NANYANG TECHNOLOGICAL UNIVERSITY
FINANCIAL PROCEDURES
FOR JUNIOR COMMON ROOM COMMITTEES
I
BUDGET
A budget is the financial plan of the expected cash inflows and cash outflows for a financial
period. The budgets are drawn up to control the use of funds entrusted to the JCRCs.
The Junior Common Room Committee (JCRC) shall seek formal approval of the
budget for every activity from Student Affairs Office (SAO).
A detailed activity budget showing the budgeted income and expenditure for every major
activity would have to be submitted by the JCRC to FIN, through SAO, for approval before
any commitment of expenditure.
The JCRC is responsible for their funds for 12 months from 1 September to 31
August of the following year. Budgets should be drawn up for two financial terms i.e.
from 1 September to 31 March and from 1 April to 31 August.
The JCRC shall not spend more than the total income and the various sub-committees
shall not spend more than the amounts allocated to them.
JCRC shall write to FIN, through SAO to vire funds from other accounts if it is necessary to
re-allocate funds after the budget has been submitted.
A detailed statement of income and expenditure of each event shall be submitted to
SAO once it is finalised.
Updated 9 September 2010
1
JCRCPROC2010/2011
II
FINANCIAL PROCEDURES
A.
RECEIPT (Ticket Sales, Donations/Sponsorships/Grants, etc)
i) TICKETS SALES
All cash/cheque collections shall be supported by coupons or ticket stubs.
Coupons/tickets (refer to Appendix I for a sample copy) shall be printed in 1 copy with 2
portions being separated by perforation.
Left portion (stub)
Right portion
- Office of Finance
- Student’s copy
The JCRCs shall write to FIN with their proposed coupon/ticket design including the
name of the printer and the number of copies to be printed. The proposed
coupon/ticket design must be vetted by FIN before printing. The following
information must be included in each coupon/ticket :
i)
ii)
iii)
iv)
v)
vi)
vii)
viii)
ix)
Running serial number
NTU GST registration number 20-0604393-R
Nanyang Technological University
Hall number
Price of ticket
‘Price is inclusive of the prevailing GST rate’ must be stated
Name of Event
Date & Time (optional) of Event
Venue of Event
BEFORE issuing the coupons/tickets for sale, a copy of the supplier’s invoice and
all the printed coupons/tickets must be submitted to FIN for verification.
Cash collected must be banked in and shall NOT be used to pay for any expenses.
All ticket stubs of sold and remaining unsold coupons/tickets together with a detailed listing
of all the coupons/tickets and list of names and the Company they belong to (for
Complimentary recipients, if applicable) are to be submitted to FIN after the event. Spoilt
copies of coupons/tickets must be duly endorsed and kept intact.
ii) DONATIONS/SPONSORSHIP
-
Cash collections of S$3,000 and below and all cheques for events that are
non tax exempt, eg sponsorship, sale of tickets, income from rental of booth
must be made payable to “NTU Hall of Residence”. Cheques received should
be handed to FIN immediately by the Financial Secretary for crediting of the
appropriate account, using NTU’s Pay-in-slip as per Appendix II. Ticket
stubs/coupons/other supporting documents must be submitted to FIN for
verification of collections.
-
All cheques for donations for tax exemption receipt must be payable to
“Nanyang Technological University”. Please hand in collection to SAO after you
have filled in the transmittal form in Appendix III.
For Cash Deposits of S$3,000 and above, the JCRCs must complete OCBC Bank’s
deposit slip (Appendix IV) and submit to OCBC Bank for deposit of funds. Once the
Updated 9 September 2010
2
JCRCPROC2010/2011
Bank has processed the deposit, the JCRCs shall verify the transaction and immediately
return their file copy of the Bank’s deposit slip and the original copy of NTU’s Cash
Deposit Advice (Appendix V) to FIN, Cashier, for receipting. Ticket stubs/coupons/other
supporting documents must be submitted for verification of collections.
The JCRCs must ensure that funds are credited to the correct bank account (details are
provided in Appendix V) and that all funds credited are fully accounted for. Any finance
charges or administrative costs incur in recovering funds that has been wrongly
credited by the JCRCs or in identifying funds unreported by the JCRCs, will be
borne by the JCRCs.
B.
PAYMENT
Payment of bills/invoices shall be made strictly if funds budgeted against the respective
activities are available.
All bills/invoices of expenditure properly incurred in accordance with the approved
budget must be approved and signed by the President and Financial Secretary of the
JCRCs and submit to FIN through SAO for processing of payment within three
weeks from the date of bills/invoices.
For payments to individual name, a copy of I/C or ROC search has to be furnished
together with the bills/invoices by the JCRCs.
