Law Student Organizations Financial and Budget FAQs
Where do SBA funds come from?
- SBA funding is student tuition dollars allocated to the SBA by the Dean. The Dean gives a lump sum and the SBA keeps 30% and allocates the remaining 70% to the Student Orgs.
What is the SOBA Form?
The SOBA (Student Organization Budget Allocation) Form is an SBA proposal form for clubs to ask for funding from the SBA. The SBA Treasurer(s) will send out a link to all clubs at the beginning of each semester.
Fund String Numbers
What is a fund string # and how do I find out if my club has one?
- Think of a fund string number as your account number. All existing LSOs have a fund string number. If you don’t know what your fundstring is, email the Law Finance Office, firstname.lastname@example.org, with your club name.
How many fund string #’s do I have and what is the difference between the two?
- All existing Law Student Orgs. have two fund string numbers. One fund string represents the money you were allocated from the SBA. The other fund string number is money your club has raised through fundraisers or donations.
How do I get my club’s financial report?
- Budget allocations are managed by the SBA. Financial reports on what each club has spent will ONLY be released to the club Treasurer (the authorized budget manager for each Law Student Org.). Club Treasurers can contact the SBA Treasurer for a financial report.
How do I get reimbursed?
Reimbursements should not be used for purchasing assets, capital improvements, paying for large catered events, or payments to individuals or vendors. The preferred method for payment for the above would be to obtain an invoice from the vendor (see more info on this below).
To receive a reimbursement you will need:
- A completed Business Expense Form, including the exact fund to be charged.
- The business purpose of the expense
- Signature of both the claimant, the Student Organization Treasurer and the SBA Treasurer.
- An original receipt substantiating the expense. Original receipts are not credit card statements, bank statements, cancelled checks, or unpaid invoices
- All receipts taped to a blank piece of paper; be careful not to tape over the amount or description
- Copy all materials for LFO, and make an additional copy for your reference
- Submit originals to the SBA Treasurer and keep a copy for your records.
- Reimbursements will be processed within 2 weeks time.
- All reimbursements must be approved by the SBA Treasurer (the LFO will copy the SBA Treasurer on all LSO reimbursements)
- Checks are mailed to the address on file; to update your mailing address, please include your new mailing address on your business expense form, and make a note to indicate the change.
- If your reimbursement is under $250, you will receive a receipt from the Law Finance Office. The LFO will email you when your paperwork is available for pickup at Charney Hall 112. You must turn the paperwork into the Cashier (at the University Finance Office) to obtain your cash reimbursement.
Invoices & Events
How do I have an invoice paid?
- Law Student Organizations, Moot Court Representatives, and any other SCU constituents are not authorized to disburse funds to a third party. SCU constituents are also not authorized to obtain cash advances, on behalf of, or to pay, a third-party service provider or another SCU constituent. No SCU constituent is allowed to pay an individual for services performed and later seek reimbursement. Law School Organization Treasurers/budget managers are responsible for setting up billing arrangements, and communicating with vendors.
- A completed Independent Contractor Agreement Form and Independent Contractor Request Form are necessary if obtaining third-party service provider. This requires at minimum a two-week turnaround, so plan accordingly. All IC Forms must be submitted to Shannon Wang, email@example.com, Director of the Law Finance Office.
To obtain payment through an invoice you will need:
- An original invoice (copies will not be accepted) with full payee information, including social security number (sole proprietor) or tax identification number. An invoice is not a statement, quotation, or contract.
- Description of the items shipped
- Amount of payment
- Your fund distribution number
- Annotated business purpose
- The supervisor or treasurer’s signature approving the payment
- Copy all materials and submit to LFO or to the LFO Mailbox in Heafey 156
- If the vendor requires a portion returned with payment, please provide an additional copy of the invoice
- All invoices must be turned in to Law Finance Office within three days of the invoice date to ensure timely payment to the vendor.
- Payments with special processing requirements should be clearly noted when submitted to LFO.
Can I spend money from the SBA on alcohol for an event?
- You CANNOT spend SBA funds to pay for alcohol (this includes corkage fees). You can however, spend money from your own fundraising to pay for alcohol.
- Alcohol that has been donated to your organization can be used at an event. Contact Bon Appetit for more information.
If my group has an event that involves a contract, who should I have sign it and who do I send the contract to for approval?
- Only an official representative of the University can sign contracts. A student cannot sign contracts on behalf of their Student Org. or the University. This requires at minimum a two-week turnaround for reviewing purposes or longer if any updates/revisions need to be made.
- All contracts should go through Shannon Wang, firstname.lastname@example.org, Director of the Law Finance Office. Shannon will assess the contract and pass it through the University Risk Manager, Sam Florio if necessary.
How do I use CashNet for an event my group is hosting?
- CashNet is the University’s payment processing method for credit cards only. It can be used to sell tickets for an event, collect membership fees, etc.
- If you want to use CashNet, please contact Jill Klees, email@example.com, for setup.
- If CashNet is used for an auction, then you must notify Jill what the market value of the intended auction item is and the final auctioned off price of the item.
How do I deposit checks or cash for my group?
- Checks and cash must be submitted to the Law Finance Office for deposit. Please be prepared with business descriptions regarding the money being deposited and the relevant Student Org.