SGA Budget Basics
What is the primary purpose of an SGA budget?
Fund student events and activities
What is an example of an event that SGA funds can be used for?
educational programs, networking events, and campus social gatherings
- formals, meetings, conferences, balls, etc
What does "Debit" mean on a Trial Balance?
Money going out of an account.
ex: any expenses or charges
What is one best practice for tracking your SGA budget?
- Maintain a personal tracking system (include expense dates, memos, amounts, and charge details).
- Request Trial Balances often for financial oversight.
- Avoid Negative Balances: Ensure sufficient funds before spending.
- Rent academic spaces (e.g., classrooms) when needed.
- Verify supplies before making purchases to avoid unnecessary spending.
- ASK QUESTIONS!!! Clarify any unclear charges.
True or False: You can use SGA funds to purchase gift cards.
False
Who is the main person of contact for any and all things related to your SGA budget?
Wynter - Admin Assistant
Name three on-campus services that can directly bill an SGA account.
- ECS
- Catering
- Art Services
What does a negative balance on your Trial Balance mean?
You are in DEBT!
How often should you request a Trial Balance?
Regularly
Can an individual chapter sign a contract with a vendor?
No, only councils.
True or False: An SGA budget can be used for personal expenses.
False
What are two popular vendors that student orgs use to order any type of merch or supplies?
Amazon and Agora
What color is the Fraternity and Sorority Life money deposit slip?
Pink
What is one way to avoid negative balances?
Check funds before spending!
Why can’t student organizations use SGA funds to buy alcohol?
Prohibited by policy
What two people are responsible for managing a chapter or council's SGA budget?
Mainly the president and treasurer.
What must the president or treasurer do before a purchase can be made using the Admin's credit card?
Send an authorization email
Where do you go to deposit money into your SGA budget account?
Auxiliary Services in West Village Commons, Room 309
Why should you verify supplies before purchasing new ones?
Avoid extra spending and unnecessary inventory
What three things should you do before purchasing supplies for your chapter/council?
1. Check inventory.
2. Check if you have the funds.
3. Make sure the purchase(s) is authorized by chapter/council president and/or treasurer
What document should you request to track all transactions in your SGA account and how do you request the document?
Trial Balance and email Wynter
Name the 4 steps on how to request a check reimbursement?
1. Gather all receipts.
2. Have president or treasurer send an authorization email to Admin.
3. Meet with Admin to fill out check reimbursement slip.
4. Admin will submit slip and documents to SGA for processing
When filling out a check to deposit money into your account, who should the check be made out to and what should be written in the memo line?
Check should be made out to Towson University and on the memo line list the chapter/council spelled out.
Who should you contact if you have questions about unclear charges?
The department the charge came from
Why is it important to track all expenses and receipts?
Prevent unauthorized spending and incorrect charges.