Only original copies of the bills/invoices shall be submitted for processing of
payment. The bills/invoices must be issued to:
Nanyang Technological University
Hall of Residence ______
_____ JCRC
Bills/invoices issued to names of the President/Financial Secretary/Committee members of
the JCRCs only are NOT acceptable for payment/reimbursement.
The Financial Secretary shall chop the JCRC rubber stamp on all bill/invoice payment to
suppliers (please refer to Appendix VII for exact size and details) and fill up all the fields
accurately. Please refer to Appendix VI for the Chart of Accounts).
The processing time required for payments shall be at least two weeks.
In the event that original copies of invoices are lost or misplaced, duplicate copies may be
submitted for processing provided that the duplicates bear all of the following clauses
certified by the supplier:
-
“that the supplier had not received payment for the invoice concerned”
“that the invoice is a certified true copy of the original” AND
The President and Financial Secretary must certify that payments have not been
made previously on these purchases
Statements of account, delivery orders, etc are not acceptable for payment.
Updated 9 September 2010
3
JCRCPROC2010/2011
C.
REIMBURSEMENT
A reimbursement is a claim made for an amount already paid to the supplier.
A reimbursement must be made in a Reimbursement Claim Form (Appendix VIII) and
properly supported by the official receipt/invoices issued by the supplier. All
reimbursement claims are to be submitted within one month from the date of
receipts/invoices. Any reimbursement claim that has exceeded the one month
duration will not be processed by FIN unless it is supported by a letter of
explanation. The JCRCs are advised not to write/alter the amount on the receipt.
The receipt will be rejected once it is illegible.
Reimbursement for the full amount of a purchase, whereby deposits were paid
earlier, has to be accompanied by original receipts supporting the deposits made.
The receipts must indicate the nature of the payment and the activity to be paid for (eg. 2 nd
instalment for D&D). The President and Financial Secretary must also certify that claims
have not been made with regards to the deposits.
JCRC is advised not to make payment for a purchase of reasonably large amount. The
Financial Secretary shall consult FIN before making such payment to suppliers of large
amounts. A letter of explanation is to accompany the claims for reimbursements:
a) of amounts more than S$200/- in a single receipt or combined receipts from the
same supplier on the same day
b) rental of vehicles
c) taxi claims.
Reimbursement shall be made only if expenses are properly incurred in accordance with
the approved budgets, funds for the respective activities are available and the financial
procedures have been adhered to. The receipts must bear the name of the
company/shop and GST registration number if applicable.
Claims for personal items are strictly prohibited.
FIN may, at their discretion, request for additional documents/information to further support
the claims.
The JCRCs shall use separate sheets of Reimbursement Claim Form for each of the
following category of receipts/invoices/bills:1. GST-Registered (i.e. the GST Registration Number is stated) and “Amount Payable
includes GST” is printed on the tax invoice. Request the supplier for the GST
registration number if the receipt shows a GST amount but does not show the
registration number. If the number is still not available, ensure that the supplier’s
name, address and telephone number are shown on the receipt.
2. GST-Registered but “Amount Payable includes GST” is not printed on the tax invoice.
Please note that in such cases GST paid are not claimable.
3. Non GST-Registered and GST amount are not indicated.
Updated 9 September 2010
4
JCRCPROC2010/2011
D.
REQUEST TO USE ACCUMULATED FUND
Request for use of Accumulated Fund for purchase of fixed assets must be signed by the
President and Financial Secretary and submit to FIN through SAO for support and
approval.
E.
ADVANCEMENT
The JCRCs may request for an advancement in anticipation of payments prior to the
commencement of an event. The application form (Appendix IX) must be submitted to SAO
for approval. The approved request for advancement shall reach the FIN at least two
weeks before the date of the event.
Once the advancement is used up, a Statement of Use of Advancement (Appendix X) with
supporting bills/receipts for the amount advanced must be submitted to the FIN within one
month after the event. Any unspent money must be returned and banked in to the
respective account. Advancement can only be made if budgeted income for the activity
has been realized.
F.
ACCOUNT CODE
An account is opened to keep track of the movement of funds. You are required to quote
the account description and GL code in your deposit advice, reimbursement claim form or
invoice. Please see Chart of Accounts. (Appendix VI).
G.
AUTHORISED SIGNATORIES
President and Financial Secretary are responsible for the proper use of JCRC funds.
Specimen signatures of the signatories are to be forwarded to FIN through SAO for record.
FIN will liaise only with the President and Financial Secretary whose signatures are
registered with SAO and FIN on JCRC financial matters.
