AIESEC UNSW Reckon Finance Award


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  • AIESEC UNSW Reckon Finance Award

    1. 1. Reckon Finance AwardAIESEC UNSW<br />AIESEC Australia July National Conference 2011<br />
    2. 2. OVERVIEW<br />In 2011, the focus in Finance has been on increasing the involvement of all portfolios in order to create synergies within AIESEC UNSW. All policies and initiatives have been designed with this in mind, which has resulted in exceptional performance within the Local Committee.<br />
    3. 3. EXCHANGE<br />
    4. 4. OGX RESULTS AND PIPELINE IN 2011<br />In the Semester 1 of 2011, OGX has:<br />Successfully organised 2 MRB preparation sessions and MRBs within the budget;<br />Raised 14 EPs<br />Looking at 3 EP Realisationsby July<br />Approaching final stages of LC-LC partnerships<br /><ul><li>WENA – 1 partnership
    5. 5. CEE – 3 partnerships
    6. 6. Africa – 3 partnerships
    7. 7. AP – 4 partnerships</li></li></ul><li>ICX RESULTS AND PIPELINE IN 2011<br />
    8. 8. LEADERSHIP ROLES<br />
    9. 9. RTF Leader for O-Week in Semester 1 – Jody Wong<br />RTF Leader for O-Week in Semester 2 – Delia Deng<br />OGX Events Management Team Leader – Trisha Shastri<br />ICX Partnership Delivery Manager – Tammy Sivakumar<br />May Presidents’ Meeting OCP – KacyLok<br />ICX Regional Cocktail Event OCP – Anna Moltchanski<br />MaC Leadership Event OCP – Raymond Su<br />LEADERSHIP ROLES<br />In 2011, AIESEC UNSW is aiming to achieve a minimum of 14 leadership roles including 7 executive board positions. The following non-EB leadership positions have been realisedthis year: <br />
    10. 10. EVENTS MANAGEMENT TEAM<br />Overview<br />This year marks the introduction of OGX’s new Events Management Team (EMT), which will take on the responsibility of MRB and events organisation. This has opened up a leadership position, called the EMT Leader, who will be facilitating the entire team and its processes.<br />Aims:<br />to reduce costs of running events as a result of specialisation; <br />to contribute to TM’s X+L goal <br />synergy between TM and OGX<br />to relieve logistical stress and pressure from the two parent portfolios<br />
    11. 11. PARTNERSHIP DELIVERY TEAM<br />Overview<br />With the growth in ICX activity and re-raises with Google, anew Partnership Delivery Team has been introduced. This team is responsible foradministrative tasks and intern servicing. This has opened up a leadership position, called the Partnership Delivery Manager, who will be facilitating the entire team and its processes.<br />Aims:<br /><ul><li>to improve efficiency of ICX matching & realisation;
    12. 12. to relieve logistical stress and pressure from the parent portfolio</li></li></ul><li>FINANCIAL POLICIES & PROCESSES<br />
    13. 13. A wiki profile of UNSW FINANCEhas been created and is continually updated. From this website, people can have a clear picture of who we are, what we do and how Finance in AIESEC UNSW works.<br />Contents include:<br /><ul><li>Profile of UNSW’s Finance team
    14. 14. Finance’s performance/accomplishment update
    15. 15. Financial policies
    16. 16. Streamlined reimbursement process using Google Docs;
    17. 17. Members who need to reclaim money must fill in this form online;
    18. 18. Easily and accurately allows transactions to be cross-checked and processed</li></ul>FINANCE WIKI & STONG PROCESSES<br />
    19. 19. BUDGET REPORT<br />Finance has collated and written up budget reports for each portfolio within the LC.<br />This report shows:<br />the composition of each portfolio’s revenuesandexpenses,<br />their relative and absolute size, and<br />when they occur throughout the year.<br />It aims to:<br />facilitate each portfolio’s understanding of their own financialoperations,<br />provide knowledge of their financial imprint on our LC as a whole, and<br />increase the inter-portfolio awareness of each portfolio’s operations<br />
    20. 20. Purpose:To take a proactive approach towards tracking the finances and overall performance of each portfolio to create synergy within UNSW. This is designed to:<br /><ul><li>Increase lines of communication
