All SSMU Clubs (including Interim Status Clubs) are eligible to open a bank account through the SSMU. Please note that it is 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:
The date, time, and place of the workshop, as well as the link for registration, will be sent at the start of the Fall 2019 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:
When the Club Signing Officers change, the Club must submit another Banking Services Contract and follow the steps outlined above. Because of the high rate of executive turnover, Signing Officers leaving the Club must transfer all of the bank account information to the incoming Club executives to properly operate next year.
If you are an outgoing executive of a Club, please make sure to hand over your tokens, cheques, deposit books/slips, cash box, and credit card to the SSMU Office (3600 McTavish Street, Suite 1200) – Accounting Department.
Bank tokens are a unique identification key issued by RBC, used to access your Club bank account online.
Please note that lost tokens will be charged to your Club ($50 each). To request a replacement, please fill out the Bank Token Replacement Request Form.
If your Club needs a credit card for its operations, you can request it by filling in the Credit Card Request Form. The SSMU will notify you by your email@example.com email address to let you know that your credit card is ready to be picked up at the SSMU office.
If you have any questions about your bank statements, please contact the Club Auditor at firstname.lastname@example.org.
Bank statements are available in your online banking portal. If you have any questions about your bank statements, please contact the Club Auditor at email@example.com.
Cash that is handled by Clubs must be kept in a secure lock box at all times. Whenever transactions are made with cash a physical receipt must be generated and kept on record. One copy must be provided to the recipient and the other must be enclosed in the lock box.
All receipts must include the following information:
Once the cash is collected, the receipts must be recorded (e.g., on a spreadsheet) and the money deposited into the bank without delay. The receipts and spreadsheet must be kept and submitted to the Club Auditor upon request.
Club audits are conducted on a per-semester basis. They are run to 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.
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 the completion of the Club Audit Form as well as the submission of your original receipts and other documentation to the SSMU front desk.
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 slides from the 2019–2020 Audit Workshop to help you with your submission.
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. 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:
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.
The SSMU Club Auditor is always available to answer questions or schedule an in-person meeting. They can be reached at firstname.lastname@example.org.
As an Interim Status Club, you are eligible to apply for funding from any of the SSMU funds except the Club Fund, which is reserved for Full Status Clubs. Please make sure to keep detailed records of any funding or revenue you gain as a Club, as you’ll need it for your Club audit and for your Full Status application, which requires detailed spending breakdowns for events. To be eligible for funding, your Club must be in compliance with SSMU’s rules and regulations. Visit the SSMU Funding page for more information.
External sponsorship can be a great way to raise funds for your Club and help finance some of your activities and events. Though SSMU Clubs have the authority to seek and negotiate sponsorship, they must do so within the guidelines prescribed in the External Sponsorship Guide.
There are 2 options for student groups seeking sponsorship:
Should you require additional information, please contact the Operations Department at email@example.com.
We do our best to ensure the site is as up to date as possible, but new developments in Club processes may take time to go live. Please take note that the information listed above may not reflect the most recent changes.