Transcript JFC Information Session FY16

JFC Information
Session FY16
A Guide to a Successful Budget Process
Carnegie Mellon University
Student Body Vice President of Finance
JFC Overview
What is the JFC?
• The Joint-Funding Committee (JFC)
allocates student organization funding and
oversees the budget making process.
Why is there the JFC?
• The JFC exists to help student organizations
with their yearly budgets. It is their job to
help you get what you need to succeed.
Student Activities Fee
Overview
What is the Students Activity Fee?
• Funds collected from all full time students to be used
for students activities that meet the needs of CMU
students.
How much is the Students Activity Fee?
• $123/semester for Undergraduates
• $99/semester for Graduates
How much of the SAF does the JFC allocate?
• 90% Undergraduate SAF
• 30% Graduate SAF
JFC Representative

Understand your organizations’ finances

Help create the most effective budget for you org

Liaison between your org and the JFC

Advocate for your organization during JFC meetings
Student Body Vice President of Finance
JFC Budgeting

You are creating a budget for FY 16

FY 16 = Fiscal Year 16 = Fall ‘15 / Spring ’16

We are currently in FY 15
PERSEPCTIVE:
You are creating a working budget for your organization’s
expected expenses and revenue, as if the JFC didn’t exist.
The JFC will then come in, review your budget, and figure
out how much and which items we can subsidize for you.
Common Funding App
Line Item Changes
Student Body Vice President of Finance
JFC Budget Timeline 2014
JFC Rep Budget
Review
• Meet with JFC
Representative
• Walk through
preliminary budget
Budgets Due
• Funding Module
• Budgets Due
1/23
JFC Budget
Review
Appeals
Process
• JFC Goes through
every Budget
• JFC Recommended
Budgets
• JFC Appeals Due
• USS/GSA Appeals
Due
Feb-March
4/8 – 4/15
4/23
“
How To Build a Budget
Your budget is what you will be spending money on next
year and how you plan to earn revenue to make those
expenses.
The JFC exists to help subsidize SOME of those costs.
What you should do to make the best budget
”
Where to Start?
Categorize your budget



Compare Budget Tracker Budget with your own bookkeeping

Go over historic budgets and map out your next year.

Make sure to update costs based on actual spending from the
previous year.
Divide up your costs and revenue.

Figure out what you have spent money on in the past and
where you get money from.

Decided if you need to make capital purchases.
Reach out to your JFC Rep and the SBVPF!
New Funding Module
https://cmu.campuslabs.com/finance/
Student Body Vice President of Finance
Student Body Vice President of Finance
Student Body Vice President of Finance
Student Body Vice President of Finance
Student Body Vice President of Finance
Student Body Vice President of Finance
Student Body Vice President of Finance
Student Body Vice President of Finance
Student Body Vice President of Finance
Student Body Vice President of Finance
Student Body Vice President of Finance
Student Body Vice President of Finance
Student Body Vice President of Finance
Student Body Vice President of Finance
Student Body Vice President of Finance
Student Body Vice President of Finance
Student Body Vice President of Finance
Student Body Vice President of Finance
Student Body Vice President of Finance
Student Body Vice President of Finance
Student Body Vice President of Finance
Student Body Vice President of Finance
Student Body Vice President of Finance
Student Body Vice President of Finance
Student Body Vice President of Finance
Student Body Vice President of Finance
Link to Appeals Information/Form
Student Body Vice President of Finance
Student Body Vice President of Finance
“
JFC Funding
Restrictions
The Bylaws and Rules of the JFC
”
“
Speakers and Capital
Speaker funds and Capital exist in a different location.
You MUST list speaker funds and Capital within your org
budget, the JFC will appropriately subsidize costs, and the
money will sit in the SBVPF account.
When you have a speaker event or purchase capital, reach
out the SBVPF to get the subsidized money from their
account. (This money is NOT in your org account)
Student Body Vice President of Finance
”
Funding Limitations

The JFC can fund:

Lecture Fees

GBM Refreshments

Charity Events

Cultural Events

Political Discussions

Campus Events

The JFC can’t fund:

Student Salaries*

Alcohol*

Charity Donations

Religious Symbols

Political Parties

Academic Events
A General Rule

The JFC has the right to not fund anything “not
germane to the purpose of the group”.

We do tend to interpret this more loosely. For Example:

A service group is still allowed to hold social events to
encourage members to bond.

However, A service group focused on helping bring medicine to
Africa would not be allowed to go on an expensive trip to New
Zealand.
“
How The JFC Reviews
Budgets
Understanding our Process
”
Metrics versus Merit
Metrics


Goal is to provide
consistency between
different groups.
The JFC funds the same
amount for Hotel rooms,
mileage cost, etc. no
matter which group is
being funded.
Merit

Goal is to prioritize by
campus impact.

The JFC looks at how
many students would be
involved, its
importance, etc. when
determining how much
the event should be
funded.
Metrics In Our Bylaws

List of Funding Metrics

Food

Advertising

Travel

Hotels

Booth

Buggy
New Organizations

An organization that has not previously been JFC funded
is limited to a maximum subsidy. This amount is
determined in the JFC’s List of Funding Metrics.


Any organization receiving JFC funding for the first time is
considered a new group, even if you’ve been around for a
long time.
Reason(s): Need to prove club sustainability; New
Organizations should not become reliant on the JFC as
their only source of funding.
How JFC Reviews Merit

Adjusts line items to abide by metrics

Looks at past budgets & notes changes

Looks at past years’ actual spending (audit)

Looks at deviation from budgeted expenses/revenue vs.
actuals

Reads responses submitted forms and JFC Rep
impression

Evaluates campus impact and needs & priorities of
organization
Changes from Previous Years

Explain all budget increases

Be very descriptive

If you are adding new events/costs, explain their impact
and why JFC should support them

Be able to explain all questions that arise from looking at
your audit
“
Budget Tips & Tricks
”
“The JFC Secrets”
Tip: Utilize Your Rep

No question is too stupid, and each conversation
strengthens your understanding of the fiscal process.

Update them know what your organization is doing.
In/Correct Assumptions

The JFC process is bias and unfair.


False; it is transparent to those who want to know about
it, and rewards those who put in the effort.
The JFC enjoys cutting budgets

False; we want orgs to succeed, but just have a finite
amount of resources. Prove to us you’re the best
investment and you will reap the rewards.
Checklist

Submit the Declaration of Intent

Attend a JFC info session

Meet with your JFC Rep once this semester and once
before you submit your budget

Submit a budget by 1/23/15

Be aware of last minute questions/emails from your rep
between 1/23/15 – 1/30/15

(if needed) Appeal in April
Reminders

Transitions


Speaker funds


If your organization is transitioning at the end of this semester
or the beginning of the next semester bring both sets of
leaders to the JFC meetings
The JFC zeroed out speaker funds for events for weren’t
guaranteed to happen. Those funds were moved to the SBVPF’s
budget
Capital Items

Check your budget for items o-coded as “Capital Expense
Fund”
Questions?
Visit http://www.cmu.edu/stugov/sbvpf/
Email me at [email protected]