Society fees are deposited into a trust fund, which consists of two components: Revenues: Student fee revenues, possibly segregated by activity if there is more than one fee. Expenses: Cheques issued to the society, bad debt expenses, transfers to other funds within the society “group” to balance funds, the annual administrative fee as defined in your MOA.
Disbursement Dates
Society funds can be disbursed (i.e., paid to the society from the trust fund) at four different times of year. The specific dates of disbursement vary by society, and are outlined in each society's Memorandum of Agreement (MOA). Generally, there are two disbursement dates in the fall, one in the winter, and a final one after all adjustments in June.
Disbursement Process
Student Accounts requests payment to the society by direct deposit, through VRƵ Accounts Payable, according to the disbursement dates outlined in the society's MOA. There is an automated email generated by Accounts Payable when the payment is released. The Associate Director, Student Accounts, will contact a society if there will not be a payment on a disbursement date. The reason for there being no payment can be that there is no credit balance in the trust fund, or that you have not supplied required documents to the DPSLL Office as per your MOA.
Carrying Forward Amounts Owed
If the amount owed to the society is very small, the amount will be carried forward to the next disbursement date. If there is a balance owing back to the University, Student Accounts will evaluate whether to carry the debit balance forward to the next disbursement or to request a cheque from the student society.
Audits
The auditors of a student society need to confirm independently with the University the balances in the society's accounts at year-end. The VP Finance of the society should authorize the release of this information to auditors, either by signing the letter drafted by your auditor for this purpose or through an email to the Director, Student Accounts.
VRƵ is on land which has long served as a site of meeting and exchange amongst Indigenous peoples, including the Haudenosaunee and Anishinabeg nations. We acknowledge and thank the diverse Indigenous peoples whose presence marks this territory on which peoples of the world now gather.
, and commit to taking action to support local Indigenous communities.
