AUDITS AND FINANCES
As a society, you are collectively responsible for ensuring financial literary and transparency are honored. This is because the money you manage was likely collected through student fees, approved grants, and fundraisers.
Best practices include:
Aim for always having an elected Treasurer or VP Finance role.
Ensure your finance Executive registers and takes Treasurer Training.
For all money transactions, save all paperwork and make copies them for Audit purposes.
Dissuade participants and Executives from using out-of-pocket money to finance events. If this happens, make sure you have a means to reimburse them retroactively.
If you need direction, please make use of the Financial Guide created by the VP Internal and Finance which you can find HERE!
In addition to that, these will be your THREE (3) main concerns relating to money and finance:
Switching bank signing authorities.
Applying for Society Grants.
Auditing.
* Knowing your society type is key to navigating these financial concerns:
Apply for a DSU Bank Letter &
Switching Bank Signing Authorities
Whether you are opening a society Bank Account for a new society, or you are taking over a society and need access to their banking; you will need to apply for a DSU Bank Letter:
NOTE: It is REQUIRED for your society to have applied for and received full ratification BEFORE applying for a Bank Letter. If you need any help, get in touch with the VP Internal.
For RETURNING societies, you will be applying to transfer signing authorities from one Executive Team to the other.
Find the original name and address where your society used to have the Bank Account.
NOTE: If you do not know this information, please check your most recent ratification record or contact the Societies Coordinator for direction.Apply for a DSU Bank Letter using the application HERE! (Insert Bank Letter Application)
NOTE: Please make sure you select “Transfer Signing Authorities for an Existing Account”. You will always need at least 3 (THREE) signing authorities on file.It should take the DSU 1-2 weeks to process you letter. Once processed, you will be emailed an electronic copy of your letter. Print a copy, as you will need it!
Set up an appointment with your Bank (you can do this ahead of time if you know your timeline well), and bring the printed letter to the appointment. Whomever you are meeting with should be able to provide you the rest of direction you need. Ask them questions!
For NEW societies, you will be applying to open a NEW Bank Account for your society!
Research and select a bank of your choosing. (i.e. RBC, Scotiabank, TD, Credit Union, etc.)
Apply for a DSU Bank Letter using the application HERE! (Insert Bank Letter Application)
NOTE: Please make sure you select “Open a New Account”. You will always need at least 3 (THREE) signing authorities on file at all times of the year.It should take the DSU 1-2 weeks to review you letter. Once processed, you will be emailed an electronic copy of your letter. Print a copy, as you will need it!
Set up an appointment with your Bank (you can do this ahead of time if you know your timeline well), and bring the printed letter to the appointment. Whomever you are meeting with should be able to provide you the rest of direction you need. Ask them questions!
Apply for a Society Grant
Society Grants are available to help eligible societies defray operational costs, as well as help plan, promote and participate in endeavours that will be beneficial for the Dalhousie community. Each society is eligible to receive up to $1000 in Society Grant funding per year ($500/2 semesters).
The following is REQUIRED for the DSU to be able to accept/process your Grant application:
Your society needs to have applied for and received full ratification for the year.
Your society needs to have an open Bank Account with the DSU.
Your society needs to have a Treasurer (or equivalent) who has completed/renewed their Treasurer Training for the year.
Your Society Grant Application must be completed in its entirety, and your application needs to comply with the DSU Society Policy and Grants Policy.
The following will be CONSIDERED when reviewing Society Grant applications received:
Priority will be given to events/initiatives run by or organized by under-represented or marginalized groups: racialized, indigenous, 2SLGBTQiA+, peoples with disabilities, and Neurodivergent groups.
Priority will be given to initiatives:
Focused on educating members in issues of social or environmental justice.
That demonstrate understanding and employment of an anti-oppressive framework
Accessible to members of any financial circumstance (ex. Free or low cost to attend).
Proposed by societies without access, or limited access, to other funding streams.
That provide a clear and sustained benefit to the Dalhousie community.
Priority will be given to NEW societies and/or societies whose current financial standing is considered to be more “in need of funding”. The DSU will also consider if your group has been allotted funding in the past.
