Finance and Funding

All SSMU Clubs (full status and interim status) are eligible to open a bank account through the SSMU. Please note that clubs are not permitted to open a bank account which has not been authorized and approved by the SSMU. Opening a SSMU bank account is not mandatory, but if you are interested, the process for obtaining an account is as follows:

1. Your Club’s Signing Officers will need to fill out the Banking Services Contract for the academic year. Once the form is filled out a copy will be sent to your email, which needs to be printed and brought to the Finance Workshop.
   Note: Only 2 people can be listed as Signing Officers on a Club bank account. To be considered a Signing Officer, an individual must have proof of residence in Montreal (a lease, utility bill, etc.) as well as 2 pieces of photo ID. The Signing Officers are declared on the Student Group Information Form.
2. All Signing Officers must then attend the Finance Workshop, facilitated by the SSMU Finance Team, where they will learn about the SSMU’s financial regulations and the usage of RBC bank accounts. By the end of the workshop, the officers will need to submit a printed and fully signed copy of the Banking Services Contract. Once processed, Clubs will receive, if applicable, their tokens, credit card, cheques, and deposit books. 

The date, time, and place of the workshop, as well as the link for registration, will be sent at the start of the Fall 2024 semester. The information will also be linked on the SSMU website, and posted on the SSMU Clubs & Services Facebook page.

When you apply for a SSMU bank account, the Club must adhere to these conditions:

• The use of the bank account is only for business activities related to the Club.
• The Signing Officers are responsible for all deposits/withdrawals and will perform transparent and accurate transaction recording, with proper due diligence, for the Club audit.
• The SSMU can withdraw any amount from the account at any given time if there are outstanding bills to the SSMU or third parties. The SSMU will notify the Club of this withdrawal.
• To effectively manage the Club’s finances, the Signing Officers must attend a financial workshop and understand how to use the bank account to a reasonable extent.
• The SSMU may suspend or close the bank account, without notice. Causes for suspension or closure include, but are not limited to, if: 
  • the bank account is overdrawn
  • there is suspicious activity in the bank account
  • one or more of the Signing Officer(s) have failed to fulfil their obligation(s) described in the articles of this contract
  • the Club/Service fails a Club audit
  • the Club/Service loses its SSMU-recognized Club/Service status
  • there is little or no bank activity for a period of twelve (12) months
  • the Club/Service fails to notify the SSMU’s Accounting Department of a change in Signing Officer(s) within 24 hours
  • the Club/Service violates any of the SSMU’s rules and regulations respecting Clubs/Services
  • the Club/Service opens or maintains another bank account

Club audits are conducted on a per-semester basis. They provide oversight and ensure compliance regarding the management of a Club’s financial activities. All Clubs, whether Interim or Full Status, must complete the audit even if they have not had any financial activity for that fiscal period. 

The Club audit is a self-reported evaluation of your Club’s financial status, which serves to ensure that Clubs are accountable and transparent in their handling of Club money. Completion of the Club audit requires submitting the Club Audit Form. Additionally, Clubs should keep all original receipts and other documentation for two years in case of request by the Club Auditor.

Details on an upcoming audit will be sent to your Club SSMU email address at least 2 weeks before the submission deadline. 

No late applications will be accepted. If you turn in a late application, it will result in an audit score of zero. Please submit at least a few hours before the deadline in case of any potential server issues. Note that both the Club Audit Form and your original receipts must be submitted online before the deadline in order for your audit to be considered complete.

You can also review Club Finance Workshop slides here.

Audit workshops are held during each semester. The workshops are mandatory and will provide guidance on how to complete the semesterly audit in line with the SSMU standards.

The Club audits are assessed by the SSMU Club Auditor and will be assigned an overall weighted score between 0 and 5 in each of 3 categories Completeness, Compliance and Accuracy. Failure to complete the audit form or to submit documentation such as receipts will result in a score of 0. 

The audit should reflect a fair representation of your Club’s accounting policies, its financial state, and its transactions followed by thorough disclosures. The evaluation will measure the accuracy, compliance, and completeness of the submitted audit.

Your overall weighted audit score will lie within the following range:

• 12–15 Pass
• 1–11 Fail

Please note that the SSMU Club Auditor may contact you for additional questions regarding your internal control, compliance, unusual transactions and/or signs of fraud. It is your responsibility to ensure that you disclose all relevant and accurate information; failure to do so will result in sanctions.

The Club audit score is also a top criterion used by the Funding Committee to allocate funds to Clubs throughout the year. Not submitting a Club audit, or receiving a low audit score, will result in sanctions and render the Club ineligible for funding. 

If you have any questions about the SSMU audit, you may contact the Club Analyst (vbashkatova@ssmu.ca) or Club Finance Coordinator (clubfinance@ssmu.ca) 

SSMU manages several different funds to which clubs may apply to cover expenses related to their events. These funds each have a specific set of criteria defining what type of event qualify for funding. One of these funds, the “Club Fund” is reserved for full status clubs only. Interim status clubs may apply for funding from any of the other available funds. Details about the application process, rules and regulations, and fee descriptions can be found on the SSMU Funding page.

Funding applications are reviewed by the SSMU Funding Committee on a weekly basis from late September until April. Please note that applications are processed on a first-come-first-served basis, and that demand for certain funds typically exceeds the total fund capacity before the end of the application period. All clubs who receive SSMU funding must keep records of how these funds were spent; this information will be required for the annual Club audit.  

Questions related to funding can be directed to the Funding Commissioner at fundcom@ssmu.ca.

SSMU Clubs and Services have the autonomy to seek and negotiate sponsorships, however, all sponsorship agreements, whether involving monetary payments or in-kind contributions, must be declared by completing the Sponsorship Declaration Form. This requirement also applies to external parties participating in events. Financial agreements will be invoiced internally to the sponsor to ensure transparent financial transactions and accountability.

Note that SSMU-Affiliated Groups cannot authorize the use of the University’s or SSMU’s name for sponsors.

Declaring Sponsorship Process

• Submit a Sponsorship Declaration Form. Please allocate a minimum of (7) business days in advance.
• Receive a response from the Events Specialist internalevents@ssmu.ca.
• Address follow-up questions (as required)
• The agreement will be created and sent for signatures
• The signed agreement will be sent to you