VP Finance
RAHUL DEVNANI
Key Responsibilities
• Responsible for MES Bank & University finance Account
• Ensure transparent, accurate and complete Financial Records
• Ensure Budget is on track
• Oversee development and/or signing of contracts including handbook
and yearbook printing companies and suppliers for Drain merchandise.
• Work with AVP Clubs & Sponsorship for proper funding allocations to
Groups & Teams
• Supervise the following Council positions:
• i) Associate Vice-President, Services & Productions
• ii) Associate Vice-President, Administration
RAHUL DEVNANI – VP FINANCE – ACCOUNTABILITY (SAGM 1 2014/2015)
2013-2014 Review
Revenues : ~ $546,814
Expenses : ~ $556, 306
Net : - $9492 (deficit)
Reason : No proper tool for tracking expenses and more funding
motions passed than the budget
Internal Audit (by McMaster University) key recommendation :
need proper financial tracking and stronger financial policy
No fee increase for 2014-2015
*As of October 31st, 2014
RAHUL DEVNANI – VP FINANCE – ACCOUNTABILITY (SAGM 1 2014/2015)
2014-2015 Budget
• 2014 – 2015 Budget
• Aim is to net $0
• Projected Income & Expense : $567,500
• Key Differences between budgets - increased audit and bookkeeper
costs
• Implemented Special Projects Fund !
RAHUL DEVNANI – VP FINANCE – ACCOUNTABILITY (SAGM 1 2014/2015)
Financial Improvements
• Implemented Quickbooks Accounting System
• Tracks all expenses and income for the MES
• Implemented Square System at Le Drain
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Tracks each and every sale
Keeps track of inventory
Accepts credit cards
Can accept payments online
• Contracted Bookkeeping to DLD Business Support
• Will update Quickbooks accounts at an ongoing basis
• Will file taxes quarterly on behalf of the MES
• Will prepare the financial documents for the audit
RAHUL DEVNANI – VP FINANCE – ACCOUNTABILITY (SAGM 1 2014/2015)
Financial Policy Manual Changes
Key Changes :
• Funding Approval (Non Budgeted)
• Upto and equal to $500 – Executive
• Upto and equal to $1500 – Council
• Above $1500 – SAGM
• Added Contingency Policies – Operating & Financial
• Operating contingency restricted to President and VP Finance and will
dispersed to the various budgets as risks are lower during the year
• New Application Forms, Guides & Website
• Helps keep paper track and contain all important information for greater
accountability
• www.macengsociety.ca/finance
RAHUL DEVNANI – VP FINANCE – ACCOUNTABILITY (SAGM 1 2014/2015)
Infographic !
RAHUL DEVNANI – VP FINANCE – ACCOUNTABILITY (SAGM 1 2014/2015)
Campaign V/S Accomplishments
Campaign
Transparency
(Finance Website + Infographics)
Accountability
(PM Changes + Quickbooks + Square)
Electronic Drain Sales
Special Projects Funding
Incorporation of the MES
RAHUL DEVNANI – VP FINANCE – ACCOUNTABILITY (SAGM 1 2014/2015)
Completed
In Progress
Currently working on :
• Promoting the Infographic and Special Projects Funding
• Industry Partnership Package (with Matt Vuk)
• Long Term Investments (with Ben, Ryan & Taya)
• Maintaining the new financial systems
• Detailed Transition Report
RAHUL DEVNANI – VP FINANCE – ACCOUNTABILITY (SAGM 1 2014/2015)
Questions ?
Email : vp.finance@macengsociety.ca
Office Hours : Mondays 6:30 PM – 8:30 PM
RAHUL DEVNANI – VP FINANCE – ACCOUNTABILITY (SAGM 1 2014/2015)