CHIEF FINANCIAL OFFICERS
Will Van Vliet
The CORE Fund is a fund generated from an optional student fee that is designed to be spent on initiatives that result in the betterment of the lives of Commerce students or enhance the society’s value offering.
The 2019-20 CORE Fund will be open for applications soon. We encourage you to consult Monetary Policy Section 2 to see if your request will qualify.
An internal executive is an association, commission, or other ComSoc-ratified group that is not an external conference or competition. Your treasurers are your first point of contact. Common procedures and FAQs can be found below.
All sales revenue for events and other initiatives listed on the executive’s operating budget must be collected through the ComSoc Shop (for online sales) or through Square Readers (for in-person sales). CheddarUp, other third-party ticketing/money collection services, and cash may not be used.
Training has been provided to all co-chairs on the use of ComSoc Shop. For information regarding Square Readers, contact your ComSoc Treasurer.
Requests from sponsors for sponsorship invoices should be directed to your ComSoc Treasurer, who will provide you with an invoice to send to your sponsor. This invoice will include ComSoc’s banking information for direct deposit and instructions for alternate payment methods. By tracking outgoing sponsorship invoices, ComSoc can ensure that incoming sponsorship revenue is properly allocated to your executive.
Sponsors can pay for sponsorship by direct deposit/EFT (preferred) or by cheque. Any cheques received should be provided to your Treasurer or placed in the ComSoc CFO mailbox (located in LL226) as soon as possible.
Students who pay out of pocket for approved expenses on the executive’s operating budget will be reimbursed. The student must obtain sufficient documentation for the expense, including a receipt showing what was purchased and a receipt/bank statement showing that payment was made. Reimbursement requests can be made on the ComSoc Shop. Once a request is submitted, it must be approved by the executive’s cochair before it will be paid by the finance team.
Executives that receive an invoice from a supplier can submit a cheque request to have the invoice paid. Requests are submitted on the ComSoc Shop and must include a copy of the invoice. Once a request is submitted, it must be approved by the executive’s cochair in order for the cheque to be issued.
In special cases, a ComSoc credit card can be used to pay for large expenses that would be an unfair burden for a student paying out of pocket. Please contact your executive’s ComSoc Treasurer to learn more.
Industry Associations, Marketing, Social Initiatives, and Outreach
Professional Development and Student Life
SG&A (ComSoc Assembly) and Commissioners
Please follow the expense process outlined below.
Delegate fees must be collected via a SmithIT webform. Reach out to the Smith Finance Office and SmithIT to have this set up. Remember that 13% of your income is taxed, so be sure to set your delegate fees accordingly.
Conferences should not use ComSoc Shop for delegate fees, but may use it for other events that are free of charge.
Sponsorship can be received by cheque or by EFT. If the sponsor is paying by cheque, please ensure that the cheque payee is the official name of the conference. If an EFT payment is requested, please send a copy of the sponsorship invoice and the name and contact information of your sponsor to the Smith Finance Office – they will contact your sponsor directly to arrange the deposit.
Timing loans will be issued to conferences who do not have a sufficient account balance from the prior year and must pay expenses before delegate/sponsorship revenue is received.
If a conference ends the year in a deficit position, a loan may be issued to clear the deficit. Note that this has detrimental effects on a conference’s status within ComSoc; please consult ComSoc policy for more details.
If a loan of any kind is required, please contact your Treasurer as soon as possible.
*Note: See the “Travel Expense/Advance” form
YOUR SMITH FINANCE CONTACT
Smith Finance Office