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AIESEC US RoKS 2015 | Finance Track 2.0
- 2. “Finance is the medicine of the organization.”
- 3. how many of you feel like you are ready to say you have worked in finance?
- 5. basic
- 7. UPGRADE
- 8. “Finance is the medicine of the organization.”
- 9. RISE
- 13. 4.3.19. Financial Management Certification, hereby referred to as FMC) 4.3.19.1. Purpose: to ensure AIESEC US financial sustainability and upkeep by tracking the financial activities of our entity 4.3.19.2. Before submitting reimbursement request, all members of AIESEC US must complete the FMC 4.3.19.3. The FMC status will only last until the last day of the fiscal quarter, at the start of the new quarter members must then resubmit the FMC with updated information 4.3.19.4. The Finance Subcommittee may remove any individual on the FMC pool at any point with a unanimous vote of all the members of the Finance Subcommittee 4.3.19.4.1. Removed members will not be allowed to resubmit a FMC until the start of the next fiscal quarter
- 14. Timeline: Release – October 3rd, 2015 Open Form - October, 2015 Change Date – October 26th, 2015
- 15. Goal : to keep finance within the group of people that are meant to actually oversee it
- 16. Goal : to make sure that we have a clear idea of exactly which LC needs more education
- 17. ALL FOR ONE
- 18. Question 1: What coding would you use to reimburse someone from your entity for conference travel to a National Conference? 6304-02 Conference Travel National 6140 Travel and Meals 6251 Strategic Fund
- 19. Question 2: What coding would you use to reimburse someone from your entity for Marketing Materials? 6251-04 Strategic Fund COMM 62000-02 OGX Marketing 6162 LC Merchandise 6128 Printing
- 20. Question 3: Who is your entity's account responsible? (Required for Reimbursements) Local Committee President VP Finance VP Talent Management MCVP Finance
- 21. Are you allowed to submit reimbursement requests 2 months after the day of purchase?
- 22. Where can I find my LC’s current balance?
- 29. CONGRATULATIONS
- 30. 5 MINUTES
- 31. WELCOME BACK
- 32. RETURNS
- 33. what is ROI?
- 34. how many of you know how to track ROI?
- 35. OVERCOMPLICATION
- 36. you must follow up on your side of the trade
- 37. TRADE
- 38. now, let’s trade
- 39. Split into groups of three
- 40. From the next list of investments develop a return plan.
- 41. Choose One: Sending a VP to a conference Buying a new AIESEC Banner Offering a discount on OGX Programs 10’
- 42. PRESENT
- 44. We should never neglect an AIESECer the experience that we sell. In fact, it is the only one that matters
- 47. This for That
- 48. IXP is more than just an experience that we promote. It is also a way to preemptively achieve our goals
- 49. In 2014, an average LC changed their goals 3 times
- 53. Focused Based
- 54. What is the focus of your LC?
- 55. Reality Based
- 58. Group up with your LC
- 59. Skill & Will Analysis
- 60. Skill Will LOW SKILL, HIGH WILL HIGH SKILL, HIGH WILL HIGH SKILL, LOW WILL LOW SKILL, LOW WILL DIAGNOSE: Where are your members?
- 61. CHALLENGING ENVIRONMENT (Event Planning, potentially remove, evaluate) TRAINING (Send to conferences, summits and work directly with EB, foster pipeline) INDUCTION (Get trainers in your LC! If your LC doesn’t improve, it will never grow) NATIONAL INVOLVEMENT (Conferences, Training, making the LC relevant) Skill Will For our Member
- 62. BRING IN AN AIESEC COACH (Pragmatic, Skilled) BRING IN A TRAINER REGARDING EITHER AIESEC OR A SKILL THAT YOUR LC LACKS INVEST IN A COACH TO BUILD A DEVELOPMENT TIMELINE INTERNATIONAL PARTNERSHIPS AND NATIONAL PROJECT SPEAR HEADING LC Skill Will For our LC
- 63. Taking it Back
- 64. how many of you feel like you are ready to say you have worked in finance?
- 65. POWERFUL CHOICES
Editor's Notes
- Welcome back!
