ASUPS Budget Managers Guide

Written by ASUPS in consultation with the Office of Finance at the University of Puget Sound

Page 1 of 10Last revised: September 2017

SECTION A – INTRODUCTION

1. UNDERSTANDING THE BUDGET (FISCAL) YEAR

The ASUPS Budget (also referred to as fiscal) year runs July 1-June 30. This fiscal year (FY) is referred to as FY18 and is for the 2017-18 year school year.

2. ASUPS RESPONSIBILITIES

1. The financial strength of a university or organization shows in many ways. Certainly one indicator is the ability and ongoing commitment to operate within budget.

2. Each division of the university has established specific responsibilities and processes for budget management and oversight. In general, the responsibilities of ASUPS budget administrators (you!) may include: Submitting budget requests to the ASUPS President/Vice President/Director of Business Services

for consideration in the Spring. Submitting invoices and other disbursement requests for approval and payment. Monitoring and routinely (at least monthly) reviewing the status of club’s budget to help ensure

that financial transactions are recorded timely and accurately. Requests for corrections, questions, or other requests for assistance should be submitted to the Director of Business Services as they are identified.

3. UNDERSTANDING CODING OF EXPENSES

The Chart of Accounts is a numbering system for recording, tracking, classifying, and reporting on financial transactions comprised of various elements. You can search for names and codes of funds, departments, projects, accounts, and Chartfield1 values using the Chartfield Value Lookup tool within my.PugetSound. This tool is found under the financials tab in my.PugetSound. If you find that you do not have access to this tab, please contact the ASUPS Director of Business Services: asupsdbs@pugetsound.edu

Chart of Account structure: FF. DDDD.PPPPPP.AAAAA.CCCCCCFund.Dept.Project.Account.Chartfield1

For the purposes of most clubs, the project code is the most important number. It’s often referred to as a “speedchart.”

For most ASUPS budgets beginning in 19xxxx, the Speedchart is a six-digit project code and can be found by searching in either the Annual Budget OR Carryover Projects sections and using the Chartfield Lookup Tool for Speedcharts.

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Chartfield Element ---Optional---Fund Department Project Account Chartfield1

Uniquely identifies primary funding sources.

Uniquely identifies all departments or units

Uniquely identifies project, proposal, or purposeIe. Your club

Assets, Liabilities, Net Assets, Revenues, Operating & Capital Expenses, Transfers

Selective use - tracks department events or projects

SECTION B – MANAGING YOUR BUDGET

The sections that follow will outline the procedures used to check your budget, spend money, and raise revenue in addition to giving an introduction to the financial tools found in my.PugetSound. Although my.PugetSound is a very helpful tool to give you information about your budget, it is important to know that due to the lag time for deposits, disbursements, and P-Card transactions posting to my.PugetSound, balances found in my.PugetSound could differ slightly from how much money your entity actually has. Historically, this has lead to confusion resulting in overspent budgets.

To alleviate this issue, we are encouraging all ASUPS clubs, medias, and programmers to track their budget using a ledger. This is just an excel file that will allow you to record transactions that you’ve made on behalf of your ASUPS entity and then record when they have appeared in my.PugetSound.

ASUPS will make a copy of this ledger for every club via Google Sheets and share it between the Club’s President and Treasurer and the ASUPS President and Director of Business Services. If you don’t have access to a ledger via Google Sheets, please contact the Director of Business Services at asupsdbs@pugetsound.edu.

The ledger looks like this:

Date Description of Transaction

Appears correct in

PeopleSoft (Y/N)

Debit (-) Credit (+) Balance

Previous balance $500.00Bought a Candy bar Y $1.00 $499.00Bought 100 Candy Bars N $100.00 $399.00Sold 100 Candy Bars N $150.00 $549.00

Using the ledger is simple. For clubs with Annual Budgets begin by entering the beginning balance of your account –the amount in the section on your my.PugetSound financial summary labeled “Revenue Expense Budget Variance.” For clubs with Carryover Budgets, begin by entering the amount in the “Available Balance” column on your my.PugetSound financial summary. Then, any time you incur an expense, such as buying a candy bar, record the expense in the debit column of the ledger (the excel spreadsheet will automatically adjust your current balance). Whenever you generate revenue, such as selling candy bars, record that transaction on a new row of the ledger and record the amount as a credit (once again the balance will auto-populate). Periodically, login to my.PugetSound and, using the processes explained in the sections below, see which transactions show up online and adjust the “Appears correct in PeopleSoft” column accordingly.

Recording all expenses and revenues on your ledger and reconcile with my.PugetSound regularly will ensure that you always know the status of your account. If you find anything on my.PugetSound that appears to contradict what you have recorded on your ledger, please contact the ASUPS Director of Business Services at asupsdbs@pugetsound.edu.

