It is imperative that the individual(s) responsible for financial matters, or any other executive or associate who carries out a purchase, keeps a receipt. These pieces of source documentation serve as legitimate proof that a transaction has occurred and are required to justify reimbursements.
The UTMSU encourages that group financial officers take swift action on all financial matters, including reimbursements, and do their best to reimburse anyone who insurs an expense on behalf of the group within 3-5 business days.
Reimbursement Methods
Although a few reimbursement methods are possible, some are optimal while others should only be used if there is no other option.
Reimbursements by Cheque
- Best reimbursement practice
- Keep cheque stub
- Record cheque number
- Make a copy of the cheque
- Label the cheque appropriately
- Label Bank Statement accordingly
Reimbursements by E-transfer
- Keep a screenshot of the E-transfer
- Ensure to detail the reason for the reimbursement
- Keep proof that the E-transfer has been accepted
Reimbursements by Cash
- Avoid if possible
- Keep a copy of Cash Withdrawal
- Must provide proof of deposit
- Screenshot bank statement, cover all information
Reimbursements Without Receipts
It is best practice to avoid any financial transactions without a receipt. However, if a transaction is made where a receipt is not issued, it is the responsibility of the club executive making the purchase to create a document that resembles a receipt. This document should list all items being purchased or services provided with associated costs. This stand-in receipt must by signed by both the selling and purchasing parties.
Unapproved Purchases
The following includes items that are not approved by the UTMSU as appropriate spending on behalf of student groups. If an executive or associate incurs any of the following expenses, they will not be reimbursed by the group.
- Alcohol
- Personal Items
- Personal Materials/Clothing (For Executives)
- Items not related to specific events or the improvement of the club/society
If your group is unsure about a specific purchase, please contact the UTMSU directly at vpcampuslife@utmsu.ca or campus.groups@utmsu.ca