Information and Procedure
Getting Started
- Get keys to cabinet containing cash box
- Get added as financial signatory in ASA database
- Email "funds@mit.edu" in order to gain access to SAPweb (this might take a few days)
- Attend financial signatory training
- Read the financial guidelines on the SAO website
Accounts
Main Account
2720524. This is where all our money is deposited and where we can spend money on frivolous things like food for rush events and things of that nature.
Finboard Account
2720525. This is where Finboard will deposit money that they award us during the application process. Do not use this account for anything other than what was explicitly awarded to us for use during a certain funding period. But make sure that all the money is used by the time the next funding period starts or Finboard will think that they do not need to give us as much money in the future and we will lose some funding.
Cash Box
Money from the cash box can be used to reimburse people for very small expenditures less or for special beverages. Money from the cash box should never be touched without explicit approval from another officer. Insert info on how to get dollar bills and/or 5-dollar bills to put in cash box.
Budgets
Main Stage Shows
Not counting director stipends, we typically spend approximately $2000 on each show. In order of how much we typically spend: sets, costumes, lights, publicity, sound, hair/makeup, other. Before the show, give the producer a tentative budget based on previous years. As the show progresses, work with the producer to adjust the budget appropriately. Usually, this means taking money from a department that does not need it and giving it to a department that does. Almost all show expenses should be covered by Finboard.
Director Stipends
The director should be paid $200 per week of rehearsals. For the Spring show, this typically come out to $1000. At the discretion of the officers, a director may receive a $200 bonus if they have worked with us before.
Retreat
In total, retreat should not cost more than $1000 between cars and food. Appoint someone to be in charge of food. The venue should not cost anything. Depending on the state of ensemble finances and other events that term, you may need to require a small fee for retreat. This is typically $20 and can be given directly to drivers to reimburse car rentals. As per the constitution, accommodations should be made for people that are unable to pay.
Friendly Toast
There are typically two trips to Friendly Toast each semester paid for in part by the ensemble: one after the small show (CPW, REX) and another after opening night of the term show. Limit everyone to a $15 budget. People are quite good about this and it keeps the bill at a reasonable $300. If someone wants to spend more than $15, have them pay the difference to the ensemble (cash box).
Community Events
If you are considering spending money on something that will affect the whole MIT community (Movie on the Lawn, CAST, etc.), look for outside funding sources. The Council for the Arts, the De Florez Fund for Humor, and the Finboard Medium Events Funding are all good choices.
Ensemble Events
Ensemble events include Picnics, Large Events (Laser Tag, Bowling, Karaoke). Ideally, the ensemble should not spend much more than $500 on these things per semester. For example, spending $400 on EnsemBALL and $100 on Karaoke is reasonable. Spending $450 on EnsemBALL and $200 on a picnic is also reasonable. Spending $500 on EnsemBALL, $200 on a picnic, and $100 on Karaoke is probably too much. In many cases, this may require that events be partially subsidized. The easiest way to do this is to have someone pay the full cost and then get reimbursed in part by attendees (in cash) and in part by the ensemble.
Paperwork
RFPs
Make sure people give you their physical receipts as well as proof of purchase. MIT does not reimburse tax or alcohol.
Neil, could you please update this section?
Director Stipends
Make them an MIT employee. Exactly as annoying as it sounds.
Neil, could you please update this section?
Finboard Applications
Neil is quite good at these.
Neil, could you please update this section?