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10 - Financial Policies

10.1 Budget

10.1.1 Description

The EUS Budget shall be the guiding document for the Societies’ spending and direct the Executive on the priorities of the Society.

10.1.2 General

  1. 1.
    The EUS VP Finance shall be responsible for the creation and monitoring of the EUS Budget as outlined in Executive Officer Duties Section 5.1.6.
  2. 2.
    The EUS Budget can only be amended by the EUS Board of Governors through the procedure described in Section 10.1.4.
  3. 3.
    Executive Officers shall be responsible for the creation of break-out budgets at the beginning of their terms, and updating the actuals of said budgets throughout the year for a display to the Board at the end of their term.

10.1.3 Timeline

  1. 1.
    The EUS VP Finance shall create the incoming budget during the Summer Term for approval by the deadline set by the AMS.
  2. 2.
    The EUS Board shall meet a minimum of once prior to the deadline set by the AMS to approve the incoming budget. The approval authorizes the Executive to make necessary expenditures outlined in the budget without further approval.
  3. 3.
    The EUS VP Finance shall present updated numbers to the Board as outlined in Executive Officer Duties Section 5.1.6.
  4. 4.
    Allocation of EUS Funds must follow the procedures outlined in the EUS Funds Policy Section 10.3.
  5. 5.
    The EUS VP Finance shall present a summary of the budget and final numbers at the EUS Annual Council Transition Meeting.

10.1.4 Modification

  1. 1.
    Any modifications to the EUS budget after the summer approval shall be reviewed by the EUS Finance Committee prior to consideration by the Board.
    1. 1.
      If it can be reasonably anticipated the actuals for a budget line will vary more than 20% of the budgeted amount or $500, a budget modification motion shall be brought to the Finance Committee by the Executive responsible for overseeing said budget line.
    2. 2.
      If a budget line is within 20% or $500, a budget modification is not mandated.
  2. 2.
    The review and conclusions of the budget modification by the Finance Committee shall accompany the budget modification motion as it appears before the Board.
  3. 3.
    The EUS budget may only be modified by a 2/3rds approval vote by the EUS Board of Governors.

10.2 Club Funding

The EUS provides recognized program clubs with access to yearly funding. Each program is guaranteed base funding, while event funding and performance funding require club's meet certain criteria for funding.

