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 2021 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:
You can also review slides from the 2020–2021 Club Finance Workshop here
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 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, you should keep all original receipts and other documentation for two years in case they are requested 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 slides from the 2020–2021 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 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:
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 (email@example.com) or Club Finance Coordinator (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.
Clubs may seek out their own sponsors. Please follow the process below:
The Process for Club Sponsorship
Should you require additional information, please contact the Events Coordinator 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.