Managing Finances

Once you have received funding, it’s important to know how to manage your finances.

Talk About the Budget

Whether we like it or not, we are sometimes limited to what we can do or provide based on our financial situation. Once the Allocations Board has made decisions, you will need to work with your organization to create priorities and adjust your goals and vision to fit your budget. Remember, if there are goals that overlap with another groups’ vision, they might be interested in co-sponsoring! An important part of managing your budget is getting your group invested and knowledgeable about all of your financial decisions!

Tracking Income and Expenses

It is your group’s responsibility to track all income and expenses. Do not rely on the Union Treasurer or Allocations Board members to have the information for you. Remember that when you show responsibility for money, you tend to get more.

Managing Money at Events

When planning an event or program, it is important that you remember that tracking income and expenses for the program as well as security for that money is extremely important. If you are collecting money at the door, use a cash box (Student Activities has one that you can borrow). A person should be assigned to that cashbox for the entire event time. When you are finished collecting funds, put income in a secure location. The Shapiro Campus Center Building Supervisor can place the money in a safe until the next business day. Do not keep money in your residence hall, office, or car. If necessary, ask a Campus Police officer to escort you to your destination to provide a safe environment for yourself.

Know Your Resources

There are several people on campus that can serve as resources for you. Be sure to talk to the Department of Student Activities, the Student Union Treasurer, and the Allocations Board when searching for funding. The Department of Student Activities staff can also assist in managing funds, fundraising, and other financial issues.

Adapted from Grand Valley State University