Please make sure you review the DSU Grants Policy (Section 3), Society Grant FAQs, application dates, and read the information above before submitting your application below:
Applications are due on the 15th of every month
Society Audits
Each term, the DSU reviews the financial records of every levied and faculty society. This is called a Society Audit. Levied and faculty societies must be audited by the DSU to ensure that these societies are keeping proper financial records and to ensure fiscal responsibility at all levels of student governance.
Your Society Type dictates your Audit procedure to be followed:
Faculty Societies, Levy Societies, and Residence Councils audit directly with the DSU. The DSU VP of Finance and Operations (VPFO) and their Financial Commissioner are in charge of processing Audits. They will be reaching out to you during Audit period, however; you are welcome to contact them for questions and guidance, via dsuvpf@dal.ca and dsufincm@dal.ca
Constituent Societies audit directly with the Faculty Society that reimburse their levies or oversees them. Your Faculty Group should be reaching out to you during Audit period, but you should contact them if you have any questions or concerns.
NOTE: Constituent Societies are responsible for touching base with the Faculty Group they fall under. Please use the Airtable linked here to find Treasurer’s to contact!General Interest Societies are NOT REQUIRED to audit with any group. NOTE: General Interest Societies recognized, as “Sports Clubs” are NOT REQURED to Audit.
SUBMITTING YOUR AUDITS:
There are 2 (TWO) Auditing periods in a given academic year. Your society is responsible for Auditing during both periods:
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FALL AUDIT:
This audit includes financial records from January 01st to August 31st. If you did not submit in the previous term, you may be responsible for providing additional records. If your audit is missing information, we will not issue your fees until we have collected all necessary information, so please ensure you read all documents and checklists carefully.
You must submit a complete and thorough audit BEFORE November 30th to receive your fees before Winter Break.
WINTER AUDIT
This audit includes financial records from September 01st to December 31st. If you did not submit in the previous term, you may be responsible for providing additional records. If your audit is missing information, we will not issue your fees until we have collected all necessary information, so please ensure you read all documents and checklists carefully.
You must submit a complete and thorough audit BEFORE April 01st to receive your fees before September. We do not assess audits or issue fees over the summer! No exceptions!
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Ensure you are submitting your Audit to the correct organization.
Audits will be accepted on a rolling basis (once Audit season starts), and you MUST submit your Audit AT LEAST 3-4 weeks from when you need the funding. Please let the DSU VPFO know by which date you will need access to the funding in your Audit submission or via a follow-up email.
Dalhousie does not remit fees to the DSU until mid-semester. We will always aim to assess your audit within two weeks of submission, but your fees will not be ready until the DSU has received them from Dalhousie.
At the earliest, faculty societies can receive their fees in mid-November and mid-February, and levied societies can receive their fees in mid-December and mid-March. If there are further delays from the University, we will be in communication with you.
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Below is an easy-to-follow step-by-step guide for Auditing with the DSU. If you have any questions or require additional direction, contact the DSU VP Finance or Finance Commissioner via dsuvpf@dal.ca and dsufincm@dal.ca
Double-check to ensure your society is ratified, you have access to all the documents you will need, and you have an Executive with Treasurer Training certification.
The DSU recommends using Airtable for Audits. This is because Treasurer Training walks you through using Airtable for Auditing, AND; Airtable is a platform you will be using a lot!NOTE: If your society wants to use Microsoft Excel, Google Spreadsheets or equivalent; that is fine. Ask the VPFO for extra pointers!
Cross-reference the guides attached for download (i.e. “How to Audit”, the Audit checklist, and Society FAQs) as you build your Audit to ensure you are on the right track.
Once you are finished building your Audit/ledgers, either send it or SHARE it with BOTH dsuvpf@dal.ca , dsufincm@dal.ca . This will be useful so key officials have access to them, and in case we do not receive your submission through the application form.
Finally, submit your completed Audit to the DSU using the “Society Audit 20xx Submission Application” found below.
NOTE: To reiterate, only the following Society Types (Faculty, Levy, and Residence Council) Audit with the DSU. If you a Constituent Society, find your Faculty Society. If General Interest, do not worry.