gifts
   4. Induction ceremonies for departmental honor societies
   5. Awards

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 1. Revenue/Fundraising Policy

• Any club/committee may have a revenue category to supplement the budget allocated to them from the Student Activity Fee. Revenue is meant to offset the cost of an event or initiative. Revenue includes money made from the sale of goods/services, tickets, merchandise, member dues and/or through donations to the club/committee.
• All fundraising (including online or virtual fundraisers) must be approved by the Office of Leadership Activities prior to its start.
• Fundraising may only be used to cover or offset the cost of a specific event or initiative and all revenue raised must be submitted through SkidSync.
• SGA strongly encourages clubs/committee not to charge Skidmore students for admission to an event. Members of the Saratoga Springs community may be charged.
• If a revenue requirement is not already included in the club/committee鈥檚 budget for a specific event, then a club/committee may apply for special permission to charge at that event by using a Budget Modification Request. Applications will be granted at the discretion of the B&F Committee.
• Revenue accrued through fundraising can be evaluated as part of the spring budgeting process at the discretion of the B&F Committee.

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2. Revenue Procedures

•  The B&F Committee will consult with a club/committee to decide reasonable revenue requirements for activities that include, but are not limited to, large entertainment events, the sale of goods or merchandise, trips or activities that require a contribution from individual club/committee members.
• Clubs/committees are encouraged to use tickets for events to keep track of anticipated attendance and to provide a method for charging people from outside the Skidmore community. Skidmore students should be able to obtain tickets by showing their student identification card.
• All revenue must be deposited into a club/committee鈥檚 revenue category with a Deposit Form within three days of collection. Failure to deposit collected revenue into a club/committee鈥檚 budget will be considered a violation of the Financial Policies and Procedures, and the appropriate disciplinary actions will be taken.
• A surplus in revenue is available for a club/committee鈥檚 activities in the same manner as the allocated budget. All spending of revenue needs to be processed through the Office of Leadership Activities in the same way as other expenditures.

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3. Refreshments/Entertainment Policy

• Clubs may not use more than 8 percent of their allocated budget or $500 (whichever is lower) for their refreshments category. Clubs with budgets smaller than $1,000 are exempt from this policy; it is up to the discretion of the B&F Committee to recommend what they deem is an appropriate amount of funding for refreshments.
• Refreshments are defined as food and drinks to be used occasionally for meetings, rehearsals, event production staff (event productions of an extraordinarily long nature and involving physical labor are exempt鈥攖he Event Production Expenses category may be charged).
  
  • Events associated with the purpose of the club (i.e. Shabbat dinner, barbeques, etc.) may be charged to other categories (i.e. Event Production Expenses)
• SGA will pay for no more than 50% of entertainment or programs that do not expressly further the purpose of the club and/or are for personal enjoyment (e.g., e-board retreats, group entertainment). This policy may be waived on a case-by-case basis, at the discretion of the SGA VP for Financial Affairs and the Director of Leadership Activities.

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4. Travel Policy

• Full Travel Policy

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5. Disclosure Policy

• All assets controlled by a club/committee (i.e. endowments, donations, and other capital) must be disclosed during the budgeting process. Failure to do so will result in disciplinary action up to and including loss of the budget for the year.

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6. Closed Events Policy

• SGA will not pay for closed events. Closed events are defined as events that are not advertised to the Skidmore community at least one week before the event or that limit attendance with preference given to certain individuals. Likewise, SGA will not pay for the activities of clubs/committees that restrict membership. Inter-Class Council is exempt from this policy if using class/dorm dues or the class budget.

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7. Publicity

• Appropriate advertising will be considered on a case-by-case basis, but should generally include announcements in public forums that are accessible to all Skidmore students (i.e. Student Activity Monitor (SAM), student announcements, Skidmore News, posters, etc.). Club/committee e-mail lists do not qualify.
• Both paper and electronic announcements are acceptable; however, SGA will only reimburse for up to 25 posters per event.
• Appropriate advertising may be confirmed with the SGA VP of Financial Affairs or the Office of Leadership Activities prior to an event.  

