Regulations for the Management and Control of Levied Student Funds
These regulations are set down in order to provide accountability for and control over Trinity College student funds. The intention of these regulations is to protect the Joint College Meeting (JCM) from legal and financial liability due to mismanagement. As well, it is the intention of this document to familiarize managers of student clubs with standard regulations followed by non-profit organizations.
I. Jurisdiction
All clubs, organizations, year funds, and Heads who are funded directly or indirectly by the JCM fall under the purview of these regulations. This includes but is not limited to levied and non-levied clubs of the JCM, the Trinity College Meeting (TCM), the Saint Hilda’s College Meeting (SHCM), and non-levied clubs and Heads funded by these meetings.
II. Account Control
a.) Only levied clubs, year funds, and the Heads of College and Heads of Arts may hold their own non-personal organizational bank account.
b.) All of the aforementioned bank accounts (excluding those held by the Heads of College and Arts) must have at least two co-signors. These may not be alternate signors of cheques but must be required to both sign each cheque.
c.) The co-signors of accounts must all be executive officers (President, Chair, Vice-President, Treasurer, etc.) of the particular organization. At least one of the co-signors must be the Treasurer of the club. Aside from the Treasurer a club may appoint as many co-signors as it desires so long as at least two signors (the Treasurer always being one of them) are required to sign each cheque.
d.) No account shall have attached to it a credit card, debit card, convenience card, bank machine card, or any other similar instrument.
e.) All accounts must be opened and maintained at the Harbord and Spadina branch of the Royal Bank of Canada.
f.) No cheques, drawn from an organization’s account shall be signed while blank.
g.) Organizations are strongly encouraged to receive monthly bank statements.
h.) Each organization must inform the bank, in writing, that the JCM Auditor and JCM Treasurer shall have access to their account. This is to facilitate the transfer of accounts each year.
a.) It is the responsibility of those officers who have control over a College funded account to ensure that it is managed properly. This especially means, but is not limited to, ensuring that the account does not show a negative balance and that none of the cheques written from the account are returned “Not Sufficient Funds.” Furthermore it is the responsibility of the organization’s signing officers (or single officer in the case of a Head) to ensure that the organization’s JCM-approved budget is strictly abided by.
b.) No student organization or head shall be awarded funds without the prior approval of the appropriate College meeting.
c.) This document may be amended by a simple majority of the JCM.
d.) This document is superseded, only by the JCM constitution and the constitution of any other applicable College meeting.
IV. Audit
a.) All clubs, meetings, year funds, and Heads must submit their books to the JCM auditor before the deadline specified for both the Winter and Spring audit. (As per Section IV E of the JCM constitution.)
b.) The books submitted for audit must include a detailed list of all transactions. Each transaction must be supported by as many source documents as possible (e.g. receipts, banks statements, returned cheques, etc.)
c.) Clubs, organizations, year funds, or Heads whose books fail their audit, for lack of thoroughness, inaccuracy, dishonesty, or any other major problem shall have their levy for the following term withheld at the discretion of the JCM Auditor and JCM Treasurer, or until they pass their audit.
IV. Publicity
a.) These regulations must be posted by the JCM Auditor during the month of September, each year. These posts must be prominently displayed at Trinity, St. Hilda’s, and the Buttery.
b.) The JCM Auditor shall present these regulations at the first JCM of each year at the same time that he presents the guidelines for proper accounting practices.
V. Enforcement
a.) The JCM Treasurer and JCM Auditor will be jointly responsible for ensuring that these regulations are abided by and for reporting to the JCM regarding any infractions.
b.) Clubs, organizations, and year funds that cannot satisfy these officers that they have met the aforementioned regulations will not be given their levied funds. Heads that do not fulfill these qualifications will not be given their approved portion of their meeting’s levy.
Draft Written
November 2001