Managing Your Money

Heather Bisher

Becky Patt

Objectives

• To understand how Hall Accounts work as well as the mechanics of how to use Hall Accounts (depositing, spending, S#s, etc)

• To learn how to effectively keep track of hall funds and budget them correctly

• To understand and use monthly financial statements for the hall and be able to print them from MINE

• To learn how to work with SSMs and Hall Council treasurers regarding funding

• To learn how to request funds for programs/events

How to Get Started

• 9 Student Staff Members

• Hall Council

• LLCs (i.e. SCP)

The first coin minted in the US was a silver dollar.

It was issued on October 15, 1794.

A Matter of Style

• Two examples

• Excel Spreadsheets(see ORLNSP website)

• Tips/Suggestions– Ours– Returners

A quarter has 119 grooves on its circumference.

A dime has one less.

Managing the Budget

• Reconcile Monthly

• Record S#s, Transfers, Deposits, etc as you go along (don’t wait 2 months to try to catch up!)

• Keep ALL info in ONE location

• Staple, paperclip, or keep all receipts in one location somehow

During the American Revolution, inflation was so great that the price of corn rose 10,000%, the price of wheat 14,000%, the price of flour 15,000%, and the price of beef 33,000%.

Reconciling Your Budget (MINE)

• Tip– A column has been designated in your

budget to record all items that have cleared the system; update regularly

As of 1976 there was $77 billion worth of paper currency in circulation in the United States.

Dates to Remember

• 15th of Each Month (new statements come out on MINE)

• You’ll go over your budget with your supervisor 3 times a year.– October 15– February 15– Hall Closing

** These dates may vary!

Until the 20th century dogs’ teeth were used as money by Solomon Island natives.

Utilizing Additional Funds

• LLC vs. RHA Funds

(see website)

• Staff Development Funds

It costs more to buy a new car today in the US than it cost Christopher Columbus to equip and undertake three voyages to

and from the New World.

S#s, Transfers, Deposits, and Reimbursements

• It’s practice time!

• Tips

• Q&A in small groups

The amount of play money printed each year for use in Monopoly totals more than the amount of real currency issued

annually by the United States Government.

Working with SSMs

• Be clear in expectations of appropriate fund usage

• Be clear in directions/instructions on how to get money

• Some might get very confused so be very step-by-step with them

• Keep reimbursements to a minimum

America once issued a 5-cent bill.

Working with your treasurer

• It’s very similar to working with your SSMs!

• Make sure you work with the treasurer so that they get the experience of managing an account

• Share the responsibilities for fiscal oversight

• Tips from returning staff

Until the 19th century, solid blocks of tea were used as money in Siberia.

THANK YOU!

Happy Budgeting!