Tips for Effective Financial Management

Stay up to Date
It is impossible to make good financial decisions without knowing how much money you have. 

Train Your Student Organization Members
Make sure you inform your members about using the tax exemption form, collecting itemized receipts, and returning them for reimbursement in a timely manner.  Remind them that there will be penalties for missing or late p-card receipts.

Budget
It is crucial that your organization budgets money carefully at the beginning of each year. If your organization has different committees, each committee should have an individual budget.

Keep a Savings Cushion
Even if your organization has a very small budget, keep some money in reserve. When budgeting, always underestimate income and overestimate expenses.

Keep Records Together
It is very important for the treasurer to keep organized records. To keep receipts in order, invest in a three ring binder or set of folders.

Deposit Cash and Checks Quickly
The best opportunity for theft is with cash, so deposit any cash/checks quickly. Student organization dues, sales of t-shirts, etc. should be deposited to your financial account as soon as possible. Make it clear that you are not responsible for cash unless it is handed to you in person; advise members of your org not to leave cash in your mailbox or in any unsecured place. Use the online deposit form to deposit cash and checks. (If you have not received the cashier’s training for this online form, then you will need to bring your deposit to Student Center for processing). Count the cash beforehand and write the total on an envelope with your org name and the reason for the deposit (t-shirt sales, dues, etc.). Deposits can be taken to the Cashier's Office, Allen Center, M-F, 8:00am to 4:00pm.

Receipts
Rice University requires original, itemized receipts for all purchases. Ask your members to obtain a duplicate receipt from the vendor if they misplaced or lost their receipt.

Know the Rules
Make sure you are familiar with the rules governing treasurers and org finances. Read the RSA bylaws and the bylaws of your org to see how money is to be handled and spent.  Also, be aware that the Honor Code applies to all org activities.

Pass on Financial Information
This is of the utmost importance: give all information and financial records to your successor. Take time to train the new treasurer and answer questions. 

Rules Governing Student Organization Finances
Remember that the Honor Code applies to all organization activities. In addition, the Rice Student Association Constitution and Bylaws (required reading for all candidates for student-elected offices) contain rules about student organization finances. To download a copy of the Rice Student Association constitution, visit their website at http://sa.rice.edu.