    21. 21. Provide greater understanding and support of goals
    22. 22. Creating synergies within the LC</li></ul>How it works: Each member of Finance ‘tracks’ an assigned portfolio through:<br /><ul><li>Attending the assigned team’s meetings
    23. 23. Having knowledge of team goals and KPIs
    24. 24. Liaising closely with directors</li></ul>PORTFOLIO TRACKING<br />
    25. 25. TRACKING OVERVIEW<br />This year Finance aims to make portfolios in the LC more connected through tracking their activities and budget on a weekly basis.<br />
    26. 26. Purpose: To objectively report on the progress of teams in terms of financial and non-financial measures. This is to consolidate the strategy of Portfolio Tracking, ensuring continuous strong performance through:<br /><ul><li>Acknowledgement of success
    27. 27. Recommendations on areas of improvement</li></ul>How it works: Closely linked to portfolio tracking. Use information gathered to comment on:<br /><ul><li>Budgetary alignment
    28. 28. Goals and KPI alignment</li></ul>MONTHLY REPORTS<br />
    29. 29. REWARDS & RECOGNITION STRATEGY<br />A Rewards and Recognition Strategy has been developed to motivate individual portfolios and the LC to achieve their goals/KPIs and help drive and sustain performance throughout the year. Performance is consistently monitored and measured in relation to these initiatives.<br />The purpose of the RnR strategies for the Exchange portfolios is to reward the portfolios’ revenue generating activities (i.e. raising EPs and TNs) whilst recognizing their collaborations with FN on budgeting their expenses.<br />A large portion of the Strategy is designed to magnify the synergy of all the portfolios, encouraging cohesive practices and cooperation to produce optimal results.<br />
    30. 30. R&R Strategy – Exchange<br />
    31. 31. R&R – Support Functions<br />
    32. 32. SPONSORSHIP & GRANTS<br />
    33. 33. In 2011, AIESEC UNSW has continued to ensure a strong partnership with STA Travel. This has resulted in many benefits for the LC, including:<br />Reimbursements for all marketing material with STA Travel’s logo:<br />O-Week Printing and Marketing<br />Material for Careers Expos<br />Material for Information Sessions and Information Stalls<br />This has resulted in savings of $450 in 2011.<br />Provision of discount flight vouchers for EPs to go on Exchange<br />SPONSORSHIP DEVELOPMENT<br />
    34. 34. Marketing & Communication<br />Finance Synergy<br />FN’s close relationship with STA Travel enables our LC to receive reimbursements from printing brochures and posters.<br />
    35. 35. GRANT INITIATIVES<br />In 2011, Finance has applied for grants to:<br />the Australian School of Business (ASB), and<br />the City of Sydney Council (potential $5000)<br />We have received grants, in total of:<br />$760for the ASB Student Society grant, and<br />$750for the ASB Competition grant,<br /> amounting to a total of $1510. <br /> <br />The Competition grant funding will be rewarded to high achieving LC members to subsidise either July Con 2011, Jan Con 2012or exchange in 2011. Finance will be looking to apply for grants from other facultiesin the near future.<br />
    36. 36. STRONG FINANCIALS<br />
    37. 37. $24,650 LC cash-at-bank:<br /><ul><li>$10,000 placed in a high-interest Term Deposit
    38. 38. $8,320 placed in a high-interest Savings Account
    39. 39. $6,330 placed in an everyday Transaction Account</li></ul>94 % income generated through exchange in FY10/11:<br /><ul><li>Strong exchange results.</li></ul>5 % income generated through Sponsorships/Grants in FY10/11:<br /><ul><li>New role of the Finance portfolio has been to look for sponsorship and grant opportunities as a means of diversifying AIESEC UNSW’s revenue base</li></ul>LC SUSTAINABILITY<br />
    40. 40. Revenue of $37,140 for FY 10/11:<br /><ul><li>Revenue $7,185 for the year 2011.</li></ul>94% of revenue generated through exchange:<br /><ul><li>29% from ICX.
