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Main Campus Residents' Council - Society Finances
Accountability and Transparency
The MCRC prides itself in its extensive internal financial controls. Ultimate responsibility for managing the finances of the MCRC, an organization with a budget over $300,000, rests with the Vice President (Finance). He or she will control all flow of financial assets, manage investments, reimburse staff, carefully consider every new expense, and periodically review the state of the Society's finances through monthly financial statements and internal audits. In addition to reporting to the General Assembly, more in depth discussion of the Society's finances occurs at the Finance and Audit Committee, which meets generally once a month, but sometimes more frequently.
The Financial Policy and Procedures can be obtained from the policies page.
Budget Process
The MCRC operates using two budgets throughout the year, the second comes into play after the first (and incorporates any revenue or expenses from the first). The first budget is the summer budget and is approved by incoming assembly members at the end of April before the new financial year begins on May 1st. This budget can only contain revenues and expenses that will occur over the four summer months.
The next budget, the MCRC Operating Budget, is created during September and incorporates all revenues and expenses from the summer, as well as planning for the next 8 months of the year. This budget is first designed by the Vice President (Finance) along with the Finance and Audit Committee and input from the other Executive. Once the Finance and Audit Committee and the Executive agree with the values presented on the budget, there is an open budget meeting during September whereby all students can have an opportunity to influence the future spending decisions of the MCRC. After the meeting, any applicable changes are made and the budget is finally presented to the General Assembly for final discussion and approval. It is assumed that at this point the budget should be in its final form, however Assembly can choose to direct the Vice President to reconsider the budget with the Committee and report back at the next General Assembly for final approval.
After the budget has been approved, House Councils are then required to create their own budgets for the allocation that has been allotted to them through the MCRC's Operating Budget. Although House Councils have their own budgets, all expenses and revenues are still carefully considered by the Vice President.
Financial Statements
The Vice President will periodically prepare financial statements which completely disclose all revenues and expenses of the Society as well as the state of all assets and liabilities. Should you have any questions about interpreting these statements, contact the Vice President above.
- November 30 2006
- Revenue and Expenses
- November 30 2006
- Assets and Liabilities
- December 2006
- Assets and Liabilities
- December 2006
- Revenue and Expenses
- January 2007
- Assets and Liabilities
- January 2007
- Revenue and Expenses
- February 2007
- Assets and Liabilities
- February 2007
- Revenue and Expenses
- September 2006
- Assets and Liabilities
- September 2006
- Revenue and Expenses
- October 2006
- Assets and Liabilities
- October 2006
- Revenue and Expenses
- March 31, 2007
- Assets and Liabilities
- March 31, 2007
- Revenue and Expenses
- August 2009
- September 2009
- October 2009
- November 2009
- December 2009
- January 2010
- February 2010
- April 2010
- March 2010
