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Section 11: Finances
Financial Information
Accounts
All Recognized Organizations have a budget account with the University. LIU Promise overseesthe account and its policies.
Please note that it is the responsibility of the organization to keep accurate records of allfinancesandshare themwiththeorganizationadvisor andnewlyelectedexecutiveboard.
Depositing Money
All student organizations MUST deposit all raised funds into an organization’s account within 48 hours. Deposit money with LIU Promise. All transactions need two (2) club memberspresent to sign a club deposit form to complete the transaction.
Prizes
Student Organizations can use their budgets to give away prizes at virtual and campus events. An organization can only spend 60% of their allocated budget on prizes. There is no limit to prizes bought with funds raised by an organization. Virtual gift cards must come from online vendors so Promise can verify the winner and send the gift card totheir LIU email.
There are two forms involved in this process. The Prize Request Form is designed for student organizations to report to the LIU Promise 24 hours after their event who won their prizes. This form is public and processed by LIU Promise. The Prize Recipient Formis designed for the actual prize winner to confirm and accept their prize. This form is not public,it should be sent to the prize winner by the organization once LIU Promise approvesthe Prize Request Form.
It is the organization's responsibility to get the prize to the winner. LIU Promise can assist inmailing, however, the organization must have all the details and paperwork (labels, postage,etc.) and provide them to LIU Promise prior to mailing.
Prize Request Process for Student Organizations:
• Request spending in your Event Registration form. Be sure to use the Prizes Tag! • Once LIU Promise approves your event and budget, you can beginadvertising the prizes at your event. • At your event, collect the prize winner name, email, and ID numbers. Tell your winnersthat your organization will email them a Prize Recipient Form and that the process cantakeabout2-3weeksto processtheirwin. • All prize recipients must be current LIU students • Submit the Prize Request Form within 24 hours after your event. One Prize Request Form is required for each prize recipient • LIU Promise will confirm that the winner is currently registered and willapprove the Prize Request Form and contact the requesting organization. Updated August 2022 Page 50
• The requesting organization then sends the Prize Verification form to the student tocomplete. • Browse, Bookstore and other off-campus sites (Amazon, Target, BestBuy, etc.) prizes must be coordinated in advance with LIU Promise. Browse and the Bookstoreare able to ship prizes but shipping costs come out of the organization budget.
Budget & Allocation Guidelines
All student organizations, excluding fraternities and sororities, are entitled to request an annual budget for the academic year from the Student Government Association. LIU Promise and the SGA govern the budget and allocation process. Only Recognized Organizations are eligible to receive allocations. Recognized Organizations will receive a Budget Request Form, known as a Budget Kit (see important documents section for example) from Promise before the beginning ofthe semester. Once submitted, LIU Promise forwards these Budget Kits to SGA. SGA evaluates and allocates funds to organizations based solely on what is submitted in the Budget Kit. Any additional funds earned through Pillars of Excellence are allocated by LIU Promise prior to the first week of classes.
• Student organizations must be in good standing with both the SGA and LIU Promise to request allocated funds for the next academic year. • All organizations must be open to the entire campus community and programmingtowards their mission to receive allocated funds from the SGA. • Submit the online Budget Kits online via the link provided by LIU Promise) by theassigned deadline.
There will be no consideration for submissions after the final deadline. • New Student Organizations cannot submit a Budget Allocation Request for their establishing year.
Instead, New Student Organizations must wait until the following spring semester to request a budget. This will be done via a budget kit as mentioned above.
Allocations for the following year will be based on: • Responsible use of current budget; • Fundraising; • History of events; • Itemized budget; • Future plans for current budget; and, • Current standing with LIU Promise, SGA, and theUniversity
Expense Guidelines:
• All programs must be open to the entire LIU student community. • Student organizations may not use their budget to fund departmental or Universityevents. Any reimbursements for departmental or University events will not be accepted. • The organization president and advisor must authorize all expenditures. LIU Promise must give final approval for all expenditures. No orders or purchases should take placewithout first consulting LIU
Promise. • Student Organizations may transfer funds to other accounts through completing theproper paperwork with LIU Promise.
• Use the Tax-Exempt Form when making purchases off-campus. Student Organizations will be responsible for reimbursing the University for any taxes paid. TaxExempt Forms are available in the
LIU Promise office. • Student Organizations may not use budgets to pay members of an organization, issueany loans, scholarships, or any other form of income. • LIU Promise must authorize any negotiations of contracts for food and services. Students are not able to represent the University and therefore are notauthorized to enter into contracts with any outside agency or individual. Any suchunauthorized contracts will be considered null and void. • SGA will not allocate funds for events or programs that fall outside theprogramming dates established by LIU Promise. • Any item that you wish to request funding for MUST have a corresponding quote.Quotes can be in the form of web page printouts, receipts, or e-mails. Ensure all quotes are itemized. • Student organizations may not use allocated funds to sponsor any off-campusmeals or events unless approved by LIU Promise. • Cost of drapes or banners may not exceed $200 or 20% of organizations allocatedbudget. Submit all items to LIU Promise for approval by the LIU Marketing Department.
Budgets are NOT for the following:
• Events hosted by a University department; • Off-campus banquets or dinners; • Items for the personal benefit of individuals, student organizations, or private corporations (i.e. tuition remission, club member salaries, personalized clothing, etc.); • Supporting religious or charitable organizations. Donations to charitable organizationscan only be from fundraised money; • Personalized or individual apparel items; • Any activity contrary to local, state, or federal regulations or laws or University policies; • National fees or dues for personal membership; • Off-campus meals or other social outings for organization officers and members; and, • Publications, unless part of the organization’s mission.
Promotional items and apparel
• LIU Promise must approve all promotional items prior to ordering. • All items purchased should appeal to the entire LIU student population. • Allocated funds are not for personalized or individual apparel items. Organizations canpurchase apparel that will be sold/given to the general student body. • No more than 20% of budget allocation can be used to purchase promotional items and apparel
Income/Fundraising
• Student organizations must deposit all raised funds into their respective Universityaccount through
LIU Promise within 48 hours of receiving funds. • All remaining account balances are returned to the SGA at the end of the academic year.
General Account Policies
• Student organizations may not purchase items prior to the first day of classeseach semester.
• Student organizations may not purchase items after the last day of classes eachsemester. • Organizations are responsible for maintaining appropriate financial documents andrecords. • Student organizations must submit a copy of the event flyer alongside financial paperwork to receive funding, including reimbursement, for student organizationevents/meetings. • The student organization president, an executive officer, or the campus advisor mustsubmit all financial paperwork to LIU Promise. • Proper paperwork and original vendor invoices are required to process checks. Checks typically take three (3) weeks to process. • All financial policies apply to reimbursements. • LIU Promise policies govern all funds, including allocated and fundraised funds. • LIU Promise conducts periodic audits of all organization accounts.