10.2.1 Tier 1 Club Funding

10.2.1.1 Base Funding
  1. 1.
    Base Funding per program club will equal $6 per student registered in their respective program club.
  2. 2.
    Base Funding is guaranteed to the Tier 1 program clubs.
  3. 3.
    Base Funding will be distributed no later than one week following the EUS's receipt of term one student fees.
10.2.1.2 Event Funding
  1. 1.
    The total Event Funding is $3.50 per student recognized by a Tier 1 or Tier 2 program club.
  2. 2.
    The total event fund will be divided equally between recognized program clubs.
  3. 3.
    Clubs must submit an event proposal to the EUS Finance Committee to access their funds.
  4. 4.
    Finance Committee will recognize proposals for the following event types:
    1. 1.
      Social Events
    2. 2.
      Academic Events
    3. 3.
      Industry & Professional-Development Events
  5. 5.
    Proposals must include:
    1. 1.
      Event type
    2. 2.
      Event description & purpose
    3. 3.
      Event budget, including expected EUS Events Fund Contribution
    4. 4.
      Event planning timeline
    5. 5.
      Target audience
    6. 6.
      Expected attendance
  6. 6.
    Clubs may access up to one third (⅓) of the event funding per event type. If a club wishes to access more than one third (⅓) for one event type, they must specify which other event types will have reduced funding. The club must, through the submission of an event proposal, show that they will still offer events in the other type, and justify that the event(s) will remain feasible with reduced funding.
  7. 7.
    Finance Committee will accept all proposals, contingent that all inclusions are complete and fairly justified.
  8. 8.
    The Finance Committee will meet once in August to approve all event proposals received during the summer. Any term one proposal received after the meeting will be assessed within a month of submission. The Finance Committee will meet once in December to approve all term two event proposals. Any term two proposals received after the meeting will be assessed within a month of submission.
  9. 9.
    The Finance Committee may approve Events Funding applications through an online vote.
    1. 1.
      The methods of online voting are left to the discretion of the Finance Committee Chair, but they shall ensure the vote is quorate and permanently recorded.
    2. 2.
      If any member of the committee requests, the online vote will be considered void and the funding application in question will be brought to the next Finance Committee meeting for discussion.
  10. 10.
    Any event funds remaining after the term two disbursements will be transferred the following way:
    1. 1.
      Rolled over into department event funding for the following year(s)
      i. This amount is capped at 2x total event funding of the rollover year or if the Club Support Fund is less than $3000
    2. 2.
      Transferred to the Club Support Fund
  11. 11.
    The Event Funding process and associated documents shall be available on the EUS Website.
10.2.1.3 Performance Funding
  1. 1.
    Performance Funding will total $3.75 per student recognized by a Tier 1 program club.
  2. 2.
    The total performance fund will be divided equally between recognized Tier 1 program clubs.
  3. 3.
    All required Performance Funding documents must be sent to the VP Finance before the last day of classes.
  4. 4.
    An in-person meeting is required for any club anticipated to receive less than 95% of the funding available in a term.
    1. 1.
      These meetings will occur in the two weeks before the last day of classes.
    2. 2.
      These meetings will be attended by the EUS VP Finance and VP Administration, and the program club President.
  5. 5.
    Funds will be disbursed before the last day of the term.
  6. 6.
    Any performance funds remaining after the term two disbursements will be transferred to the Club Support Fund.
  7. 7.
    Funds will be disbursed based on the completion of the following tasks as evaluated by the EUS VP Administration and VP Finance. If a task is partially completed, the task will only be funded by the percentage of the task completed. Each task is worth a percentage of total funding available, as detailed below:
    1. 1.
      Club Communications 15%
      1. 1.
        Should include information on upcoming events relevant to the Program Club and/or engineering at large.
      2. 2.
        Accepted communication includes newsletters, sent by email or made available online; or regular social media posts on multiple social media platforms.
      3. 3.
        At least seven (7) newsletters or fifteen (15) posts per term constitute full funding.
      4. 4.
        One half (½) of the funding will be available per term.
      5. 5.
        Communications must be submitted to the EUS VP Administration, through an online system, as prescribed at the Annual Council Transition meeting.
    2. 2.
      Club Meetings 15%
      1. 1.
        Club Meetings shall be held weekly during the term. Four (4) meetings may be missed per term, meetings cannot be missed two (2) weeks in a row.
      2. 2.
        The standard meeting time and location must be communicated to both club members and the EUS VP Administration, who are invited to attend.
      3. 3.
        If a standard time cannot be made, the time and location of the next meeting must be included in the minutes of the previous.
      4. 4.
        Meeting minutes must be submitted to the EUS VP Administration, through an online system, as prescribed at the Annual Council Transition meeting.
      5. 5.
        Nine (9) meetings per term constitute full funding.
      6. 6.
        One half (½) of the funding will be available per term.
    3. 3.
      EUS Meeting Attendance
      1. 1.
        Attendance requirements are outlined in Section 7.2
      2. 2.
        EUS Council 20%
      3. 3.
        EUS Committees 15%
        1. 1.
          Academic Committee, including SAC and Grand Council 5%
        2. 2.
          Events Committee 5%
        3. 3.
          Sports Committee 5%
      4. 4.
        E-WEEK Committee, following E-WEEK 5%
      5. 5.
        APSC/EUS Student Leader Professional Development Day 5%
      6. 6.
        One half (½) of the Council and Committee funding, with the exception of the E-WEEK Committee, will be available per term.
  8. 8.
    Graduation 5%
    1. 1.
      Provide EUS Graduation Director with club Grad Rep contact information
    2. 2.
      Submit Iron Ring sizes by the deadline.
    3. 3.
      Submit graduation headshots by the deadline.
    4. 4.
      Submit yearbook media by the deadline.
    5. 5.
      Submit Iron Ring ceremony volunteer information by the deadline.
    6. 6.
      All deadlines will be communicated to department Grad Reps once they have been established by Camp 5, and communicated to the EUS.
  9. 9.
    Club Materials 15%
    1. 1.
      Submit a copy of the club constitution and governing documents to the EUS VP Administration, once per year, for archiving.
    2. 2.
      Submit a club executive contact list to the EUS VP Administration by the beginning of term one. Submit updated contact lists, if necessary, within a week of new executive appointments.
    3. 3.
      Submit an annual budget for review at each performance funding meeting. The budget must include detailed expenditures for any events funded through the Events Fund, section 10.2.2.
  10. 10.
    Career Fair 5%

