Spring 2011

Recognized organizations have the autonomy and responsibility to spend their MIT funds according to MIT rules and regulations.

All funds within the group account are guaranteed by MIT once deposited into MIT account.

Group funds cannot be deposited in non-MIT accounts.

Must be ASA recognized.◦ … includes all student group funds outside of GSC Funding

Board or UA Finboard.◦ …funds are easily accessible and carry over yearly.◦ Additional accounts may be requested and are granted

on a case by case basis by SAO.

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$ Consists of UA Finboard or GSC Funding Board allocated funds

$ Funds are “term specific”. They DO NOT rollover beyond the funding term.

$ Student groups may only approach ONE funding board per academic year.

$ Guidelines for spending are based on funding board requirements as well as MIT Policy.

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Group treasurers must regularly monitor all account activity.

The Treasurer makes sure group members and officers know who the Financial Signatories are.

Treasurers should be aware of transactions processed by other authorized Financial Signatories at all times.

SAO expects groups to confirm/validate account transactions monthly.

Treasurer and financial signatories are expected to adhere to good business practices, responsible for managing accounts ethically and using Group funds appropriately. Any odd or questionable incidents within the group, should be immediately reported to SAO.

Access should be updated at the end of each fiscal year

Purchase Orders

MIT Requisitions

Check Requests

Internal Transfers

Wire Transfers

Cash boxes

Deposits

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Note:MIT is a non-profit organization and is thereby tax-exempt. MIT

Sales Tax Exempt Forms should be presented when purchasing materials for

student organizational business use ONLY.

If you are traveling outside Massachusetts, please request the tax exempt form for that state, 5 business days out by e-mailing funds@mit.edu

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•Name of company•Address of company•Federal ID of company•Phone•Fax•Selection of Source over 5k•Description of Event (Amount people /food/ entertainment/event timing)

•Itemized Quote

**This process is still completed on paper!

A PO does not:•Authorize checks. Separate vouchers are required for checks. • The final and all invoices need to be signed/approved by a signatory.

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• This is a way to make a purchase without having to spend money out of your pocket

•Look at Shop MIT web page for links to MIT internal providers

•Copy Tech

•Audio Visual

•Caterers on campus

•Endicott House

•Facilities (movers, electricians…)

•Mail Services

•E-Cat Purchases

Who Can use this System?◦ Individual Submitter

seek a reimbursement (a payee)◦ Student Group Treasurer Submitter

create RFPs for reimbursements or payments review and create for self or others

◦ Approver (SAO) approve RFPs

Payees◦ May be MIT or non-MIT

Signatories still have to sign off◦ RFP needs to be sent electronically to the Treasurer◦ Once treasurer reviews it, they will send it to SAO◦ RFP’s should be sent to Catherine Hursh ◦ Treasurers do not hit the “approve” button

All signatories still need to be listed in the ASA Database

You may not approve your own RFP Receipts must be scanned and attached to RFP Original receipts with RFP # written on it has to be

turned in to SAO BEFORE RFP will be approved.

Step One: ◦ Access SAPweb >

Purchasing > Requests for Payment (RFPs)

◦ Go to: http://web.mit.edu/sapweb

◦ Select the Purchasing tab.◦ Select:

Reimbursement for non‐taxable goods and services or

Payment for taxable goods and services.

Payees may be MIT or non‐MIT. Non‐MIT payees who are not in the system will require additional information on the RFP form.1. Select MIT or non‐MIT2. Enter the payee name and click Search.3. Click the name from the Select Payee search results.

If a non‐MIT payee’s name is not part of the search results you may click Continue and enter the payee's information manually.

A blank RFP form opens with the selected name as the Payee. Note the Change Payee button.

RFP Required Information is Marked by an Asterisk *

1.The Payee name is displayed. You may also see a Change Payee button.

2.Assign a name – Group Name/Account Number

3. If a permanent address is not already on file you will be required to supply one. This is for tax purposes.

1. Enter Social Security or Taxpayer Identification number. (not needed for reimbursements)

1. If payee is not a US Citizen or Resident Alien you are required to enter the Visa type and country of citizenship.

2. Mailing address will be entered automatically from SAP records or from the Tax Address entered in step 2.

1. You may choose to have a check delivered to an MIT person at an MIT address or you can elect to be called when the check is ready for pickup.

6. Enter Line Item information – G/L Account and Cost Object may be left blank for treasurer to complete. Enter the Amount of all receipts. An Explanation is required.

7. Click to Add Line if costs are to be split among multiple G/Ls or Cost Objects.

8. Add a Note to Central Office (optional) if there is an MIT VENDOR already created for the organization/person but it didn’t show up

9. The Save and Continue button creates your RFP record in SAP and assigns it a number.

The dialog box shown at the right will appear right after you click Save and Continue. You may choose cancel to attach receipts at a later time.

To attach receipts:Click the Attach Receipt button.Click Browse and locate the file with your scanned receipts.Click Attach to link the scanned receipts file to the RFP.Click View Receipts on the RFP form to open attached files. These may be viewed but not edited.

Note: You may attach receipt files at any point in the process.-contracts should not be scanned, they should be put on file as

they are now (@ SAO) and place a comment in the notes section on the RFP

When an RFP is complete it must be sent to the next person in the process. This is essential to move the RFP to the next step. ◦ Submitters and reviewers may use the Send to

button to route the RFP to another individual – another reviewer or an approver.

◦ An Approver (SAO) will use the Approve button to send the RFP to Accounts Payable for final approval and payment.

If it’s direct deposit the money will be in your account the morning after the RFP is approved

◦Please keep in mind no RFP will be approved until the PAPER receipts are received

If check is being mailed, it will be sent on the 2nd business day after it was approved.If check is coming to campus for mail/pick-up it will be on campus on approximately the 2nd business day after being approved.

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•Checks for donations to charitable organizations:•Complete Student Activities Donation to Charity form•Organization’s written mission statement

•Usually available on their website•Organization’s name, address, phone, fax•Not for Profit ID Number (Tax ID Number)•Foreign organizations require additional approval

•All of this information should be used as the supporting documents for the online RFP

Wire Transfers $ SAO can accept wire

transfers for a student group’s main or reserve account from outside companies/individuals

$ Contact funds@mit.edu to make arrangements in advance.

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Internal Transfers

$ moves money/expenses from one MIT account to

another

or

$ reclassifies an expense within an account

$ Need to show original expense being transferred, on the transaction report

$ Financial Signatories should request a locked cash box for events (when collecting cash or selling items)

$ Cash boxes include $40

$ Advanced notice is necessary when requesting cash boxes

$ Please e-mail funds@mit.edu to request cash box

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Deposits can be made:

$ Bring deposit to W20-549- place in deposit box on wall

¢ Use SAO envelopes provided and keep the yellow copy of the deposit slip for your records along with copies of any checks

$ Make arrangements in advance for night or weekend deposits using a coded SAO deposit bag and key

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Payroll

Special Contracts

TechCash Services

Additional Training Available For:

SAPWeb Reporting

Travel

E-Commerce Services

Fundraising/Sponsorship

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$ Groups use after approaching GSC Funding Board or UA Finboard if they do not receive sufficient funding for an event

$ Please see the Student Activities Office before your group solicits funds from any MIT department/lab/center.

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Any questions? Concerns