Accounting & Auditing Guidelines 2002-2003

Jonathan Cooper, JCM Auditor

All student organizations are responsible for keeping accurate fiscal records. Twice a year (the Christmas Audit and the Spring Audit) the JCM Auditor collects all books and audits them to look for any fraudulent or negligent behaviour. Clubs failing the audit will be unable to receive further funding until any issues are resolved. Failure of an audit may also be considered grounds for charges under the disciplinary committee, fines, or public flogging. As such, it is in your best interest to be honest. Here are some handy tips:

Accounting Tips

· All accounting should be kept in a ledger book or using Microsoft Excel.

· All ledgers must maintain a running balance

· Reconcile the accounting ledger and bank statements and/or bankbooks. Make sure all the figures and dates match.

· All expenditures – including cheques made out to individuals – must have matching receipts and/or other corroborating documentation. If you must submit your receipts for reimbursement, make legible photocopies of those receipts.

· Organize cheques and receipts in a chronological order which matches the ledger. If a cheque has been written to cover multiple receipts, group those receipts together

· The following items must be included for auditing:

o The accounts ledger (if using Excel, print out the ledger)

o All receipts and expense documentation

o All cancelled cheques

o All bank statements

o A list of all paying members (if applicable) and how much they paid

Sample Ledger – Levied Club

The Ceramic Bowl Appreciation Society 2002-2003
Date	Comment	Debit	Credit	Balance
	Opening Balance			0
Sep-18	JCM Levy	800		800
Sep-28	Liquor License		75	725
Sep-29	Photocopies for pub		10	715
Sep-31	Coke & Bread for pub		24.38	690.62
Oct-01	Beer (24's), Smirnoff Ice, Cups		214.2	476.42
Oct-03	Beer Keg bought from 2nd Kirk		180	296.42
Oct-05	Pub Revenue	351		647.42
	138 Beer, 48 Smirnoff Ice
Oct-06	Refund for 24's	97.75		745.17

If you have any questions, feel free to contact me at by e-mail at cooperj@rogers.com, by phone at 416-830-1007, or in person, Room 403, Sub-Heaven.

Updated: 2 October 2002