Financial Policies
AIESEC Duke
1996
Thomas Skerik Sowers II: LCP
Alexander Meyerhoff Hendler: VPF
Budgets
Each functional area must submit a monthly budget before requesting
any expenditures
Functional area budgets are due on the last Monday before
the last Sunday of every month
Late budgets will not be accepted under any circumstances
These budgets will be reviewed and modified by the VPF and
Officers of functional areas by Thursday
The budgets may be given to the VPF in the following ways:
By phone
By e-mail
By placing the budget in the VPFís box in the AIESEC
office
The VPF will bring the complete amalgamated AIESEC budget
to the Officers meeting
The budget will be available for review at this time.
Upon approval by the LCP and VPF, the budget will go into
effect
Functional area budgets may be modified during
the following month only with the written and/or e-mailed approval
of both the LCP and the VPF
A functional area without a budget will not be
eligible to receive AIESEC Duke Funds
Functional areas will not be allowed to exceed
their monthly budget expenditures by more than 5%
Any functional area exceeding this 5% overrun will receive
no additional funding in the month in which the overrun occurred
Any budget surplus will not be credited to the following monthís
budget. Budgets will change each month, pending the aforementioned
budgeting process.
Should a functional area not submit the required monthly budget,
the next month's budget will be identical to the previous month's
budget.
A request for a new budget after the start of the month must
be approved by both the LCP and VPF in writing and/or e-mail.
Verbal approval is not acceptable.
Any unbudgeted expense is considered a modification
of a functional area budget, and must be approved in writing and/or
e-mail by the LCP and the VPF
No other officers are permitted to approve out-of-budget
expenditures
Reimbursement
All requests for reimbursement must be accompanied
by a receipt and a signed and dated statement of the person requesting
reimbursement stating the purpose of the expenditure
Only the VPF may fill out check request forms
to the Office of University life
Should the VPF require reimbursement, only the LCP may sign
the Check Request form.
Should any AIESEC member besides the VPF or the LCP in the
case of reimbursement of the VPF be found to sign any check request
form, said member will be fined 110% of the amount requested.
This fine will go directly into the AIESEC account
Should this member sign another check request form within
six months, said member will be fined 200% of the amount appearing
on the second check request form.
Should a member sign a third check request form, the member
will be fined 200% of the amount appearing on the check request
form and be charged with forgery and larceny in accordance with
North Carolina State law and/or be reported to the Student Judiciary
Board.
Should a member sign more that one check request simultaneously,
said member will be penalized in accordance with the preceding
section (II.B.2.c.) of the Financial Policies.
Reimbursement will be allowed only if it falls
within the appropriate budget
Should the amount requested exceed the available budgeted
expenditures in the applicable functional area, the reimbursement
will only include the amount available in the applicable budget.
At no time will any reimbursement exceed a functional area's
budget
e.g., if a functional area has a $100 budget, and a reimbursement
request is put in for $110, only $100 will be reimbursed to the
requester.
Reimbursement requests must be turned in at least one week
before the reimbursement is required
The Office of University Life must process and mail all checks,
allow for at least a one week turnaround
Emergency reimbursements cannot be issued due to the Office
of University Life's policies
Additionally, AIESEC Duke holds no petty cash, and therefore
will not reimburse without going through the Office of University
Life.
This process is not intended to be difficult, it is merely
to ensure the security of AIESEC Duke's checking account and the
viability of AIESEC Duke's accounting records.
Income Statements
Income statements will be distributed to officers
at every officers' meeting
Identical statements will be placed in the Finance binder
in the AIESEC office at that time, as well as filed in the AIESEC
office and the VPF's dorm room. The VPF will keep a copy of this
statement either on paper or on disk on his person at all times
during the school week.
These statements will include a comparison of budgeted vs.
actual expenses and revenues as well as current status regarding
financial goals set at NC 1996
Amendments
These policies will be available for review at
a maximum of once per semester and only if there is enough interest
in amending the policies to do so.
75% of the Officer Corps exclusive of the LCP and the VPF
must show interest in changing the policies for the amendment
process to begin
to "show interest" those parties interested in changing
the Policies must either in writing or in e-mail simultaneously
notify the LCP and the VPF.
After said demonstration of interest, there will be a special
Financial Policies Review Board meeting, at which all interested
parties are required to attend.
should an interested party be unable to attend, written or
e-mailed notification to the LCP and the VPF must be received
at least 24 hours in advance of the Review Board Meeting.
At the Review Board Meeting, interested parties shall voice
their concerns with and/or suggest changes to the Financial Policies.
After the general Review Board Meeting, the LCP and the VPF
shall meet to discuss said concerns and/or suggested changes.
Any change made to the financial policies must be approved
by both the LCP and the VPF.
Should the LCP and the VPF disagree on changes to be made,
no changes shall be made.
Should the LCP and the VPF agree on any changes, those changes
will be made and all AIESEC-Duke members notified within 24 hours
of the Review Board meeting.
Should no changes be made, all AIESEC-Duke members will be
notified within 24 hours of the Review Board Meeting.
The decision of the LCP and the VPF regarding the Policies
is binding until the Policies are next eligible for amendment/revision.