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SECTION C – SPENDING YOUR BUDGET

1. DISBURSEMENTS

Disbursement forms are primarily used for two purposes. 1) Disbursements are used to reimburse club members for paying for out of pocket expenses. Money from that club’s budget is taken out and given to the club member through either issuing a check or cash (for amounts less than $50). 2) Disbursements can be used to pay bills (invoices, guest speakers, etc.).

The University of Puget Sound Disbursement Form looks like this:

**Clubs with P-Cards will only be able to submit disbursements under special circumstances (i.e. paying a guest speaker).**

Disbursement Guidelines Receipts for the expense must be attached to the disbursement (preferably taped to the back of the disbursement). Write clearly or use the Excel template posted on the ASUPS website. If you would like to be reimbursed for anything less than $50 the disbursement would be considered “petty cash” and when notified, you can pick up your money in the Office of Finance, located in Jones 018.

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*Attach a receipt

Who, what, when, where, why?

How much you’re paying or did pay

What you’re paying for

What type of Account (Outsourced Services, Meals, Lodging, etc.) will be a five-digit code)

Your clubs 6 digit speedchart

How the payment is to be receivedThe address of the person listed above

(CMB is okay)

The person who is being reimbursed

Who’s filling out the form?

To be considered complete, all coding and descriptions must be on the disbursement form, and it must be signed by two ASUPS executives for approval. Completed form can be turned in at the ASUPS office (Wheelock 210) for signing. Incomplete disbursements will not be processed. Clubs can come to the ASUPS office for assistance in filling out disbursement forms, but are responsible for ensuring all information is readily available for the Director of Business Services or Office Manager to view.

2. PROCUREMENT CARD (P-CARD) - WELLS FARGO CREDIT CARD

Procurement cards (P-Cards) at Puget Sound are used for university/club-related purchases. P-cards are VISA branded cards and are accepted wherever VISA is accepted. A portion of each approved club’s budget will be put onto a P-card and club leaders may spend those funds in accordance with the club’s mission. However, once you have spent your allotted amount you will no longer have funds to spend, unless the club raises funds or is granted an additional budget allocation by the ASUPS Senate.

Contact the ASUPS Director of Business Services if you feel a P-Card would be useful in administering your budget.

SECTION D – REVIEWING THE STATUS OF YOUR BUDGET

1. VIEWING YOUR BUDGET(S)

How to Access PeopleSoft Financial Tools via my.PugetSound You can access PS Financials tools from your desktop or laptop if you have Internet access. To access, logon to my.pugetsound.edu.

Once logged in you will see Financials in the menu on the left, as shown to the left. It is here where you will access your financial tools. Your access may vary from the screenshot on left, but your budget should be accessible through either Annual Budget, Carryover Projects, or Grants and Projects.

When you view your budget in PeopleSoft Financials, you are able to see how much money you have, how much money you have spent, and what you have spent money on.

Revenue Budget Amount club should raise to cover club expenses (non-ASUPS sources)Actual Revenue Money earned from non-ASUPS sources (dues, fundraising, etc)Expense Budget Amount club can spend (allotted to your club by ASUPS + amount that club will raise)Actual Expense Money your club has spentAvailable Budget Money your club currently has available for use

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Think of the budget as a bank account, with cash coming in and going out. One can never spend more than they have brought in or they overdraft their funds. Amounts allocated by ASUPS to a club, along with amounts the club expects to raise will be in loaded in the club’s ASUPS account as EXPENSE BUDGET – this is what you are authorized to spend. The REVENUE BUDGET is how much money, in addition to that allocated to the club by ASUPS, the club will need to raise to cover its total projected expenses. If a club does not bring in its projected REVENUE BUDGET it will then need to reduce its spending (ACTUAL EXPENSE) accordingly. If it brings in more revenue than budgeted, then it may request to increase spending by increasing their EXPENSE BUDGET accordingly.

If you have questions, please contact the ASUPS Director of Business Services.

These budget tools are private unless authorization is granted to view other club budgets. Please contact finance@pugetsound.edu to learn more about your permissions and granting this authority to others.

2. ANNUAL BUDGET, CARRYOVER PROJECTS, & GRANTS AND PROJECTS TOOLS

You can access your budget(s) via my.PugetSound using one of the following tools:

Annual BudgetCarryover ProjectsGrants and Projects

These tools are found under the financials tab in My.PugetSound and are generally provided to club Presidents and treasurers, media heads, and programmers. If you don’t have access to the financials tab and would like it, please contact the ASUPS Director of Business Services at asupsdbs@pugetsound.edu.

