General

1. All registered clubs must submit to the VP, Clubs, no later than August 15 each year,

(a) a final annual budget that provides for all expenditures of the club for the fiscal year;

(b) a complete list of proposed club events and/or activities for the Term Year; and

(c) a copy of the most recent version of the club’s charter.

2. To be eligible for funding from the GBC, a registered club must,

(a) be in good standing status; and

(b) comply with the requirements set out in Section 11 of this Article.

3. A club may only use the funds received from GBC in accordance with the annual budget summited under Section 11 of this Article, unless explicit permission is granted by the VP, Clubs.
4. A club must adhere to the complete list of proposed club events submitted under Section 11 of this Article, unless explicit permission is granted by the VP, Clubs.
5. A club shall economically use all funds received from the GBC to further the club’s mandate and use best efforts to avoid waste and mismanagement.

Mandatory and Discretionary Funding

6. (1) The total amount of funds allocated in the Operating Budget shall be further allocated and designated accordingly:

(a) 20% shall be part of the Mandatory Club Fund and (b) 80% shall be part of the Discretionary Club Fund.

(2) Each club that is registered as an Industry Club or a Cultural Club shall be allocated an amount from the Mandatory Fund

pro-rata based on the club’s registered members.

(3) For greater clarity, the pro-rata amount referred to in Sub-Section (2) of this Section is the amount determined by (A) multiplying the total registered members of a club, by (B) a fraction, the numerator of which is the amount of monies designated  in the Mandatory Club Fund, and the denominator of which is the total number of members in the relevant club.

(4) In addition to the funds allocated under Sub-Section (2) of this Section, if any, a club may be eligible to receive funds from the Discretionary Club Funds only if:

(a) in the case of a club thatis registered as anIndustry Club,the club has collected aminimum membership fee of $20 per club member;

(b) in the case of a club that is registered as a Cultural Club or a Student Interest Club, the club has collected a minimum membership fee of $10 per club member; and

(c) in the case of a club that is registered as a Voluntary Club, the club has maintained good standing under Section 3 of the Article XVIII of the GBC constitution

(5) The aggregate amount of funding allocated to Voluntary Clubs shall not exceed 10% of the sum of the Mandatory Club Fund and Discretionary Club Fund.

(6) No individual Voluntary Club shall receive more than 2.5% of the sum of the Mandatory Club Fund and Discretionary Club Fund.

(7) No club shall be eligible for funding until two (2) terms after the date upon which the club is approved by the GBC.

(8) The Funding Committee, which shall be comprised of the VP, Clubs and VP, Finance & Operations, shall allocate funds, as they consider appropriate, from the Discretionary Fund to each club eligible to receive such funds. In exercising their discretion, the Funding Committee shall give consideration to the following factors:

(a) the submitted fund requests as outlined in the club’s budget;

(b) the impact and value of the club’s programming on:

1. the majority of the MBA student body and their student experience;
2. Rotman’s reputation and profile within the community; or

iii. Rotman’s reputation and profile within a particular industry;

(c) the fund request as benchmarked against the common cost estimates for all clubs; and

(d) the alignment between a club’s programming and the overall GBC strategy and vision for the Term Year.

(9) If the Funding Committee allocates more than 10% of the funds from the Discretionary Fund to any one club, the allocation

of such funds must be approved by the Council.

(10) The allocation of funds under this Section shall be determined before September 1.

(11) The funds allocated to a club under this Section shall be issued to the club by a cheque, electronic transfer, or any other

similar instrument, in one installment in the Fall Term and one installment in the Winter Term.

(12) A club shall not receive the second installment of funds unless the club has been reviewed or audited in accordance with

Sections 13 and 16 of this Article, as the case may be, and remains in good standing after such review or audit.

7. A cheque, electronic transfer, or any other similar instrument issued by the GBC to a club in respect of an installment of funds under Section 12(b) that remain unclaimed by a club at the end of the Fall Term or Winter Term in which the instrument was issued shall be cancelled, and the club shall forfeit its rights to receive the amount under the installment. The monetary value of the deemed forfeited installment shall be re-purposed by the VP, Finance & Operations.

Other

8. The VP, Clubs shall coordinate and communicate all submission dates and time-lines regarding club funding to each club in a timely manner.
9. The funds received from the GBC shall not be commingled with any other funds received from an external source.
10. The GBC shall publish any increase in the membership fee for a club prior to the GBC Club Fair.

Banking

11. (1) The President of the GBC and the VP, Clubs shall reserve the right to be a signing officer, concerning banking matters, for any club upon a written request submitted to the club president.

(2) A club registered with the GBC and a bank must provide to the GBC the name of the bank, the branch number and address, transit number, bank account number, and a list of all signing officers for any bank accounts opened in the club’s name.

Transition

12. (1) Incoming club executives shall be given full and ongoing access to financial and audit documents and other information as deemed necessary to ascertain the club’s current financial state, as well as the status of audit filings.

Review and Audit of Clubs

Review

13. (1) A club registered with the GBC shall be formally reviewed three (3) times each Term Year by the VP, Clubs to determine whether the club is in compliance with the terms of this Article.

(2) The date of each review referred to in Sub-Section (1) of this Section shall be determined by the VP, Clubs, subject to the following requirements:

(a) the first review shall be conducted prior to issuing the first installment funds to the club;

(b)the second review shall be conducted prior to issuing the second installment of funds to the club; and

(c) the third review shall be conducted by the end of the Winter Term.

(3) The VP, Clubs, shall notify each club of the date of a review of the club at least ten (10) prior to the review date.

14. (1) Subject to subsection (2), all clubs must submit to the VP, Clubs,

(a) a semi-annual financial report before the date of the first review;

(b) a year-end financial statement before the date of the second review; and

(c) a year-end financial statement, signed by the outgoing and incoming presidents and treasurers of the club, before the date

of the third review.

(2) A club that does not receive funds from the GBC or any other source is exempt from subsection (1).

(3) Each of the submissions of the documents referred to in Sub-Section (1) of this Section should be accompanied with,

(a) official bank statements or screenshots of official bank statements;

(b) account number(s);

(c) bank branch address(es); and

(d) a list of all persons with signing authority.

15. The VP, Clubs has the authority to request, and shall receive within a reasonable time thereafter, any information or documents from a club that the VP, Clubs requires in the course of conducting a review of the club.

Audit

16. (1) In addition to being reviewed under Section 23 of this Article, each registered club above the 90th percentile of all clubs ranked in ascending order of the amount of funds allocated to the club by the GBC, shall be subject to an audit of its financial accounts and statements by the VP, Clubs and VP, Finance & Operations at the end of the Fall Term and Winter Term, respectively.

(2) During an audit, the VP, Clubs and VP, Finance & Operations will determine whether the actual expenditures of the club did not vary by more than 5% of the expected expenditures as outlined in the club’s annual budget. A variation of more than 5% shall be deemed to be an uneconomical, wasteful, or mismanaged use of funds, unless an adequate explanation is provided to the VP, Clubs.

Other

17. The VP, Clubs shall coordinate and communicate all dates and time-lines with respect to reviews and audits under this Article to the clubs, and shall ensure that clubs are afforded a reasonable amount of time to comply with any requests and submission deadlines under this Article.

18. A review or audit of a club shall be completed no later than 30 days after the date of the review or audit, as the case may be.