All invoices, reimbursement claims, correspondences on financial matters, etc must bear
the signatures of both signatories.
Any claims without the relevant signatures will not be processed.
Signatories must ensure that all expenses are properly incurred in accordance with the
approved budget and the financial procedures adhered to.
SAO and FIN shall be notified of any change in the signatories on occasions when the
President or Financial Secretary will not be available for more than two weeks during term
vacations or internship. Specimen signatures of the replacement signatories must be
submitted together with notice of change to FIN through SAO.
Updated 9 September 2010
5
JCRCPROC2010/2011
H.
TRANSPORT CLAIMS
Student organisers shall commute by bus or MRT.
For rented vehicle, students shall state the purpose for renting the vehicle in their
reimbursement claims.
Receipts for parking/petrol charges, submitted with reimbursement claims must be for the
rental period only. The JCRCs, subject to audit check, may be required to submit details
of route taken during the rental period. The JCRCs may refer to Appendix XI as a sample
format to input the details required.
If students use their own vehicles, the rate applicable for mileage charges shall be $0.60
per km (regardless of the type of vehicles). All reimbursement claims under this category
shall be made using the form in Appendix XI accompanied by original petrol receipts.
I.
TELEPHONE LINES
These shall be used strictly for official purposes only. Personal/personal trunk calls shall
not be made through these lines.
J.
Procurement Of Goods And Services
The JCRCs shall adhere to NTU’s Policy on procurement procedures. Please refer to
Appendix XII for the procedures pertaining to the procurement of goods/services for :
1.
Estimated Procurement Value Not Exceeding S$6,000
2.
Estimated Procurement Value Above S$6,000 But Not Exceeding S$125,000
3.
Estimated Procurement Value Exceeding S$125,000
The JCRCs may approach SAO for assistance on procurement if supplier requires a
purchase order.
K.
FIXED ASSETS
Fixed assets are tangible items that (a) are held for use in the production or supply of goods
or services, for rental to others, or for administrative purposes, (b) are expected to be used
during more than one period and (c) are of value of S$2000 or more.
The JCRCs shall seek approval for the purchase of fixed asset from SAO.
Purchase of fixed asset will be done through SAO. SAO shall call for quotations or tenders
to determine the most competitive price. SAO shall raise purchase requisition for approval
and issue of purchase order. SAO shall act as the custodian of fixed assets.
Proper maintenance and records must be kept for all fixed assets regardless whether the
asset is purchased or donated.
Regular inspection shall be carried out to ascertain that the fixed assets are in existence
and in good working conditions.
Updated 9 September 2010
6
JCRCPROC2010/2011
L.
FUNDS RAISING EVENTS
1. Events to raise funds from the public require a licence from the Police Department
under the ‘House to House & Street Collections Regulations’.
Police Department’s requirement - A statement of income and expenditure for the fundraising events shall be completed and audited by a practicing auditor within 3 months
after the completion of the events. The audited statements together with the letters of
disbursements of the net proceeds to the various beneficiaries of the fund raising
events must be submitted within 4 months after the completion of the events. This is to
ensure that the net proceeds raised are disbursed to the respective beneficiaries
promptly.
2. Events that do not require a police licence but the amount of proceeds raised exceeds
$5,000
Minimum requirement - Event’s account must be audited by a certified public
accountant (need not to be a practicing auditor);
3. If the amount raised is less than $5,000
Minimum requirement – Event’s account must be audited by the relevant student
body’s appointed auditors who is a registered member of ICPAS.
The JCRCs may approach SAO for more information and assistance on fund raising
events and outright cash donations using ballot boxes.
M.
UNIVERSITY’S FINANCIAL YEAR
The University’s financial year is from 1 April to 31 March of the following year. As such, all
payments, receipts and reimbursement claims relating to the financial term from 1 Sep to
31 Mar must be submitted to FIN by 15th March. The JCRCs may write in to FIN by 15th
March to request for accrual of expenses pertaining to the financial term from 1 Sep to 31
Mar i.e. expenses which have been incurred/committed but the invoices/receipts are not
yet available on or before 15 March. The accrual can only be made provided funds are
budgeted and available. After which, all unspent fund will be transferred to Accumulated
Fund.
N.
RECORDS RELATING TO USE OF FUNDS
The President and Financial Secretary shall ensure that the records are filed properly and
handed over to the next President and Financial Secretary.
O.
SOFTCOPY OF THE FINANCIAL PROCEDURES
This Financial Procedure is available on line at the following URL :
http://www.ntu.edu.sg/Finance3/StudentFinancialService/Pages/HallsofResidenceandJCR
Cs.aspx
Updated 9 September 2010
7
JCRCPROC2010/2011