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8. Giveaways/Gifts/Awards/Prizes Policy

• SGA will allocate money for prizes under certain circumstances. Prizes for contests, tournaments, and raffles may not be used solely as incentive for attendance at an event. Cash prizes are not allowed.
• SGA will not pay for a club/committee鈥檚 giveaways/gifts/awards/prizes that are not intended for a specific event or promotional purposes (e.g. senior gifts, end-of-the-year awards).
• SGA will pay for no more than $75 for giveaways/gifts/awards/prizes at a single event. Additionally, SGA will pay for no more than $35 per individual giveaway/gift/award/prize.
• SGA clubs/committees may appeal for permission to distribute gifts/awards/prizes that cost more than the allowed amount by submitting a Budget Modification Request at least three weeks prior to the event. Appeals will be granted at the discretion of the B&F Committee.
• SGA will allocate money for gifts for advisors and non-contract honorariums. Clubs/committees may spend no more than $50 for gifts for advisors and no more than $200 for noncontract honorariums. Clubs/committees must go to the B&F Committee in order to obtain these funds.

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9. Alcohol Policy

• SGA will not subsidize the cost of alcohol at an off-campus venue or pay for alcohol for clubs/committees to sell for profit or give away for free on campus. Alcohol used for cultural/religious purposes (i.e. Shabbat dinner) is exempt. A club/committee must apply for a beer/wine temporary permit to sell alcohol on campus. Clubs/committees may apply for permits at the Office of Leadership Activities at least five weeks before the event.

10. Membership/Entry Fee Policy

• SGA will only pay membership/entry fees if the student is associated with the club/committee. Only memberships/entry fees purchased in the name of the club/committee are permitted.

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11. Induction Ceremonies Policy

• SGA will not pay for induction ceremonies.

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12. Athletic Gear/Required Clothing Policy

• SGA will not pay for individual athletic gear that is to become the personal possessions of club/committee members. Protective gear (i.e., athletic equipment that can be passed down from one club/committee member to another) and required clothing items (i.e. costumes, security or event staff shirts) may be purchased with the allocated budget.
  • All clothing items purchased in part or in whole with the use of SGA funds must outwardly display the word(s) 鈥淪kidmore鈥� or 鈥淪kidmore College鈥� in a legible shape or form, except for theatrical costumes.

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13. Shipping Policy

• SGA will not pay for expedited shipping charges. This policy may be waived on a case-by-case basis, at the discretion of the VP for Financial Affairs and the Director of Leadership Activities.

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14. Promotional Giveaway Policy

• SGA will pay for up to $300 worth of promotional giveaways (e.g. T-shirts, wristbands, pens) per club per year to promote awareness for the organization. Clubs can choose to use this money to purchase items for members, but for all items that will become personal possessions, individuals must pay for 50% of the total cost per unit.
  • Interclass Council, Committee on Student Life and the New Student Orientation budget are exempt from this policy.
  • All clothing items purchased in part or in whole with the use of SGA funds must outwardly display the word(s) 鈥淪kidmore鈥� or 鈥淪kidmore College鈥� in a legible shape or form except for theatrical costumes.

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15. Budget Rollover Policy

• If there is money left in a club/committee鈥檚 revenue line at the end of the fiscal year, the money may be rolled over into the next year鈥檚 revenue line if the following criteria are met:
  • The club/committee has used the allocated budget to earn the revenue while adding value to the Skidmore community in the forms of entertainment, education and/or services.
  • There is an intended purpose for rolling revenue over into the next academic year. Clubs/committees may apply to the B&F Committee for rollovers from the preceding year during the fall semester with a Budget Modification Request.

• It is not permissible to roll over revenue if it has been in the club/committee鈥檚 revenue account for longer than one year. These funds will be re-allocated to Retained Earnings

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16. National Affiliation Policy

• Any club/committee affiliated with a national or regional organization must declare that affiliation during the spring budgeting process and submit copies of the larger organization鈥檚 constitution for review by the VP for Financial Affairs and the Director of Leadership Activities. In cases of conflict of policy between national organizations and Skidmore College, college policy shall prevail.

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17. Advisor Policy

• Clubs/Committees may not use SGA funds to pay for an advisor鈥檚 expenses excluding the fees paid to instructors/coaches/advisors (i.e. salaries). An exception may be made if an advisor鈥檚 attendance is required for a certain activity.

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