(SLiC2010)_Financial_NUSSU&Clubs

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  • 1. NUS Presentation Title 2001 Financial Procedures for NUSSU and Constituent Clubs Guidelines & Procedures Academic Year 10/11
  • 2. NUS Presentation Title 2001 Contents:- • Budgets • Request to Use Accumulated Surplus • Purchase of Goods and Services • Payment/Reimbursement for Expenditure • Cash Advances • Collections • Receipt Books • Goods & Services Tax • Dinner and Dance/ Bash Functions Website: http://www.nus.edu.sg/finance
  • 3. NUS Presentation Title 2001 Contents:- • Payment for Student Performers •Transport Claims • Thank You Functions/Welfare Activities • Claims to Repair/Replace Damaged Property • Claims To Loss of Money or Property • Fixed Assets • Minutes of Meetings
  • 4. NUS Presentation Title 2001 BUDGETS • To be prepared for each budget period and submitted to the Office of Student Affairs and Office of Financial Services. • The Honorary Financial Secretary/Treasurer must monitor and ensure that all expenditure is within the limits of the budget. • Union/Club must write to OSA to seek approval it wishes to transfer amounts of $1000 or more from one activity to another within the budget period. • If a project/activity is not provided for in the budget, a statement of budget must be submitted to OFS and OSA for approval. (Budget template available form the website)
  • 5. NUS Presentation Title 2001 REQUEST TO USE ACCUMULATED SURPLUS • Must be signed by the Hon Fin Sec/Treasurer and countersigned by the President of the Union/Club and submitted to OSA for approval. • The request must also be copied to OFS. (Guidelines for use, can be found in Annex A from the OFS website) PURCHASE OF GOODS & SERVICES • Refer to Annex B from the OFS website for procedures pertaining to this.
  • 6. NUS Presentation Title 2001 PAYMENT TO SUPPLIERS/REIMBURSEMENT FOR EXPENDITURE • All claims on this must be signed by the Hon Fin Sec/Treasurer and countersigned by the President of Union/Club. • For sub-committees, all claims should be made by the Chairperson of the Union/Club. Where the Chairperson is claiming for himself, the Treasurer of the committee/project will have to countersign the claim and vice-versa. It is the responsibility of the President and Hon Fin Sec/Treasurer to authenticate the signature of the Chairperson or Treasurer of the committee. • The Reimbursement/Payment Form should be used for all payments All claims must be supported with or iginal receipts/invoices.
  • 7. NUS Presentation Title 2001
  • 8. NUS Presentation Title 2001 • Official receipts/invoices should have a clear description of the items purchased or services rendered. “NETS” receipts are not acceptable. • Invoices from suppliers must be submitted to OFS for payment within 2 weeks from the date of invoices. • All reimbursements for expenses must be submitted to OFS for payment within 3 weeks from the date of receipt. CASH ADVANCES • Requests must be signed by the Hon Fin Sec/Treasurer and countersigned by the President and submitted to OFS, giving 5 wor king days notice (Request for Advance form can be used for this). • Quotation documents must be attached together with the Request for Advance form.
  • 9. NUS Presentation Title 2001 COLLECTIONS • All monies collected from sponsors, students, donors and sales must be handed to OFS on the same day or if not possible, the following day. • The Chairperson will need to provide relevant information (amounts collected, name of sponsor) so the amount can be credited. •The monies collected must NOT be used to pay or reimburse any expenses incurred. • OFS will issue official receipts to the sponsors or donors for cash or cheques collected. All cheques should be made in favour of “National Univer sity of Singapore”.
  • 10. NUS Presentation Title 2001 RECEIPT BOOKS • Union/Club is not allowed to buy receipt books off the shelf. • Official receipt books must be issued by OFS. GOODS & SERVICES TAX (GST) • Under the GST Act, NUS is a taxable person, liable to charge and collect GST on all taxable supplies as well as pay GST on all taxable purchases made from a taxable supplier. • More details on this at OFS website.
  • 11. NUS Presentation Title 2001 DINNER & DANCE/BASH • The Chairperson and or the Treasurer of the Dinner & Dance bash must be familiar with the tendering process. • Sale of tickets must commence at least one month prior to the function. PAYMENT FO STUDENT PERFORMERS & SPECIALISED SERVICES • Students who perform at the functions of student club should not be paid. Payment must be made to the student club concerned. • Token allowances are permitted. • Students who provide specialised services of their own student club should not be paid (eg. Photography).
  • 12. NUS Presentation Title 2001 TRANSPORT CLAIMS • Reimbursement rates are available from the OFS website. • Original receipts and reasons for the travel must be stated. THANK YOU /WELFARE EVENTS • Expenditure on Thank You functions and social outings by committee members should be considered and budgeted as welfare activities. • Welfare budget amounts are available from the OFS website. CLAIMS TO REPAIR/LOSS • Students to bear 20% of the cost of repair or replacement to the item damaged on official business, subject to min of S$50. • Students to bear full cost of loss of money collected or loss of property while in their custody.
  • 13. NUS Presentation Title 2001 MINUTES OF MEETINGS • All copies of minutes of meetings are to be submitted to both OSA and OFS after each meeting.
  • 14. NUS Presentation Title 2001 THE END Any Question?