The Vice-President Finance‘s primary responsibility is to keep track of the Society’s finances. This includes the budget breakdown, allocation of funds, investments, and a broad perspective on leases, contracts, and legal issues for Society services. The Vice-President Finance also signs cheques, manages payroll, and keeps track of time sheets. Furthermore, the Vice-President Finance sits on all Society committees. Communication is an important aspect of this position and it would be an asset for candidates to have experience managing finances as they will be responsible for a multi-million dollar organization.
The Vice President Finance shall:
> Ensure that all Society funds are deposited in an appropriate account at a financial institution selected by the Board.
> Keep careful account and be responsible for all monies received and disbursed by or on behalf of the Society. The Vice-President Finance shall not disburse funds except as provided for in these by-laws, or by regulation.
> Render, upon request of the Board and within 14 calendar days, a detailed written report on the Society’s financial affairs.
> Prepare a detailed written report on the Society’s financial affairs for consideration at the Annual General Meeting.
> Coordinate the preparation of the budget of the Society.
> Coordinate the commercial and legal affairs of the Society.
> Be a signing officer.
> Undertake all other duties and responsibilities as the Board may delegate to the Vice-President Finance from time to time.
1. How would you create next year’s budget and what would you consider?
2. Should large-scale events such as concerts be run for profit or as a service for students? How do you feel about large-scale events?
3. If overspending were to occur late in the term when less reserve funds are available, how would you resolve that problem?
Nomin Gantulga (Move the Mountain)
1. Creating a budget is a setting the goals, clarifying right priorities for the organization and analysis of past performance. My first concern would be bursaries and grants. They are my priorities number, so I would try to find how to reallocate more money towards students and clubs self-development. In addition to it, targets should be realistic as much as possible in order not to receive an overspending.
2. All services that SFSS provides should always be in service for students. This is the main goal of student society overall. It is great to host large scale events in the university and I encourage events that foster the united SFU culture, but without causing the harm to the budget.
I believe that we have a lot of other programs which are in need of funds, such as SFSS Emergency Food bank, Build SFU, clubs . . .
3. If you are controlling your finances and know how to reallocate them considering set up objectives, you will not face a crisis and overspending. If it were to occur, I could consider two options:
-cut off the budgets of SFSS departments. However, I would consider its account balances and choose the ones that have excess while remaining enough support for the whole semester.
-use the small amount from the restricted funds that SFSS holds for . . .
Adam Potvin (ACE)
1. Creating a budget is a long process and requires diligence and an eye for detail — something that I can provide given my accounting background. I would identify which line items require activity-based budgeting (analyzing relationships between cost and activity) and which require cost-based budgeting (adding inflation to last year’s figures). I would also consult those around me, including the Financial Coordinators in the General Office.
2. Large-scale events should aim to break even. In the context of the SFSS, a profit is unnecessary as there are no shareholders and it would imply that more people could have come if prices were reduced. I am in favour of large-scale events, as they foster a greater sense of community and school pride — something that is lacking at SFU. I’m actually working to secure sponsorship for the upcoming Spring Sendoff concert.
3. I will strongly safeguard against this possibility from occurring through accurate budgeting and a maintained unrestricted surplus. If overspending occurs, I would resolve the problem through trimming excesses wherever possible. I would also have to make tough decisions in reallocating less productive capital to the line items being overspent. I would only touch the restricted surplus in a case of emergency.