To access your budget, simply click into the Annual Budget tool and click “Search”. If you have access to a budget within that budget tool, data will appear (as seen below), if not, your search will return no results. Check all three tools to see what you have access to.

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Once here click on the magnifying glass below the column entitled “Financial Summary” to get detailed information. Each tool within PS Financials is slightly different but the concepts are the same.

From the detail page you can click on any hyperlink to get additional information on “Budget” or “Actual”.

For detailed training on further budget administration topics, please contact the ASUPS Director of Business Services at asupsdbs@pugetsound.edu.

Available features found within these budget tools are:

Hyperlinks to view your expense and revenue details online. Totals and detail for budget encumbrances (reservations or holds on your budget) and budget

variances (available or overspent budget amounts). A variety of options for sorting detail transactions displayed (examples: sort by date, document type

or number, description/vendor, amount, purchase order #, or invoice #). To do this, simply click on the column title.

The ability to add your own customized comments in the "Note" field for each detail transaction within the Detailed Transaction Activity-Expenses page. This field holds up to 100 characters.

The “Download” link located in the upper right hand side of most pages, which is used to export information to an Excel spreadsheet. If you wish to save the file as an Excel spreadsheet, use the web browser “File/Save As” command and save the file, selecting a “save as type” of Microsoft Excel Workbook.

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SECTION E – RAISING MONEY

1. FUNDRAISING

Throughout the academic year many clubs will conduct fundraisers. It is important to understand how to properly follow University procedure in order to ensure that your funds are quickly deposited into your club account.

All fundraisers must be approved through the Dean of Students office. The form below can be printed from the website or it can be picked up in the Dean of Students office located in Wheelock 208. Depending on the nature of your fundraiser you will be directed on how to proceed. Regardless, clubs must notify Abbie Lacsina, Director of Annual Giving (alacsina@pugetsound.edu) before engaging in any fundraising. You will be provided with information on procedures and other helpful information.

http://www.pugetsound.edu/files/resources/2140_Fundraising%20Request%20Form%20July%202013.pdf

Accepting checks as payment for club dues or other fundraisers? All checks should be made payable to the University of Puget Sound with the club name or the purpose of the donation written on the memo line. If goods and/or services are provided, the funds can be processed through the ASUPS office. So, if you have a bake sale, sell t-shirts, etc. funds can be deposited into your club’s account by filling out a deposit form with the assistance of the ASUPS Office Manager and submitting it to the Office of Finance. In the next section, you will find how to complete a deposit form.

2. DEPOSITS

Money earned in exchange for goods or services, as well as that paid for club dues is deposited into the club’s account using a deposit form. Please be sure to ask if you are not certain which Speedchart and account you should put on this form. Deposits can then be taken to the Office of Finance in Jones 018 for processing and further credit into your account.

University deposit forms can be found at http://www.pugetsound.edu/files/resources/peoplesoft-department-deposit-form-single-event-2.xlsx. and in the ASUPS Office.

For additional guidance for how to fill out the deposit form, please consult the following sheet or reach out the the ASUPS Director of Business Services at asupsdbs@pugetsound.edu

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SECTION F – FINAL NOTES

1. REQUESTING A CORRECTION (RECLASSIFICATION), TRANSFER, OR OTHER ADJUSTMENT

To request a correction (reclassification), transfer or other adjustment, please send an e-mail to the asupsdbs@pugetsound.edu email for assistance.

2. WHEN YOU HAVE QUESTIONS OR NEED MORE INFORMATION

ASUPS Website: visit our website at https://asups.pugetsound.edu, where you can find: Hours and locations for the ASUPS office & staff Funding request information The ASUPS Financial Code and related documents And much more!

Not sure who to contact? Please contact the ASUPS office at 253-879-3600 or by email at asups@pugetsound.edu.

Other resources provided by the ASUPS Office: The ASUPS executive team is happy to meet one-on-one with club leaders to answer questions and

provide additional guidance, as needed. In partnership with the Office of Finance, the ASUPS office provides periodic group training on

budget administration and P-card use. Please contact our office for details. Guidance with requests for additional funds Assistance with all P-Card maintenance related inquires

ASUPS Director of Business Services The ASUPS Director of Business Services is the liaison between ASUPS and Office of Finance. The ASUPS DBS can provide many resources to help you utilize your budget including:

Get access to the my.PugetSound financial tools Partnering in the purchasing of items via a P-Card Aide in the process of writing contracts for outside services Process disbursements Aide or assist in any additional financial matters.

You can contact the ASUPS Director of Business Services at asupsdbs@pugetsound.edu or at 253-879-3275

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