Submitting an Audit

The CFB is concerned that your allocated funds are spent in the manner in which you requested them. We require each club to submit a monthly audit. These are due on the 15th of every month.

Writing an audit is quite similar in nature to balancing your checkbook. Look at the audit form and you will see it is divided into three sections: generated funds, allocated funds, and a section designated for the balance of both the generated and allocated funds.

• Generated funds are all the monies that your club has acquired independent of the Co-Funding Board (CFB) allocation.
  (i.e., charging membership dues or hosting a fundraiser).
• Allocated funds are all the monies that your club has acquired by submitting a proposal to the Co-Funding Board (CFB).

In order to prepare your audit, look at your online statement (Banner system) from Student Accounts.

• Club treasurers now have online access through Banner. Contact YooHyun Um, SBS Treasurer, or Heath Stoll, SJS AAB Chair, with questions.

1. Carry your final balances from last month’s audit to the first line of the present month’s audit.
2. Write a description of the transactions on the left of the audit form, and them plug the transaction amounts into either:
   • the sections of generated funds (revenue or expense is, of course, dependent on whether or not your account was credited or debited) or
   • allocated funds (revenue or expense).

Keep a running balance of all transactions in the balance columns on the far right of the audit form.

Check to make sure that the total ending balance of the generated and allocated funds equals the balance on your account’s monthly statement. Receipts should be kept for the transactions.

At the end of the year, all of your allocated funds that went unused are reabsorbed back into the CFB account.

If your club has generated funds, they will remain in your account.

Click here for a sample audit.

Remember that an audit must be turned in by the 15th of each month, for the previous month’s transactions.