MBA Finances

On this page, you will find information about:

Paying Expenses for MBA Student Org Initiatives

Expenses

For expenses that are less than $3,000, there are 3 payment method options:

Option 1: ProCard
(Preferred method)
(15 days to process request)

Option 2: Wire or Bank Transfer
(30 days to process request)

Option 3: Approved Reimbursement
(30 days to process request)

For expenses that are more than $3,000 but less than $10,000, there are 2 payment method options:

Option 1: Wire or Bank Transfer
(30 days to process request)

Option 2: Approved Reimbursement
(30 days to process request)

For expenses that are more than $10,000 expenses, there is only 1 payment option:

Option 1 : Wire or Bank Transfer
(Min of 8 weeks to process request)

Contract Required: Expenses greater than $10,000 require a contract. Students can NEVER sign contracts or agreements. Contact your MBA advisor for support.

Georgetown University Funds are Never Permitted (per University policy) to be used as:

Payment Method: ProCard

What is the process for paying with ProCard?

ProCard is a Georgetown University-owned payment method that works like a credit card. 

Only expenses that are less than $3,000 can be paid via ProCard. 

 
How to Use a ProCard:

Choose a vendor (Click here to view a list of suggested vendors), request quotes/invoices, and inform of Georgetown University's sales tax-exempt status (Click here for documentation to have sales tax removed). Students can NEVER sign contracts or agreements. If your vendor requested you to sign any agreement or contract, please contact your MBA club advisor for support.

Once you have the final quote/invoice WITHOUT sales tax, submit a Payment Request via Hoya Connect (Payment Request Tutorial) under your MBA Student Organization Group. Ensure your club has enough funds to cover the expense. Once this request is submitted, it takes up to 15 days to process, so notify your vendor in advance, if needed.


Before using a ProCard, review the MBA Student Organizations and ProCard Policies & User Agreement and sign the ProCard Agreement on HoyaConnect. If you have already filled out this form this year, you don't have to do it again.

Once the payment request has been approved on HoyaConnect, pick up the ProCard from the MBA Program Office (Hariri Suite 390). The student who checks out a ProCard is responsible for all transactions made on the card during the period in which that ProCard is checked out to them.

After completing the payment, ensure you have the receipt(s) for each transaction that include the following information:

Take a picture of the receipt(s) and keep the physical copy with you for at least 60 days.


Within 3 days of each transaction, upload a picture of your receipt(s) on HoyaConnect by completing the Post-Payment Reconciliation Process.


Within 3 days of purchase, return the ProCard to the MBA Program Office (Hariri Suite 390).


Contact your MBA Advisor or mbaprogramoffice@georgetown.edu for assistance as needed.

Payment Method: Bank or Wire Transfer

What is the process for paying via Bank or Wire Transfer? 

Only expenses that are less than $10,000 can be paid via bank or wire transfer.

How to Pay via Wire or Bank Transfer:


Choose a vendor (Click here to view a list of suggested vendors), request invoice (Invoice Sample here), and inform the vendor of Georgetown University's sales tax-exempt status (Click here for documentation to have sales tax removed).

Ask your vendor to register as a supplier at the Georgetown University Supplier Registration Website
If the vendor is already registered, ask for the Supplier ID (SUP-xxxxxxx) or their "legal" business name, so that your MBA Program Office advisor can reverse search for the vendor's supplier ID. The Full List of GU Suppliers is also available for your review. 


Once you have the final invoice WITHOUT sales tax, vendor information and bank details, submit a Payment Request via Hoya Connect under your MBA Student Organization Group. Ensure your club has enough funds to cover the expense. Once this request is submitted, it takes up to 30 days to process, so notify your vendor in advance, if needed.


Your advisor and/or the Program Manager will forward the information to the MSB Finance Team to execute payment. If any additional information is needed, we will contact you.

Ask your vendor to send proof of payment (receipt) once they receive the funds.

Within 3 days of payment, upload your receipt(s) on HoyaConnect by completing the Post-Payment Reconciliation Process.


Contact your MBA Advisor or mbaprogramoffice@georgetown.edu for assistance if needed.