    41. 41. 65% from OGX.</li></ul>A surplus of $10,990 was generated in FY10/11:<br /><ul><li>A surplus of $707 was generated for 2011.</li></ul>REVENUES AND SURPLUS<br />
    42. 42. BUDGET VS. ACTUALS<br />
    44. 44. An exchange subsidy was provided to 4 high-performing members in the LC, which has been beneficial as it contributed to 2 X+Ls: <br />Annie Tan, VP OGX<br />ChristaniaTanuwidjaya, RTF leader & OCP SPM<br />In 2011, this exchange subsidy will be redesigned as an Exchange Scholarship Fund, in which members will be able to apply and be awarded based on performance.<br /><ul><li>Returned EPs who received the subsidy helped promote exchange opportunities for AIESEC UNSW
    45. 45. Members were encouraged to go on exchange
    46. 46. High-performing members who have hit their KPIs were rewarded</li></ul>Other investments in exchange:<br />Investment in substantive “Aussie Packs” to maintain strong relations with EPs.<br />INVESTMENTS IN EXCHANGE<br />
    47. 47. INVESTMENT IN CORPORATE RELATIONS<br /><ul><li>ICX will be holding a regional networking cocktail event for all potential business partners and current sponsors in 2011.
    48. 48. Purpose: To consolidate the current partnerships with AIESEC in the NSW region and promote the creation of new partnerships.
    49. 49. There will be an OCP and a finance coordinator who will work closely with Finance on the budget.</li></li></ul><li>INVESTMENTS IN MARKETING: SELLING BEE<br />Purpose: To encourage members to actively market and increase awareness of AIESEC, our aims and to facilitate exchange by raising EPs.<br />How it works: Points are allocated by participating in various methods to promote AIESEC around university:<br /><ul><li>E.g. info stalls, info sessions, lecture bashes
    50. 50. The team with the highest tally will receive a reward for their efforts</li></ul>Aligns to criteria: Supports LC performance by :<br /><ul><li>Assisting the fulfillment of goals, especially raising EPs
    51. 51. Increasing the brand awareness of AIESEC UNSW
    52. 52. Developing the soft skills of members</li></li></ul><li>INVESTMENTS IN MARKETING: PROMOTIONAL MATERIALS<br />These are the materials used by AIESEC UNSW in 2011:<br />Mini-Postcards we give to students promoting some of the destinations possible with AIESEC<br />Posters used to attract students at our information tables and campaign sessions<br />Brochures to highlight the projects offered by OGX and the application process through our website<br />FN has been working closely with STA Travel and MaC to create cost effective promotional materials<br />
    53. 53. The Competition grant of $750 received from the Australian School of Business will be invested in AIESEC UNSW in rewarding members for exceptional performance in the LC.<br />This will be awarded during NSW’s Regional Rewards & Recognition Night to:<br />The highest performing member from each portfolio<br />The highest performing Executive Board member<br />The most valuable member of the LC<br />Distribution of Reward: <br />Subsidy for attending July National Conference 2011<br />Subsidy for attending January National Conference 2012<br />Subsidy for going on Exchange in 2011<br />INVESTMENTS IN MEMBERS<br />
    54. 54. Purpose:The LCD fund aims to invest in the AIESEC UNSW’s capacity and provides an opportunity for individual portfolios to formulate strategies that will benefit the LC in improving processes, particularly in driving exchange or leadership roles.<br />Function:<br /><ul><li>Aim to collect ideas that would benefit the entire LC (i.e. barbeque on campus to enhance our reputation; seminars conducted by professionals for LC members)
    55. 55. Applications will be screened from the perspective of its practicability and benefit
    56. 56. Up to $150 is allocated to fund the best action plan</li></ul>LOCAL COMMITTEE DEVELOPMENT FUND<br />