Summary

Categories
Tier 1 Total %
Term 1 Breakdown %
Term 2 Breakdown %
Communications
15
7.5
7.5
Meetings
15
7.5
7.5
Council
20
10
10
Committees
15
7.5
7.5
E-Week Comm
5
0
5
SLS
5
5
0
Graduation
5
0
5
Club Materials
15
15
0
Career Fair
5
0
5
Total %
100
52.5
47.5

10.2.2 Tier 2 Club Funding

10.2.2.1 Tier 2 Base Funding
  1. 1.
    Tier 2 Base Funding per program club will equal $3 per student registered in their respective Tier 2 program club.
  2. 2.
    Tier 2 Base Funding is guaranteed to the Tier 2 program clubs.
  3. 3.
    Tier 2 Base Funding will be distributed no later than one week following the EUS's receipt of term one student fees, or a respective club's constitution and opening of a financial account with the AMS.
10.2.2.2 Tier 2 Events Funding
  1. 1.
    Tier 2 clubs may apply to EUS Events Funding as outlined in Section 10.2.1.2
10.2.2.3 Tier 2 Performance Funding
  1. 1.
    Performance Funding will total $2.50 per student recognized by a Tier 2 program club.
  2. 2.
    The total performance fund will be divided equally between recognized Tier 2 program clubs.
  3. 3.
    All required Performance Funding documents must be sent to the VP Finance before the last day of classes.
  4. 4.
    An in-person meeting is required for any club anticipated to receive less than 95% of the funding available in a term.
    1. 1.
      These meetings will occur in the two weeks before the last day of classess.
    2. 2.
      These meetings will be attended by the EUS VP Finance and VP Administration, New Clubs Manager, and the program club President.
  5. 5.
    Funds will be disbursed once per term, before the last day of the term.
  6. 6.
    Any performance funds remaining after the term two disbursements will be transferred to the Club Support Fund.
  7. 7.
    Funds will be disbursed based on the completion of the following tasks as evaluated by the EUS VP Administration and VP Finance . If a task is partially completed, the task will only be funded by the percentage of the task completed.
Task requirements are the same as in Section 10.2.1.3, with these additional requirements as detailed below:
  1. 1.
    Club Communications, 10%
  2. 2.
    Club Meetings, 10%
    1. 1.
      EUS Meeting Attendance,
      1. 1.
        Attend all meetings of the EUS Club Mentorship Committee.
      2. 2.
        Attendance requirements are outlined in Section 7.2
  3. 3.
    EUS Council 20%
  4. 4.
    EUS Committees 10%
    1. 1.
      Academic Committee, including SAC and Grand Council 5%
    2. 2.
      Events Committee 2.5%
    3. 3.
      Sports Committee 2.5%
  5. 5.
    E-WEEK Committee, following E-WEEK 2.5%
  6. 6.
    APSC/EUS Student Leader Professional Development Day 2.5%
    1. 1.
      One half (½) of the Council and Committee funding, with the exception of the E-WEEK Committee, will be available per term.
  7. 7.
    Graduation, 10%
    1. 1.
      Successfully appoint a graduation representative.
    2. 2.
      Successfully graduate 1 class of students.
    3. 3.
      If a Tier 2 Club is not graduating a class of students in a given year, their Graduation requirements will be as follows:
      1. 1.
        Submitting yearbook photos by the deadline
      2. 2.
        Submitting Iron Ring volunteer information by the deadline
  8. 8.
    Club Materials, 10%
    1. 1.
      Website
    2. 2.
      Official social media communication platform
  9. 9.
    Club Mentorship 20%
  10. 10.
    Career Fair 5%

Summary

Categories
Tier 1 Total %
Term 1 Breakdown %
Term 2 Breakdown %
Communications
10
5
5
Meetings
10
5
5
Council
20
10
10
Committees
10
5
5
E-Week Comm
2.5
0
2.5
SLS
2.5
2.5
0
Graduation
10
0
10
Club Materials
10
10
0
Club Mentorship
20
10
10
Career Fair
5
0
5
Total %
100
47.5
52.5

10.3 Funds

10.3.1 Description

This policy shall govern the Society's funds.

