Finance and Funding

Finance and Funding

Banking:

Bank Account

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:

  1. Your Club’s Signing Officers will need to fill out the Banking Services Contract for the academic year. Once the form is filled it 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 Vice-President (Finance), where they will learn about the SSMU’s financial regulations and the usage of RBC bank accounts. During the workshop, the officers will need to hand in their 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 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:

  • 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

Changing of Signing Officers

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

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.

Credit Cards

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 club@ssmu.ca 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 clubauditor@ssmu.ca.

Bank Statements for SSMU Clubs

Bank statements are available in your online banking portal. If you have any questions about your bank statements, please contact the Club Auditor at clubauditor@ssmu.ca.

Cash Controls

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: 

  • amount of the transaction
  • date of the transaction 
  • description of the product or service sold
  • signature of seller

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.

Audits:

Club Audits

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

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. 

Audit Scores

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:

45 Pass

13 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. 

The SSMU Club Auditor is always available to answer questions or schedule an in-person meeting. They can be reached at clubauditor@ssmu.ca.

Funding:

Club Funding

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.

Sponsorship:

Club Sponsorship

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:

  • Clubs may seek out their own sponsors and then provide the Operations Department with their proposal and the required information needed for processing. 
  • Student Groups may ask the Operations Department for assistance in finding sponsors and/or creating a sponsorship package.
  1. If your Club has a sponsorship agreement opportunity, your Club must first declare it to the SSMU by submitting the Sponsorship Declaration Form, detailing all you have agreed upon in your meeting with the sponsor.
  2. Once the form has been received and your declaration is approved, the Operations Department will create a sponsorship contract on behalf of your group.
  3. Lastly, once the contract has been approved and signed by all respective parties, an invoice will be sent to the sponsor to collect all monetary sponsorship. For accountability and transparency purposes, all earnings made from sponsorship contracts shall be deposited into their respective bank accounts upon receipt. 

  • SSMU Clubs are not permitted to sign any contracts on behalf of themselves as they are not considered independent legal entities. 
  • Please be advised that this includes external parties tabling at your internal and external events. Sponsorship of any kind must be verified and approved by the Operation Department as there may be a conflict of interest due to existing contracts between the SSMU and certain suppliers (i.e., Promoting Coca Cola at your event when the SSMU has an existing contract with Pepsi) or a potential policy violation.
  • For any in-kind sponsorship (such as t-shirts, water bottles, granola bars, etc.), it is your group’s responsibility to make arrangements to receive these items. 
  • Please note that all sponsorship sums received are subject to GST and QST.

Should you require additional information, please contact the Operations Department at operations@ssmu.ca.

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.