Closing Procedures

At the end of every year, the Student Body Vice President for Finance closes out the books for organizations that receive JFC subsidies and evaluates the fiscal state of all Student Government recognized organizations. The SBVPF follows a set of guidelines to ensure equity and fairness that can be found here. Student Government Fiscal Policy provides good insight into closing procedures, as well as disciplinary actions the SBVPF and SBVPO can take in order to ensure all groups are following procedure and good fiscal practice.

Budget Rollover

Submitted a Budget Rollover Application

If the money that you are requesting to be rolled over originates from extraordinary fundraising, then the SBVPF will rollover the amount of money deposited in your organization and gifts account less the amount of expected fundraising. The latter number can be found on BudgetTracker. If the fundraising difference is negative, you will need to provide extraordinary reasons for why the application should be granted. 

If the money that you are requesting to be rolled over originates from your previous JFC subsidy, then you will be asked why the money was not spent and what it will be spent towards during the next fiscal year. The final decision will be up to the discretion of the SBVPF. Please be as descriptive as you can while still being concise. Remember that the SBVPF is not familiar with your organization's structure, and you should assume he/she knows nothing when explaining your situation.

Did not Submit a Budget Rollover Application

If the balance of your gift and organization accounts combined is larger than your JFC subsidy for the respective fiscal year, then your entire JFC subsidy will be returned, but not the amount above and beyond the subsidy amount. If the combined amount is less than your JFC subsidy, all the money in the account will be returned.

Debt Forgiveness

Submitted a Debt Forgiveness Application

The SBVPF has 2 options for debt after receiving a forgiveness application: rollover debt, causing a decrease in the organization's JFC subsidy for the next fiscal year, or forgiveness, meaning the debt disappears. All debt does not have to be treated the same: a percentage can be forgiven while the rest if rolled over.Typically, if the debt incurred was under 10% of your JFC subsidy, the debt will be forgiven, but is at the discretion of the SBVPF. If the amount is larger, each circumstance will be looked at on a case by case basis. 

When filling out the application, please be as descriptive as you can while still being concise. Remember that the SBVPF is not familiar with your organization's structure, and you should assume he/she knows nothing when explaining your situation. Remember that even if debt if forgiven in full, probationary status can still result with even the best reason for debt. 

Did not Submit a Debt Forgiveness Application

The SBVPF will get in touch with your organization to see what happened and assess why your organization ended in debt. We have a set of predefined metrics that govern how we forgive debt and put people on probation. Factors include why your organization is in deficit, how many years your organization has ended with a deficit, the amount and precedence of the debt, the clarity and practices of your organization's accounting. Without filling out the form, no debt will be forgiven.