General Finance Guidelines
Bank Accounts for UBC Funds
- UBC funds must be deposited into a UBC account administered by departmental Finance or affiliated UBC entities (i.e. AMS, EUS).
- Student Groups/Teams are not permitted to open and/or maintain external bank accounts to manage UBC funds.
- Contact departmental finance team for information about this existing UBC accounts.
- Contact Student Professional Development team for instruction as the first step to set up a new UBC Finance Account.
- All reimbursement claims must be submitted within 60 days from date of invoice/receipt or shipment along with appropriate approvals and supporting documents.
- Tipping & Gratuity for food delivery or pickup orders cannot exceed a $5 flat gratuity rate. When the orders already include a delivery and service fee surcharge, tip is not required.
NOTE:
UBC Funds refer to donations and sponsorships from industries, UBC units, APSC units, and funds from external parties raised by using UBC's Brand.
AMS and EUS are operating with a Finance System that is different than the system used within the UBC Departments and it is administered by the AMS Finance Team only. Any funding questions for the funds in AMS or EUS, ensure to connect with the right Finance Team for clarification.
Account Set-Up (Worktag)
Teams are not allowed to open external bank accounts in the university’s name or utilize the university's name for fundraising or other purposes. An official university account (Worktag) needs to be created for teams’ fund management. Only use official university accounts designated for the teams’ financial activities.
Email the Engineering Design Team Coordinator (team.engineering@ubc.ca) to set up an appointment for a new account.
Team Budgets
Teams are responsible for developing a professional budget outlining all expected income and expenses for the team’s projects and activities and financing their projects. Financing can be done through industry sponsorships (monetary and in-kind), and by applying for UBC-based funding opportunities. Teams are expecting to track and manage their funds using an external system (i.e., spreadsheet) in conjunction with UBC accounts administered by departmental Finance teams. Student groups will be responsible for any deficit in the account due to overspending.
Account Balance
- The account balance in the student groups/teams’ record will be different than the UBC accounts’ record due to timing differences for payment/reimbursement process.
- For example, student groups record expenses at pre-approval stage or after claim submission, whereas UBC account captures expenses after the reimbursement claims/invoices have been processed in the UBC’s Workday system by Finance or Department Stores (e.g. ECE store, CHBE Store).
- Student groups/teams should conduct monthly reconciliation with their finance teams to ensure both records are aligned. This improves transparency and enhance the stewardship of the team/group’s funds.
- To check account balance, the designated team members can request the account balance by contacting the departmental finance team. Contact APSC Finance (finance@apsc.ubc.ca) to find out the home finance department for the specific team account.
Account Surplus/Deficit
- Donors and sponsors might have specific terms and conditions on eligible expenses and/or unused funding (surplus). Some allow the student groups/teams to carry forward the unused funding to future years, but some might request the unused fund to be returned. Student groups/teams are expected to ensure the expenditures are in compliance with UBC policy and donor/sponsor’s requirement.
- Student groups/teams will be responsible for any deficit incurred in their UBC accounts due to overspent. Monthly, quarterly, and/or annual budget plans should be in place to track funding.
- When there is deficit in the UBC account:
- Student groups/teams need to work with their departmental finance team who administers their UBC accounts for reconciliation to ensure no duplicate payments, erroneous expenditures, or any unclaimed funds from other affiliated units (e.g., PAF, AMS, SPF, etc.). Ensure all incoming funds listed on the groups' budget have been received in the UBC accounts.
- If both records are aligned and correct, student groups/teams should seek for additional fundraising opportunities to cover the deficit.
- Expense claims and new purchases must be on hold until the deficit is clear and the new funding can sustain the group/team's operational activities.
Changing Existing Signing Authority changing-signing
Each student group needs to delegate at least two specific members as signing authorities to approve financial transactions.
- Design Teams: Teams fill up the Finance Account Information form if they need to update signing authorities - check the "Update Account" box. The existing approver then emails Departmental Finance Team hosting the Design Team account with the completed form, CC'ing the EDT Coordinator (team.engineering@ubc.ca).
- Other student groups: The existing approver may email departmental finance team for record update.
Finances Templates and Contacts
Receiving and Depositing Sponsorship Funds
All external relations and sponsorship funding-related queries fall under the Development Office.