10.3.2 EUS Club Support Fund

  1. 1.
    The EUS Club Support Fund exists primarily for the purpose of aiding program clubs in dire need of financial assistance due to extenuating circumstances that would very negatively affect the club’s financial stability.
  2. 2.
    The Club Support Fund will not fund:
    1. 1.
      Professional activities, curricular projects, or conferences.
    2. 2.
      Anything where emergency funding should be covered by insurance costs or repairs of a building by the Faculty, Department, or Program.
    3. 3.
      Losses that cannot be verified (e.g. undocumented cash amounts)
    4. 4.
      Preventable and/or recurring incidents resulting in monetary loss
      1. 1.
        This shall include, but not be limited to, pre-existing plant deficiencies being exploited (i.e. a door that doesn’t properly lock), and negligence on behalf of the department club (such as propping a door open).
  3. 3.
    Applications for the Club Support Fund should be submitted in writing to the EUS VP Finance and be reviewed by the EUS Finance Committee before being brought to and voted on at the next Board meeting following the review.
  4. 4.
    The Club Support Fund should not exceed $8000 or drop below $1000. Any additional funds will be reallocated to the EUS Budget.
  5. 5.
    If the total drops below $8000, it may be replenished with funds from the EUS budget, up to $1 per student in the department clubs.
  6. 6.
    If as of March 15 in 2017, and in any given year thereafter, the amount in the fund exceeds $1500, department clubs may apply to the fund for capital improvements, provided:
    1. 1.
      The application is submitted and processed in accordance with Section 3, with the requirement that this type of request to the Fund be approved by a two-thirds (⅔) majority vote of the Board.
    2. 2.
      The Board is notified of funds the club(s) applying have received from this source in the three (3) preceding years and considers this in deciding to disburse funds.
    3. 3.
      The club demonstrates other possible sources of funding have been exhausted.
    4. 4.
      The amount requested does not exceed one-third (⅓) of the total amount in the Fund.

10.3.3 EUS Engineering Design Teams Fund

  1. 1.
    The EUS Engineering Design Teams Fund exists to support the Engineering Design Teams and Council on joint initiatives.
  2. 2.
    The EUS Engineering Design Teams Fund shall exist by the terms set out by the EDTC Referendum in 2014.
  3. 3.
    Applications for the EUS Engineering Design Teams Fund shall be submitted in writing to the EUS President and be both reviewed and voted on by the Executive at the next Executive Meeting.
  4. 4.
    Applications for funding may only be submitted by the Engineering Design Teams Council or recognized Engineering Design Teams.
  5. 5.
    The application must benefit two or more recognized engineering design teams.
  6. 6.
    If the application is accepted, the event promotions must prominently include the EUS Logo and recognition of the sponsorship.
10.3.4 EUS Club Sustainability Initiatives Fund
  1. 1.
    The EUS Club Sustainability Initiatives Fund exists to fund sustainability initiatives by the EUS’ recognized Program Clubs.
  2. 2.
    Finance Committee will recognize proposals for the following initiative types:
    1. Clubroom supplies
    2. Event materials
    3. Educational campaigns
  3. 3.
    Proposals must include:
    1. Event type
    2. Event description & purpose
    3. Event budget, including expected EUS Club Sustainability Initiatives Fund Contribution
    4. Initiative timeline
    5. Target audience
    6. Expected attendance
  4. 4.
    The total amount of money allocated to the fund in a given year shall be at the discretion of the EUS VP Finance, but shall not be less than $100 per Program Club.
  5. 5.
    Recognized Program Clubs can access up to $250 in funding per year.
    1. 1.
      Applications will be evaluated on a rolling basis until the pool of funding is exhausted.
  6. 6.
    Applications shall be sent to the EUS VP Finance, who will bring them to the EUS Finance Committee for evaluation and approval.
  7. 7.
    Funds will be approved with consideration to financial need and impact on the student body.
  8. 8.
    Funding shall be disbursed on a reimbursement basis.
The ESC Rental Terms and Conditions shall include a clause for a Sustainability Deposit.
  1. 1.
    The ESC Sustainability Deposit exists to encourage sustainable efforts for ESC events, event organizers, and event attendees.
  2. 2.
    The ESC Sustainability Deposit is to be paid by the event organizers to the EUS VP Administration as per Rental Terms and Conditions.
    1. 1.
      The ESC Sustainability Deposit applies to EUS, AMS, and UBC event organizers exclusively
  3. 3.
    The ESC Sustainability Deposit is paid in addition to the standard damage deposit paid by event organizers.
  4. 4.
    The ESC Sustainability Deposit shall be $50.
  5. 5.
    The sustainability performance of ESC events will be evaluated against a checklist of sustainable criteria as specified in the ESC Sustainable Event Checklist, available from the VP Administration
    1. If the event meets 50% or more of the applicable criteria, the ESC Sustainability Deposit will be returned in full within two (2) weeks.
    2. If the event meets less than 50% of the applicable criteria, no money will be returned.
  6. 6.
    If the ESC Sustainability Deposit is kept, it will be allocated to the ESC Capital Purchases Fund.

