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By Yiming Sun

Revised by Rahul Behal (20-21)

Revised by Rahul Atmanathan (21-22)

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Intro to EUS Finances

EUS FINANCIAL

TRAINING

2021-2022

​

Yiming Sun– McGill EUS

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Today’s Training

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1

GENERAL INTRODUCTION

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BUDGETING 101

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INTERNAL VS LIABILITY ACCOUNT

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INTERNAL ACCOUNT PROCEDURE

5

YAPSODY & FUNDS

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MEET THE TEAM

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Rahul Atmanathan

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Omar Abdelaziz

Saman Gholami

VP FINANCE

FUNDS

DIRECTOR

FINANCE DIRECTOR

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Isabella takes care of cheque reqs, internal transfers, deposits, governmental paperwork, etc. She knows our books and procedures by heart and a lot of things wouldn’t happen without her! She comes every week (or every 2 weeks) on Wednesday at the EUS Office. Any question you have should pass by myself or the Finance Director before going to Isabella!

EUS’ Bookkeeper and Accountant

ISABELLA

Since 1996!

ACCOUNTANT

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INTRO: EUS GROUPS AND THEIR DIFFERENCES

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COMMITTEES & SERVICES

CLUBS &

DESIGN TEAMS

DEPARTMENTAL SOCIETIES

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INTRO: EUS GROUPS AND THEIR DIFFERENCES

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COMMITTEES & SERVICES

Part of EUS operational budget, required to submit budget to EUS and subject to review.

(Does not have liability account)

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INTRO: EUS GROUPS AND THEIR DIFFERENCES

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2

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CLUBS &

DESIGN TEAMS

DEPARTMENTAL SOCIETIES

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Not part of EUS operational budget

EUS provides accounting services for you but it’s your money.

(Does have liability account)

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INTERNAL ACCOUNT�VS �LIABILITY ACCOUNT

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INTERNAL VS LIABILITY ACCOUNT

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INTERNAL ACCOUNT

LIABILITY ACCOUNT

Your actual account. Think about it as your safe. During the year, you are using EUS’s money and at the end of the year we take your annual internal account balance and apply it to your liability

Account where your operational transaction goes through. YOU START With 0.00$ balance at the beginning of every fiscal year.

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FINANCIAL PROCEDURES��PAY CLOSE ATTENTION�

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PROCEDURE: EUS BANKING AND ACCOUNTING

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RBC BANKING

GENERAL LEDGER

INTERNAL ACCOUNTS

EUS GROUPS

YOU

TRANSACTIONS DONE BY YOU

THROUGH ONE OF THE EUS GROUPS

ADDED TO YOUR INTERNAL REV & EXP ACCOUNTS

YEARLY BANK RECONCILIATION

GLOBAL BANK ACCOUNT(S)

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PROCEDURE: CHEQUE REQS

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HOW TO: CHEQUE REQS

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START

TRANSACTION

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AN EXPENSE HAS BEEN MADE FOR AN EVENT

OR YOU RECEIVE A LARGE INVOICE

REIMBURSEMENT

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FILL OUT A NEXONIA REPORT

PROOF OF PAYMENT**

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ADD A RECEIPT OR A CREDIT CARD STATEMENT

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HOW TO: CHEQUE REQS

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PROOF OF PAYMENT**

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ADD A RECEIPT OR A CREDIT CARD STATEMENT

A valid proof of payment is the CARD READER RECEIPT for all physical purchase and your credit card account statement SHOWING YOUR NAME AND LAST 4 DIGITS OF CREDIT CARD NUMBER for all online purchases. Make sure to submit confirmation email for online payment with the same name as the credit card holder.

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AN INVOICE IS NOT A PROOF OF PAYMENT. (an invoice is a notice of

payment FYI)

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PLEASE MAKE CLEAN CHEQUE REQS

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HOW TO: CHEQUE REQS

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PROCESSING

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APPROVAL BY THE VP FINANCE

CHEQUE EMISSION

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ISABELLA AND VP FINANCE DO SOME ACCOUNTING MAGIC

SUBMISSION

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DOUBLE CHECK YOUR INPUTS AND VERIFY WITH FINANCIAL GUIDEBOOK

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HOW TO: CHEQUE REQS

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FINAL LINE

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CHEQUE GETS MAILED OR HELD IN OFFICE

SIGNATURE

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THE PRESIDENT AND THE VPF SIGN THE CHEQUE

END

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HOW TO: CHEQUE REQS

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GENERAL WARNING:

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  • EUS only issues cheque in CAD

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  • TAX Codes must be visible on the invoice or proof of payment to get your tax money back

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  • You do not get tax money back on purchases from American retailers

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  • You do not get out-of-province provincial sales tax back (but you do get government sales tax back)

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​

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PROCEDURE: INTERNAL TRANSFER

I’D LIKE TO POINT OUT THAT I GOT ICED AT THIS MOMENT DURING THE MAKING OF THIS PPT. THUS, THE FOLLOWING CONTENT MIGHT BE LIT. - Sunny

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HOW TO: INTERNAL TRANSFER

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START

TRANSACTION

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ANOTHER EUS GROUP MADE A PURCHASE/EXPENSE FOR YOUR GROUP

TRANSFER

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FILL OUT A GREEN SLIP (IF IN PERSON)

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HOW TO: INTERNAL TRANSFER

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TRANSFER

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FILL OUT A GREEN SLIP

Correct way:

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EXP to EXP

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REV to REV

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Question what happens if one group collected the REV and the other group paid for the EXP?

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HOW TO: INTERNAL TRANSFER

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FINAL LINE

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ISABELLA DOES HER MAGIC

SIGNATURE

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VPF LOOKS AT THE GREEN SLIP

END

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PROCEDURE: DEPOSIT (IN PERSON)

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HOW TO: DEPOSIT

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START

TRANSACTION

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FILL UP THE SLIP WITH HARD CASH/CHEQUE

PAPER WORK

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FILL OUT THE DEPOSIT SLIP

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HOW TO: DEPOSIT

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PAPER WORK

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FILL OUT THE DEPOSIT SLIP

TAKE THE PINK COPY

TAKE THE PINK COPY

TAKE THE PINK COPY

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COME GET YOUR PINK COPY

COME GET YOUR PINK COPY

COME GET YoUR PiNk CoPy

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HOW TO: DEPOSIT

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FINAL LINE

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VPF AND ISABELLA DO THEIR MAGIC

MAKE THE DROP

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DROP IN THE DROP SAFE

END

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PROCEDURE: DEPOSIT (ONLINE)

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HOW TO: DEPOSIT

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START

PAPER WORK

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EMAIL VP FINANCE AMOUNT TO DEPOSIT AND SOURCE OF REVENUE

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HOW TO: DEPOSIT

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FINAL LINE

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VPF AND ISABELLA DO THEIR MAGIC

Transaction

SEND A CHEQUE TO THE EUS

END

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PROCEDURE: FLOAT REQUEST

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HOW TO: REQUEST FLOAT

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START

REQUEST

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FILL UP THE ONLINE REQUEST FORM 5 BUSINESS DAYS BEFORE YOUR FLOAT IS NEEDED

NOTIFICATION

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VPF RECEIVES EMAIL NOTIFICATION AND MAKES THE FLOAT FOR YOU

floats.mcgilleus.ca

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HOW TO: REQUEST FLOAT

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RETURN FLOAT

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RETURN THE EXACT FLOAT WITH THE SMALLEST BILLS THAT YOU HAVE (DROP SAFE) MAKE SURE TO INDICATE FLOAT

FLOAT PICK UP

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FLOAT WILL BE READY FOR YOU THE DAY THAT IT’S NEEDED

END

floats.mcgilleus.ca

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PROCEDURE: ACCOUNT PRINT-OUT REQUEST

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HOW TO: REQUEST ACCOUNT PRINT-OUT

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START

REQUEST

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Send me an email

NOTIFICATION

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VPF RECEIVES EMAIL NOTIFICATION

printouts.mcgilleus.ca

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HOW TO: REQUEST ACCOUNT PRINT-OUT

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PRINT OUT

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HOPEFULLY YOUR PRINT OUT WILL BE ON THE DRIVE WITHIN A WEEK

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NOTE THAT VPF DOES A BI-MONTHY PRINTOUT FOR ALL GROUPS

END

printouts.mcgilleus.ca

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HOW TO: READ ACCOUNT PRINT-OUT

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BUDGETING 101�budgets.mcgilleus.ca��

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BUDGET VS. INTERNAL RECORDS VS. EUS RECORDS

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    • Plan of expenditures and revenues for the year (your job)

BUDGET

    • Records of all expenditures and revenues made during the year (your job)

INTERNAL RECORDS

    • Records kept by the EUS from all the transactions made by all the EUS groups. Done by Isabella (EUS’s and your job)

EUS RECORDS

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COMMITTEES AND SERVICES

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  • You have to submit a budget to the Finance Director

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  • Your budget will be reviewed by BOG during the term budget review

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  • Ask your committee or service if you are going to add any new event or change an event significantly

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  • Services should strive to break-even

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  • Review last year’s budget and add a few % to all the values to adjust for inflation (food, beer and entertainment in general usually grow faster than the official inflation)

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  • Committees can run a deficit; this will be equal to the subsidy given by the EUS.

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  • Keep your expenses reasonable (limit food, retreat, etc.) & seek external revenues

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CLUBS & DESIGN TEAMS

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  • You don’t have to submit your budget to the Finance Director, but strongly recommended

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  • Budget is required to apply for funding and to get Club/DT status

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  • Your liability account balance should always be positive!

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DEPARTMENTS

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  • You don’t have to submit your budget to the Finance Director, but strongly recommended

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  • Your liability account balance should always be positive!

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  • You’ll be presenting a review of your finances once per semester, at EUS Council

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​

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TAXES

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TAXES

TAXES

TAXES

TAXES

TAXES

TAXES

COUGH DON’T BE LIKE MUS COUGH

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HOW TO BUDGET FOR TAXES

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  • SALES TAX IS A THING FOR ALL REVENUE

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  • ALWAYS BUDGET FOR NET REVENUE

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  • NEVER BUDGET FOR GROSS REVENUE

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  • Exception: If your event has no revenue and gives “free food”, you only get 50% of the taxes back.

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  • CHECK THE GUIDEBOOK FOR MORE INFORMATION

Yes

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BUDGET: ANNUAL LEVEL

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BUDGET: EVENT LEVEL

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BUDGET: TRANSACTION LEVEL

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TIPS AND RECOMMENDATION

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  • Do not add your previous fiscal year balance as an EXP or REV to your current year budget

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  • Again always budget for Net Revenue and for pre-taxed expenses

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  • Make sure that your numbers match

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  • Make good description/notes for each transaction

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  • Do not wait to input transactions in your budget. Do it as frequently as possible.

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WHEN TO VERIFY INTERNAL RECORDS

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EVERY 6 WEEKS

END OF SEMESTER

END OF THE YEAR

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NEGATIVE BALANCE =

GUARDIANSHIP

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(YOU OWE EUS MONEY)

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INVOICES & SPONSORSHIP

SPECIFICATIONS

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INVOICES:

�1. Billed to Engineering Undergraduate Society of McGill University!

2. Address must be:

3480 University Street, McConnell Building Room 7, Montreal, QC,

H3A 0E9

SPONSORSHIP:

�1. Invoice template available on EUS Wiki!

2. Message the VP Finance about the incoming cheque!

3. NOT taxable.

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HOW TO GET SPONSORSHIP

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See Pierre-Luc’s Presentation

CORPORATE RELATIONS

BE A SMART ASS

USE TAG WORDS

KNOW YOUR SPONSOR

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YAPSODY�&�FUNDS

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PROCEDURE: YAPSODY

ONLINE PAYMENTS

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HOW TO: YAPSODY

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START

REQUEST

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EMAIL finance.director@mcgilleus.ca with:

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  • Name of Event
  • Date of Event
  • Start Date of Ticket Sales
  • Emails that need access

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10 DAYS BEFORE YOU NEED IT.

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EVENT CREATION

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FINANCE DIRECTOR CREATES THE EVENT AND GIVES THE PEOPLE SPECIFIED IN THE EMAIL ACCESS

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HOW TO: YAPSODY

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SHARE EVENT LINK

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SELL OUT YOUR EVENTS !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

EDIT EVENT **

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CUSTOMIZE THE EVENT ON YAPSODY:

  • DESCRIPTION
  • PICTURE
  • TIME
  • TICKET PRICES:
    • TAXES!!!!!!
    • STRIPE FEES!!!!!!
    • YAPSODY FEES!!!!!!

INSTRUCTIONS FOUND AT https://wiki.mcgilleus.ca/Online_Payments

​

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END

FYI: YOU DO NOT HAVE THE PERMISSION TO REFUND TICKETS. IF A PARTICIPANT WOULD LIKE A REFUND FOR AN EVENT, EMAIL finance.director@mcgilleus.ca MAXIMUM 1 WEEK AFTER THE EVENT WITH THE NAME OF THE PARTICIPANT AND THE NAME OF THE EVENT.

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EUS FUNDS�Financial Funds vs. Academic Funds

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DTF, CF & SSF APPLICATION PROCESS

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~3 weeks into semester

Notified via Email

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APPLICATIONS RELEASED

~4-5 weeks into semester

Online Application Form

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SUBMISSION DEADLINE

~6-7 weeks into semester

Funding Committees Meet

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PROPOSAL PRESENTATIONS

4 minute proposal presentations and then Q+A. Committees then decide on allocation of funding

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GET FUNDED!

At least 2 weeks are given to submit funding application to the relevant funds. No late submissions are accepted

Email sent out to all relevant parties with application form and submission details for CF, DTF, and SSF

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DESIGN TEAM FUND OVERVIEW

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SUPPORT EUS DTs

Since 2007!

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Ensure design teams remain competitive, achieve their goals and expand the scope of engineering prowess at McGill

PURPOSE

EUS & DT EXECS

COMMITTEE

ONLINE SUBMISSION

APPLICATION

Required Documents

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Submit a written application, detailed budget, member list, sponsorship package, and PowerPoint presentation.

4+ Hrs of Good Times

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Team presentations, Q+A, design team status vote, review funding allocation, and vote on formula.

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CLUB FUND OVERVIEW

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SUPPORT EUS CLUBS

Since 2012!

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Allow engineering groups to continue to offer other learning opportunities for members that they cannot gain in class

PURPOSE

EUS EXECS & MEMBERS

COMMITTEE

ONLINE SUBMISSION

APPLICATION

Required Documents

​

Submit a written application, detailed budget, member list, and PowerPoint presentation.

Streamlined Process

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Time slots pre-assigned. Come and present for 4 minutes then Q+A

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STUDENT SPACE FUND OVERVIEW

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CAPITAL ACCOUNT

IMPROVE EUS SPACE

Space Additions

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Additions should enhance their enjoyment and/or function of the space and must be frequently accessible to a portion of EUS students

PURPOSE

ONLINE SUBISSION

APPLICATION

SHORT TERM ACCOUNT

ACCOUNTS

Typical Purchases

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General additions to spaces including furnishing of common rooms and other EUS spaces

Large Purchases

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More involved decision process. Example: EUS common room renovations

Required Documents

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Submit detailed budget and proposal description for each potential purchase

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DTF: TENTATIVE DATES

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SEPT

19

OCT

OCTOBER

5

Email sent out to all design teams with application form and submission details

APPLICATION RELEASED

No late submissions will be accepted

APPLICATION DUE

Proposal presentations, Q+A, etc. Committee then decide on allocation of funding

COMMITTEE MEETS

Weekend of

Week of

3

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CF: TENTATIVE DATES

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SEPT

19

OCT

OCTOBER

12

APPLICATION RELEASED

APPLICATION DUE

COMMITTEE MEETS

Weekend of

Week of

9

Email sent out to all clubs with application form and submission details

No late submissions will be accepted

Proposal presentations, Q+A, etc. Committee then decide on allocation of funding

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SSF: TENTATIVE DATES

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OCT

19

NOV

NOV

9

APPLICATION RELEASED

APPLICATION DUE

COMMITTEE MEETS

Week of

Week of

2

Email sent out to all student groups with application form and submission details

No late submissions will be accepted

Proposal presentations, Q+A, etc. Committee then decide on allocation of funding

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3. THE EXECUTIVE COMMITTEE REVIEWS YOUR APPLICATION

1. PREPARE A BUDGET, A DESCRIPTION, A LIST OF ATTENDEES, AND ITINERARY

4. SEND YOUR PEOPLE!

2. SEND AN EMAIL TO THE VICE PRESIDENT FINANCE

​

​

EUS Departmental Trips Fund (DTF)

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?

Questions?

floats.mcgilleus.ca

budgets.mcgilleus.ca

printouts.mcgilleus.ca

​

Yiming Sun– McGill EUS