Guidance for Student Group Treasurers
ODUS provides the following guidance to student group treasurers:
- Semi-annual required financial policies and procedures training
- Weekly financial advising walk in hours, no appointment necessary
- Treasurer and/or student group appointments as needed
- Regular treasurer email updates and How-To's to help navigate University financial systems
Monitoring Group Finances
Although University administrators have access to and monitor student organization accounts, it is the responsibility of the group Treasurer to accurately monitor and account for the group's finances. Student groups should have an annual financial plan that reflects their annual program goals and activities.
At any point, Karen Ehee, the ODUS Financial Coordinator, can help a student group treasurer review their group's finances.
Review Spendable Balance Monthly
Student treasurers must review their group's spendable balance and financial transactions in Prime for accuracy on a regular basis (at least monthly). To remain in good financial standing a student group must maintain a positive spendable balance. If the student group has a debt (negative) balance, a debt plan may be necessary for the group; and, group activities and spending may be curtailed. ODUS administrators review student organization spendable balances on a weekly basis. Please contact ODUS if you believe you will go into debt for any reason. We can help.
Chief Financial Officer of Leadership Team
The treasurer of the student organization is the chief financial officer of the leadership team. The treasurer should be aware of all group funding and authorize all expenses. It is nearly impossible to raise funding retroactively after an event. Treasurers should be aware of all financial polices and procedures to ensure compliance with both ODUS and University policies.
Processing Revenue and Expenses
It is imperative for all revenue and expenses to be processed on a timely basis. Financial transactions may contain errors and omissions that should be followed up and, possibly, corrected. The earlier this is done, the easier it may be to identify, understand and correct an error, request missing funds, or identify missing expenses, etc. On the revenue side, treasurers should ensure that all funding transfers, donations, cash and checks deposited are correctly reflected in their student group chartstring. Expenses should be reviewed to ensure that they are accurate. Only University administrators can correct transactions in Prime.