10.3.5 EUS Ex-Officio Initiatives Fund

  1. 1.
    The EUS Ex-Officio Initiatives Fund exists to fund events and services hosted by the EUS’ recognized Ex-Officio clubs
  2. 2.
    Finance Committee will recognize proposals for the following event types:
    1. 1.
      Social Events
    2. 2.
      Academic Events
    3. 3.
      Industry & Professional-Development Events
  3. 3.
    Proposals must include:
    1. 1.
      Event type
    2. 2.
      Event description & purpose
    3. 3.
      Event budget, including expected EUS Ex-Officio Initiatives Fund Contribution
    4. 4.
      Event planning timeline
    5. 5.
      Target audience
    6. 6.
      Expected attendance
  4. 4.
    The total amount of money allocated to the fund in a given year shall be at the discretion of the EUS VP Finance, but shall not be less than $200 per Ex-Officio club.
  5. 5.
    Recognized Ex-Officio Clubs can make applications into the fund 3x per year
    1. 1.
      Three application deadlines: June 30th, September 30th, and January 30th
    2. 2.
      Ex-Officio Clubs may submit one application per period
  6. 6.
    Applications shall be sent to the EUS VP Finance, who will bring them to the EUS Finance Committee for evaluation and approval.
  7. 7.
    Funds will be approved with consideration to financial need and impact on the student body.
  8. 8.
    The Fund will fund up to 50% of the expenses for an event, up to a maximum of $400 reimbursed.
  9. 9.
    Funding shall be disbursed on a reimbursement basis.
  10. 10.
    Any club receiving funding shall present at the council after their event before their allocated funding is available to be disbursed.
  11. 11.
    The Ex-Officio Initiatives Fund process and associated documents shall be available on the EUS Website.

10.3.6 Career Fair Recruitment Incentive

  1. 1.
    The Career Fair Recruitment Incentive exists to assist in the diversification of companies registering in the EUS Career Fair.
  2. 2.
    The Career Fair Recruitment Incentive will be disbursed by the EUS VP Finance, with the assistance of the EUS Career Fair Team.
  3. 3.
    The Career Fair Recruitment Incentive may be disbursed if the EUS Career Fair reaches a profit greater than or equal to $15,000 according to the following:
    1. 1.
      Each department may submit up to 3 companies to the EUS Career Fair Team for contact.
    2. 2.
      The EUS Career Fair Team will be responsible for all communication regarding Career Fair sponsorship and logistics with the suggested companies.
    3. 3.
      If a submitted company results in a new registration for the EUS Career Fair, the department which submitted the contact will receive 10% of the company’s registration fee
      1. 1.
        A new registration means the company has not attended the EUS Career Fair in the past 3 years.
      2. 2.
        If multiple departments submit the same company, each department will receive 5% of the company’s registration fee.
  4. 4.
    The EUS VP Finance must process the disbursements within 30 days of the conclusion of the EUS Career Fair.

10.4 Sports Subsidies

10.4.1 Description

This policy governs the partial and full reimbursement of Sport and Recreational registration fees of teams representing the Society.

10.4.2 Reimbursement

  1. 1.
    Any Active Member is eligible for EUS Sports Subsidies. Subsidies are disbursed under the discretion of the VP Finance and are awarded on a first-come-first-serve basis.
  2. 2.
    The EUS will subsidize 40% of each member’s sports registration fee up to a maximum of $25 per student.
  3. 3.
    Reimbursements will not be given for the cost of equipment, uniforms or other incidental team expenses.
  4. 4.
    The VP Finance shall determine the rate of reimbursement based on the funding available and the number of applications received each term.

10.4.3 Procedure

  1. 1.
    Students shall submit the Sports Subsidies form that can be found online.
  2. 2.
    The form shall include a request for receipts.
  3. 3.
    Forms and receipts must be handed in within one month of the date of the receipt.
  4. 4.
    For teams, one representative from the team is responsible for filling out one form for an entire team.
  5. 5.
    Money owed will be collected from the AMS Business Office.
Last modified 2mo ago