Student Accounts distributes fees by cheque to the society according to the MOA dates. The Associate Director, Student Accounts will send your society an email, notifying that your cheque is ready for pick-up.
There are four disbursement dates: two in the fall, one in the winter, and a final one after all adjustments in June. If the amount owed to the society is very small, the amount will be carried forward to the next disbursement. If there is a balance owing back to the University, Student Accounts will evaluate whether to carry the debit balance forward to the next disbursement or to request a cheque from the student society.
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.
Trust Funds
A trust fund is set up for your society fees. It consists 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, the annual administrative fee as defined in your MOA.
All Student Associations may obtain their financial reports through Minerva on a regularly scheduled basis. A user has access only to their own trust funds on Minerva.
Student Accounts will need to know who will be the person entrusted with accessing financial reports. An email is sent at the beginning of the year (sometime in July/August) describing the requirements for access. The authorization form can be found online.
Monthly reports are delivered on Minerva as per your MOA, which states that the University is obligated to provide you with statements.
The auditors of a student society will need to confirm independently with the University the balances at year-end in the society's accounts. The VP Finance of the society should authorize the release of this information to auditors, either by signing the letter drafted by your auditor for this purpose or through an email to the Director, Student Accounts.