Distribution of Funds
Student Accounts prepares a cheque according to the MOA dates. The Supervisor of the Student Accounts Office will send an email notifying you that your cheque is ready for pick-up.
There are 4 disbursement dates: 2 in the Fall, 1 in the Winter, and a final amount after all adjustments in June (If the amount owed to the society is very small, the amount will be carried forward to the Fall term disbursement.)
A member of the executive, or a paid employee of the society with proper identification, must pick up the cheque and sign to acknowledge receipt.
A trust fund is set up for your society fees. It will consist of:
- Revenues – Student fee revenues, possibly segregated by activity if there is more than one fee.
- Expenses – Cheques issued to society, bad debt expenses, transfers to other funds within society “group” to balance funds
We have provided the facility to access Minerva reports to obtain the financial reports on a regularly scheduled basis.
- A user has rights to see only their trust funds.
- We will need to know who will be the person entrusted with accessing financial reports. An email is sent at the beginning of the year (some time in July/August) describing the requirements for access.
- The authorization form can be found online here.
Monthly reports are on Minerva as per the Memorandum of Agreement which states that the University is obligated to provide you with statements
Trust fund components:
- Beginning Balance $-2,000
- Society fees revenues $ -30,000
- Cheque issued Sept 15 32,000
- Total Fund Balance as at Sept 15th $0.0