Find Registered Suppliers/Vendors

Find vendors who have already been registered & previously paid by the GU payment system (Google sheet)

Find Registered Suppliers/Vendors

Find vendors who have already been registered & previously paid by the GU payment system (BOX file)

Register a New Supplier/Vendor

Setup payment for any vendor (business or individual) who has never been paid by GU.

Payment Method: Reimbursement

What is the process for requesting a Reimbursement? 

Reimbursements are the least preferred method.

Reimbursements can only be completed for expenses that are less than $10,000 and the reimbursement must be approved BEFORE the payment transaction is executed.

If student leaders need to pay an expense out of pocket, they can request reimbursement. These situations should be exceptions and only utilized in case of emergency.

How to Request Reimbursement:

Reimbursement should be pre-approved on HoyaConnect.
Ensure your payment request is approved in HoyaConnect before paying for any expense. In the event your payment was not already approved, please contact your MBA Advisor to discuss.

Pay your vendor and ask for receipt(s). Ensure you have the receipt(s) for each transaction that includes the following information:

Take a picture of the receipt(s) and keep the physical copy with you for at least 60 days.
If you prefer, you can request an email copy of the receipt(s) instead of a paper copy.

Compile your receipts into one single PDF file and ensure your receipts have sales tax removed.
Within 3 days of each transaction, upload a picture of your receipt(s) on HoyaConnect by completing the Post-Payment Reconciliation Process.


If you have not already done so, you will create a Supplier ID in the Georgetown University Accounts Payable system. 
To create a Supplier ID and register as a GU supplier, complete the steps on the Georgetown University Supplier/Payee Set Up website.


If you have issues with supplier registration, you can reach out directly to the Care Supplier Team at suppliercare@georgetown.edu.


Once you have your Supplier ID, submit the Reimbursement Form via HoyaConnect no more than 15 days from the date of the transaction. Please note that it can take up to 30 days to process your request.

How to register as a Georgetown Supplier?

Register as a GU Supplier 

If you have not already done so, you will create a Supplier ID in the Georgetown University Accounts Payable system.
To create a Supplier ID and register as a GU supplier, complete the steps on the Georgetown University Supplier/Payee Set Up website.


Contracts

What is the process for contracts?

   Students are NEVER permitted to sign contracts or agreements of ANY kind!   

Only employees of the MBA Program Office, GU or MSB Finance Office, and the Office of the CFO are permitted to sign documents for GU. Connect with your MBA advisor for support in handling contracts and agreements.


Goods that include services, or stand-alone services, with a total aggregate cost greater than $10,000 requires a GU contract.


GU Contract Process:

The contract process has 4 parts:

If all of the information in the contract is correct upon submission, it takes at least 8 weeks to be processed (but can take 4-6+ months).


Click here to review the MBA Program Office Contract Tutorial 

Click here to review Policies & Templates available at Georgetown Contract Department Page 

Sales Tax Exemption

Receipts

When making a purchase, students must ALWAYS obtain a receipt.
An Itemized receipt is different than a summary receipt.
Did not pay tip? Upload only itemized receipt.
Paid a tip? Upload BOTH the itemized receipt AND summary receipt.

Itemized Receipt

Must include the following:



Summary Receipt

Revenue

MBA Student Organizations have 4 primary sources of revenue:

MBA Club Accounts

Non-GU Financial Platforms

Sponsorship

To learn more about Club Sponsorship or Donation, please review Sponsorship Page

Additional Funds - Community Service Events

The MBA Program Office offers additional $300 for clubs that plan community service events. Please complete the request form on HoyaConnect.

What is the process for requesting this fund?

Coming soon!

Financial Policies

To the Georgetown University financial policies & procedures, view the MBA Student Handbook available at Student Leader Hub - Admin Page.

Want to see a limited view of your MBA club's finances or how many events have been planned? 

View information here and ask your board members for clarity. This is designed to give members a view of what is going on in their clubs. 

MBA Student Organizations' Transparency Portal (Student View)

Have more questions? Nick Bondy will be hosting Transparency Portal Office Hours in his office or virtually on the following days: