Financial Policies

The following policies are in place to ensure the integrity of each organization's finances. Groups who fail to abide by these policies risk jeopardizing their good standing as a Marshall graduate student organization.

Budget

The president, financial officer and board members should develop a club budget after leadership transition based on budget requirements from past years and events planned. The budget should be shared with the club membership.

Year End Bank Account Balances

Outgoing presidents should share end of the year bank account balances with incoming presidents. Incoming presidents must submit their group's bank account balance to the incoming MGSA VP Finance, at MGSA.FT.VPFinance@marshall.usc.edu by April 27. Groups who fail to report their bank account balance risk jeopardizing their good standing as a Marshall graduate student organization.

1-Year/2-Year Membership Dues Balance

Clubs will cap the cost of 1-year memberships to no more than 70% of the cost of 2-year memberships to encourage club exploration for prospective members.

Dues Spend Transparency for Prospective Members

Clubs will share their projected dues expenditure information with prospective club members in the Orientation Club Booklet and at the Fall Club Fair (template provided).

Beginning of the Year Bank Account Balances

Once the student organization membership push is over (two weeks after the Club Fair), and dues have been collected and transferred via Campus Groups and PayPal, you are required to report your group's bank account balance to the MGSA VP Finance at MGSA.FT.VPFinance@marshall.usc.edu by October 15.

Club Spending Reports

Club leaders will share dues spending reports with club members, MGSA and the Program Ofice every other month (template provided). Spending reports due on or before the 10th day of September, November, January, March and May.

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Best Practices and Recommendations

Additionally, the following best practices should be carefully considered by each club and implemented where applicable, in order to provide continued transparency and ensure healthy club financial status.

1. Pre-Approval of Club Expenses - Any expense over $500 should require a majority of the board's approval. Board-specific expenses and events exceeding $5,000 should be pre-approved by member majority and/or primary staff liaison. Votes may be conducted by email.

2. Spring Semester Membership Fees - Clubs can consider spring semester membership fees for students who didn't join in the fall.

3. Reimbursement Process- if you or another club representative plan on being reimbursed by your organization through membership dues or other money collected, reimbursement policies and procedures should be clearly outlined so there is a standard process and members know what can and can't be reimbursed.

• The organization should have a standard reimbursement form to fill out (an sample reimbursement form or you may create your own).
• Reimbursement forms should be accompanied by original, itemized receipts. It is not recommended that you accept credit card slips on their own, since these receipts do not provide you with a breakdown of the costs incurred.

4. Dues Refund Policy - Create a club-specific dues refund policy. Examples include:

• Refund requests accepted within 30 days of joining
• Refund requests accepted within 7 days of a club's kick-off meeting
• Refund requests accepted within 7 days of a club's first large event