Club Finance Workshop

Presented by Karen Castro and Acadia Knickerbocker

Estimated time: 1h 15

2026-2027

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The SSMU acknowledges that McGill University is situated on the traditional and unceded territory of the Anishinaabeg and Haudenosaunee nations.

�The SSMU recognizes and respects these nations as the true and constant custodians of the lands and waters on which we meet today.

�Further, the SSMU commits to and respects the traditional laws and customs of these territories.

Land acknowledgement

• Useful Contact Info
• Banking Resources
• Items
• RBC Express
• ACH Payments
• Interac Deposits
• Cheques
• Credit Cards
• Deposit Slips
• Finance Best Practices
• Funding Applications
• Audits

Agenda

Club Finance Workshop

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• Acadia Knickerbocker

VP Clubs and Services

studentlife@ssmu.ca

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• Karen Castro

Clubs & Services Finance Coordinator studentgroupfinance@ssmu.ca

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Useful Contacts

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• Jason Wang

VP Finance

finance@ssmu.ca

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Club Finance Workshop

Procedures & Resources

Club Finance Workshop

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Complete Banking Services Contract

At the beginning of each academic year, Signing Officers must complete the Banking Services Contract (BSC) Form: https://clubsportal.ssmu.ca/banking-services-contract/

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Bank Setup Process

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Notify CFSC and start the Soft Token setup process

After you have successfully logged into RBC express and have changed your password, email the CSFC to notify them and to start the Soft Token setup process.

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Club Finance Workshop

Register for RBC Express

After the BSC is completed, the Clubs & Services Finance Coordinator (CSFC) sends Signing Officers their RBC Express registration instructions and temporary password.

The temporary password will expire in 8 days

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First Time Signing In:

Log in WITHOUT

using the Token Number!

Club Finance Workshop

Scroll to access RBC Express

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Code & Instructions Sent by Email

The CSFC will send the verification code and the Soft Token Setup Manual to the Signing Officers.

SAVE THIS CODE! IT WILL BE NEEDED FOR THE LAST STEP!

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Wait for Bank Approval

The CSFC will work with RBC to approve the soft-token request.

⏳This may take a few days during busy periods. CHECK YOUR EMAIL FREQUENTLY!

Virtual Soft Token Setup

Approval Email

Once the request is approved, the CSFC will email the Signing Officers with instructions to finalize the Soft Token setup.

TIME SENSITIVE!

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Complete the Setup Within 48 Hours

⚠️ The verification code is only valid for 48 hours. Once you receive the approval email, complete the setup IMMEDIATELY by following the instructions in the Soft Token Setup Manual.

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✅ You are now fully set up!

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Club Finance Workshop

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• Virtual Soft Tokens

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clubsportal.ssmu.ca/banking-services-contract/

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• Cheque Book (upon request)

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clubsportal.ssmu.ca/banking-resource-order-form/

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• Deposit Slips (upon request)

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clubsportal.ssmu.ca/banking-resource-order-form/

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Banking Items

• Credit Card

(upon request with certain conditions)

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clubsportal.ssmu.ca/credit-card-request-form/

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• E-Transfer Auto-Deposit

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clubsportal.ssmu.ca/interac-deposit-form/

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• ACH (Automatic Clearing House)

or Direct Deposit payment allows for online payments into and out of your club’s bank account.

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• To make an ACH payment, you need the following info from the recipient:

A Transit/Branch number (5 digits)

An Institution number (3 digits)

An Account number (7-12 digits)

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You can get this information by either asking for each number individually or asking for a void cheque online or at the bank

ACH Payments

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1. Select Payment, Transfers and Deposits from the top menu bar
2. Select Payment Manager from the left-hand menu
3. Select Create a Single Payment
4. Fill in the required fields and your recipient’s bank information
1. Customer numbers need to be unique, but you can create any system you like for their format

Eg. You could set McGill University’s customer number as MCG001

• When you finish the required information and press submit, you will be prompted to enter your soft token number.
• Your second signing officer will receive notification that they need to approve this payment. This can be done under the payment manager tab.

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Making a One-Time ACH Transfer

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Club Finance Workshop

youtube.com/watch?v=qyGbNyqKxrsMaking a One-Time ACH Transfer

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Create vs. Approve vs. Release

Club Finance Workshop

• Enter the 6 digit code on the screen whenever you make/release a new ACH payment (change every minute)
• Make sure you have the right app!

Virtual Soft Tokens

Club Finance Workshop

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• Interac E-Transfer Autodeposits allow external entities to deposit money into your Club’s bank account.
• Clubs may apply to have this feature included with their Club’s bank account. The form can be found on the Clubs Portal. clubsportal.ssmu.ca/interac-deposit-form/

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NOTE: We do not support E-Transfer out of the Club bank accounts

Interac E-Transfer Autodeposit

Important

Mandatory sponsorship forms must still be completed before accepting deposits from sponsors.

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• Every club may request a Cheque Book with their account

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• A cheque gives the recipient’s bank permission to debit your account to the amount written on the cheque

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• Less secure and slower than ACH as it is on paper

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Cheques

Club Finance Workshop

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• Strike through any space to write that you do not need to prevent your cheque from being modified
• Check your club bank account balance before you write a cheque to make sure that you don’t risk overdrawing your account

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Cheques Best Practices

Club Finance Workshop

• Ensure that you are using your club’s own chequebook! All club cheques look exactly the same except for the account number.
• If you make a mistake writing a cheque, and cannot use it, make sure to destroy the cheque entirely.

Need more Cheques or Deposit Slips?

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• Used to deposit cash and cheques at RBC Branches
• Tellers will usually give you a copy for your records, keep this is a safe place just in case you need it for reference or during the audit!

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Deposit Slips

Total amount to be deposited

Cash

Cheques, foreign cash

Order them online at: https://clubsportal.ssmu.ca/banking-resource-order-form/

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Credit Cards can be requested at the link below: clubsportal.ssmu.ca/credit-card-request-form/

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• Only request a Credit Card if your club requires one.
• Each Club is eligible for maximum one credit card.
• The cardholder must be a Signing Officer.
• The Credit Card has a $500 credit limit and cannot be increased.

Credit Cards

• The balance is automatically paid from the club's bank account.
• To be eligible for a credit card, the club must maintain a minimum monthly bank account balance of $1,500 throughout the entire year.
• The Club must keep all original, itemized receipts for purchases made with the credit card and submit them for the Club audits.
• Credit card requests must be submitted by November 1.

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• Keep all original documentation, receipts, deposit slips in the same place.

Not only will this help you with understanding your club’s annual spending patterns, it will also save you the time of looking for everything during the Audit

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• Fill out the Club Audit Tracker Template as you go

Instead of recording all your expenses all at once at the end of each semester, record each and every transaction as it happens.

Best Practices for Signing Officers

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• Check your club account balance and credit balance frequently.

If you notice any unusual activity, please contact studentgroupfinance@ssmu.ca and studentlife@ssmu.ca as soon as possible.

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• Keep your cheque books and deposit slips somewhere safe

Lost Cheque Books and deposit slips cannot be replaced on a case-by-case basis. You will have to wait until a bulk order is made.

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Club Finance Workshop

Funding Applications

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• SSMU offers various funding opportunities for student groups
• Everyone can apply for funding.
• The only exception is the Club Fund, which only Full-Status Clubs may receive.
• Funding can be used to support events, operations, competitions attended by clubs etc, depending on the Fund
• Review the Funding Guidebook for the description of Fund!
• All funding is done through a single application available at ssmu.ca/resources/funding

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SSMU Funding

If you’re not sure what fund to apply for, or have any questions about the application, email the VP Finance at finance@ssmu.ca

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A funding application may be retroactive (within the same fiscal year) or proactive. Each application must provide:

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• Details of the event being funded and how it fits the mandate of the fund
• An annual budget for your group, as well as a budget for the event itself
• Quotes (for proactive applications) or Receipts (for retroactive applications) as proof of the event budget expenses
• Complete criteria will be available in the Funding Guidebook once the application is launched

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Funding Applications and Timelines

The Funding Committee meets once a week. A typical application from submission to receipt of funds takes between 3 and 6 weeks.

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Club Finance Workshop

NOTE: Funding process is currently under rework, changes may happen. Read the Funding Guidebook once it is updated.

Contracts, Sponsorship

and Alcohol

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• Clubs are NOT separate legal entities. As such they may not sign agreements with third parties. These agreements must be signed by the SSMU on behalf of your club. Signing contracts when you are not the signing authority is fraud, which is a federal crime.

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• Alcohol may not be purchased using a club bank account UNLESS it is at a venue with a valid CSP permit for an approved event, or other arrangements have been made with the SSMU to apply for a CAD permit.

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Recap of Sponsorship, Contracts and Alcohol

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• Venue bookings and sponsorship contracts MUST be reviewed and signed by the SSMU. This is to ensure that events have the proper insurance, and your club’s sponsorship contracts do not conflict with contracts signed by other clubs or the SSMU itself.

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• Notice is key!

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ssmu.wufoo.com/forms/declaration-of-events-activities-form-20262027

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ssmu.wufoo.com/forms/student-group-sponsorship-declaration-form-20267

Club Finance Workshop

Questions?

Club Finance Workshop

Student Group Audits

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The 5 Ws

Club Finance Workshop: Audits

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What’s included?

Club Finance Workshop: Audits

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Transaction List

Club Finance Workshop: Audits

• You must use the Club Audit Tracker Template.
• Download the transaction file and rename ‘xxx000’ with your CLU or ATH Number
• Go to the ‘Executive Names’ tab and add all of your executives’ information
• Enter your transactions in the ‘Transaction List’ tab
• The sheet should automatically calculate who has been reimbursed, the frequency, and the amount reimbursed in the ‘Executives Names’ tab. You can check this with executives to confirm.

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Transaction List

Club Finance Workshop: Audits

• Make sure you do not leave any cells in a row blank
• Provide as much detail in the ‘Description’ as possible
• Date should be in mm/dd/yyyy format
• If there are multiple people reimbursed for the same event, list them separately and how much each was reimbursed for
• If there is one person reimbursed for multiple events, list each purchase separately and conduct individual reimbursements for each event
• Do not modify the transaction list format, rows, or cells
• Do not include bank fees in the transaction list form

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Transaction List: Last Tips

Club Finance Workshop: Audits

• The Transaction List will detail your revenues & expenses chronologically. All transactions should be taken from RBC bank statements. Bank statements must be attached as well
• Every line item on the list must be supported by an approved piece of documentation (full itemized receipts, invoices with attached credit card statements, and deposit slips)
• Photos are generally allowed, but you are responsible for legibility
• Photos of cheques, cheque copies/stubs do not count
• List any deposits made during the year as well

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Example of Executives Name Tab

Club Finance Workshop: Audits

Examples:

Bank Statements and Transaction Lists

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How to Access Bank Statements

Club Finance Workshop: Audits

Documentation

Processes & Tips

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Documentation Processes

Club Finance Workshop: Audits

• Merge all of your supporting documents into one PDF. All documents must be scanned clearly.
• There are many different free programs for this. We do not personally endorse any in particular, but searching ‘merge pdf’ will give you several options.
• Label your receipts in your PDF file so they can be matched to your Transaction List. Make sure they are in chronological order based on the Transaction List

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Types of Documentation:

Club Finance Workshop: Audits

Expenses

• All expenses should have a full itemized receipt or invoice
• If the invoice was paid for by an executive who was then reimbursed from the club bank account, you will need their bank statement as well
• Bank statements should include the executive’s name, the last four digits of their bank account, and the relevant transaction - everything else can and should be blacked out
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Types of Documentation:

Club Finance Workshop: Audits

Expenses (cont.)

• Payment vouchers are not considered full receipts
• All donations must have donation receipts
• All online orders should have full receipts or invoices with attached credit card statements as proof of payment
• Do not purchase from platforms that do not provide receipts (e.g., Facebook Marketplace)

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Types of Documentation:

Club Finance Workshop: Audits

Revenues

• You should keep and include all deposit slips in your documentation (see the Club Finance Slides for details)
• Ticket Sales (Showpass)
• Keep a spreadsheet with the amount, name and contact information for each ticket
• Provide a list of transactions from the online ticketing platform, if used
• Provide confirmation emails sent to all participants

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Tips for Documentation

Club Finance Workshop: Audits

• Your reference number must match with what is labeled on your supporting documents PDF
• Failure to comply will result in a deduction of compliance points
• Do not mix personal purchases with club purchases
• Clubs are not allowed to ‘cross out’ items on receipts
• Keep your club expenses separate
• Reimbursements should be rejected by the club’s VP Finance if there is not adequate or appropriate documentation
• You must have some documentation for all transactions

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Tips for Documentation

Club Finance Workshop: Audits

• You should not have problems uploading the documents into the form
• If the form says files are too large, please email studentgroupfinance@ssmu.ca and we will investigate your issue.
• Documentation should include deposit slips (and proof of event, if available)
• We need proof that the event happened and the correct person was paid
• This is especially important for clubs that are/have been sanction in previous terms.

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Tips for Documentation

Club Finance Workshop: Audits

• If you do not have enough money in your bank account to reimburse an executive, record the amount as payable on the day of the audit, and pay them back when you have enough money.
• If you are reimbursing an executive in a different month than the purchase was made in (e.g., reimbursing in October for a purchase in September), you can record the transaction as when it was actually reimbursed
• If the expenses are made during the Fall audit but reimbursed during the Winter audit, you need to include them in the Winter audit, and vice versa

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Disclosures

Club Finance Workshop: Audits

• You must disclose all information that pertains to:
• Related party transactions
• Operating/Accounting errors (losses, uncertainty, or inaccuracy)
• Any other relevant information
• The club’s VP Finance (or delegated executive) is accountable for providing all of this information in full, without errors
• Any event or accounting practices that may be unclear to someone unfamiliar with your club should be disclosed

Evaluating the Audit

Completeness, Compliance, Accuracy

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Assessment Factors

Club Finance Workshop: Audits

Each category is scored out of 5 points. An average of 4 or above is a pass, anything below 4 is a fail

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Completeness

Club Finance Workshop: Audits

• Documentation
• All transactions have adequate documentation, including club bank account statements, full itemized receipts, invoices, and deposit slips, where appropriate
• Auditor Requests
• Respond to all requests from the auditor in a timely and efficient manner

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• Transaction List
• All lines and columns are complete on the Transaction List. Each line has an event number and name, nothing is left blank, and descriptions are detailed
• All transactions from the bank statement are included in the Transaction List (May-Dec for Fall Audit, Jan-Apr for Winter Audit)

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Compliance

Club Finance Workshop: Audits

• Audit Rules
• All executives have been reimbursed by either ACH Transfer or Cheque
• Clubs have less than $100 on hand, and deposits are made in a timely manner
• Do not save cash accumulated at an event (e.g., ticket sales) to pay a vendor later - this must be deposited

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• SSMU Rules
• Event Declarations: all events that are off-campus, involve alcohol, or require a contract, must be submitted through the Event Declaration Form
• All alcohol must be purchased and consumed at a licensed bar or through SSMU
• All contracts must be signed by SSMU signing authorities, as clubs are not independent legal entities
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Accuracy

Club Finance Workshop: Audits

• Legitimate and Accurate Records
• All documentation matches the transaction list and is in the correct order.
• All transactions from the bank statements must be included in the audit (see Completeness).
• Starting amount in your bank account and cash box must be aligned with the closing amount.

• Disclosures
• All financial irregularities, sanctions, parties, and accounting errors are disclosed.

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Thank you!