- Goal: is to start the conversation. Don’t go over what it means
- Finance is a function in AIESEC that had served a powerful purpose but at the same time had no complete ownership over that quadrant
- In AIESEC. Finance is a Bottleneck. To the people, it is a bottleneck because “Oh we don’t have money” “I cant give you that” Etc.
- But it is only because we are BASIC Story Time (Overcoming a challenge with Finance) Samson: Deciding to become MCVP Finance was not a easy decision. Coming from a finance background, I wanted to break away from this constant cycle. AIESEC offered a chance, I was able to move away from the assumption that as Asian my place was to be good at math and become either a doctor or accountant. That is why when Dom offered to accept me as the VP Finance, I was a little taken away. I knew of the finance function in AIESEC and I know that historically I thought it was “basic.” I thought that at this moment, what do I care most about? I knew I cared about success, efficiency, and education/training. I knew that I applied for this job as my way of finally giving back to the plenary. Thus, I finally understood that Dom chose someone, not for their experience, but for their passion to change. I know that finance is meant to be more than just an accountant, I know that finance education in AIESEC needs change.
- I know that in order for our organization to grow, we must not be the bottlenecks that it thinks we are. That is why for this RoKS, I made it an effort to drive down, not only new education, but strategies. Finance members needs to be educated on what is efficient, what is working and what is cool. My goal is to take everything I know now and bring it down and then challenge myself and the organization to find new education, new materials and new mindsets in the year to completely
- Upgrade our function.
- We need to solve the issues that hurts our organization the most.
- For that, we need to rise. Which is why I challenge you guys to challenge your current LC’s reality. If you are a VP, start taking up the responsibility of managing the organization. (Make sure that you identify the issue before someone brings it to you) If you are a member, make sure you keep your function aligned, report to the VP but at the same time, make sure the LC gets the information. Diagnose the issues and make a commitment to solve it. “There is a reason why doctors are respected.”
- I don’t believe in constantly newsletters. They are hard to read and they are frustrating since you don’t know you have them until you get a sludge of emails in your inbox. I opened this as a platform for you to stay updated and at the same time know exactly when I am about to release informaiton. This platform is a one way communication for: Notification Deadlines Reminders With this I want to ensure that you are being completely updated with the most relevant information AIESEC US has to offer. Members, I will be sending out a fun emails and so make sure to write your name down
- 31,671 bankruptcy's in 2014 If we go bankrupt, we risk losing 2,400 experineces We lose the connection to over 1,300 members We lose 40 local entities And we lose the 1platform for our cities and towns to connect with the world’s largest student organization
- To change all this requires a group effort and a push by all of us. Id recommend for you guys to really take down this information ;)
- First one
- Last 3 all works
- First two
- No
- Break
- You have returned! And perfect time to introduce our next topic
- It’s a joke since they just returned
- How many of you here know what ROI is? Can you explain?
- Can you do it locally?
- ROI is a concept that overcomplicates the simplest idea Ask the audience for a dollar. “Does someone here have a dollar?” How did they feel
- When we invest in members or materials, it is a trade. As finance you must see it as “I will get something in return” This for That. That means it is in your place to take something back
- Key question to ask yourself “What should I get in return that I can track”
- Give me your plan for making sure these investments have a return
- What does this mean?
- Ask them to list out. The ideal is that they identify that each member can go.
- If your LC has enough money $100 reimbursement is more than enough to help out your members. For each exchange you make at least $600 which mean you are still making $500. Would you rather have $500 or no money at all
- Now talk about the return. The return must be trackable.
- 20 – average drop in number of exchanges predicted. 12000 is the “lost” due to the adjustment 20 is the exchange that we would have if we made this in to a strategy. 10000 is the revenue we would have had Money makes money
- Money makes money
- What is the difference between Focus vs. Reality
- Feedback – Fact based only, refer to only events in the past Judgment – Emotion based, try to avoid.
- No judgment
- You must take it back. You are the change maker of the organization. You have the ability to see above the daily operations and you must constantly review what your LC needs and take action to help. I asked iin the beginning…
- There is a difference between DOING finance and WORKING finance. You can do finance right now, you can sit there and do reimbursements and think that you can call yourself a finance person, OR you can take a stand to WORK finance for your LC and identify what it needs, predict the issues, manage the mess and ensure that your LC do not allow mediocrity . At the end, it is powerful.
- Poweful Choices is what changes your LC