Financial Officer Transition Checklist
These are guidelines that should be used for any transition of a financial officer role. Please complete the checklist for these guidelines to ensure the incoming financial officer is prepared for their term.
Printouts
A Printout is the financial statement of an EUS account at the current time. It outlines all expenses and revenues that an EUS group has incurred so far. For the most current printout, you can send an email to the VP Finance. There is an online database of printouts that are updated every few weeks located at printouts.mcgilleus.ca
Guiding Prompts for Outgoing Financial Officer:
- Explain what Account Printouts are
- Explain what Printouts are useful for and when you use them
- Explain briefly how to navigate the Drive and what to look for
More Resources:
Cheque Reqs
Cheque Requisitions (Cheque Req's) are the main form of reimbursement for general EUS expenses. When you buy something for your group (it needs to be an approved purchase), you create a cheque req to get refunded for your purchase. You can pay in cash, credit, or debit- it doesn't matter, as long as you have a receipt/proof of purchase.
Guiding Prompts for Outgoing Financial Officer:
- Explain what cheque reqs are
- Explain briefly how you do them (Nexonia demo)
- Identify any positions or events within your group that typically require a lot of cheque reqs
More Resources:
Budgeting
A budget is a plan of expenditures and revenues for the year. It is not a request for funding – it is a forecast of where money is coming from and where it is leaving. A budget should be as accurate as possible, and should be binding (unless something unexpected comes up – in that case you must get the appropriate approvals to deviate from the budget). There should be some flexibility built into budgets to avoid overspending.
Guiding Prompts for Outgoing Financial Officer:
- Explain the EUS Budget Template
- Difference between estimated and actuals
- Timeline and estimated budget deadlines
- Explain where to find past budgets
- Make sure you (the outgoing FO) have actuals filled in by the end of the fiscal year!
- Encourage them to use past budgets as a guide but not copy them exactly. Use the account printouts for your group to get an idea of actual past spending.
- Explain any comments or special items on your group’s budget
- Make sure to add comments or extra information where it will be helpful!
- Encourage them to add or remove line items, change projected values, etc. as they see fit - you can recommend what may be useful for them
- Refer to committee spending guidelines if they are applicable to your group (Link here when finalized)
More Resources:
Funds and Sponsorships
Funds and sponsorships are important revenue streams for many EUS Groups. Obtaining funding or sponsorship can reduce your deficit, increase your profits, or allow you to lower prices for your participants.
Guiding Prompts for Outgoing Financial Officer
- Explain any funds that your group has applied to in the past (MESC, SSMU, EUS, etc.)
- Explain any sponsorship that your group has received in the past
- Give details and contact info for past sponsors
- Recommend any potential sponsors that they should look into
More Resources:
Other Info
(Discuss these topics or others if they are especially applicable to your group!)