MBA Finances
On this page, you will find information about:
Paying Expenses for MBA Student Organizations' Initiatives
Expenses
Payment Methods
Sales Tax Exemption
Receipts
Revenue
Financial Policies & Resources
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:
Vendor Selection:
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.
Payment Request on HoyaConnect:
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.
Review ProCard Policies & Sign the ProCard Agreement:
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.
Pick Up a ProCard at the MBA Program Office:
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.
Obtain Itemized Receipt(s) from Vendor(s):
After completing the payment, ensure you have the receipt(s) for each transaction that include the following information:
Itemized receipt with a description of all items purchased in that transaction
Sales tax removed/exempted
Proof of payment method (card number) on the receipt
Summary receipt if a tip was added (all expenses within the final total must be accounted for!)
Take a picture of the receipt(s) and keep the physical copy with you for at least 60 days.
If the ProCard gets declined:
Call the phone number on the back of the card and ask what the balance is. You should have been given a card that has enough money to cover the costs highlighted in your Payment Request.
If there is enough balance on the card, it could have been declined due to the single transaction limit on the card. The limit is labeled on the ProCard envelope that you received. Please request that the payment is split up so that each transaction is below that limit.
If there is not enough balance on the card or it still declines, you will need to pay for the costs out of pocket and then submit a reimbursement. This should only take place in urgent matters where the above options did not work. Please see the reimbursement section of this page for more information or reach out to your MBA Student Club Advisor.
Post-Payment Reconciliation:
Within 3 days of each transaction, upload a picture of your receipt(s) on HoyaConnect by completing the Post-Payment Reconciliation Process.
Return the ProCard to the MBA Program Office:
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:
Vendor Selection:
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).
Vendor Registration:
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.
Payment Request on HoyaConnect:
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.
MBA Program Advisor/Program Manager sends invoice to GU Finance Team:
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.
Request Receipt from Vendor:
Ask your vendor to send proof of payment (receipt) once they receive the funds.
Post-Payment Reconciliation:
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:
Submit Payment Request (via HoyaConnect).
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.
Complete Payment & Obtain Itemized Receipts
Pay your vendor and ask for receipt(s). Ensure you have the receipt(s) for each transaction that includes the following information:
Itemized receipt with a description of all items purchased in that transaction
Sales tax removed/exempted (Georgetown University is exempt from paying sales tax in some areas in the USA. If your receipt has a sales tax on it, you will not be reimbursed for the amount of the tax.)
Proof of payment method (card number) on the receipt
Summary receipt if a tip was added (all expenses within the final total must be accounted for!)
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.
Submit the Post-Payment Reconciliation
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.
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.
If you are a U.S. Citizen or Permanent Resident, no further action should be needed after you submit the required documents via the registration website. Typically a Supplier ID number will be generated within 3 to 5 business days.
If you are NOT a U.S. Citizen or Permanent Resident, you will also need to email a completed Substitute Form W 8BEN to Tax_Dep.9m074yyah1@u.box.com for the Tax Department to process. International students have reported that they were asked to complete Glacier Registration as well. We strongly recommend you set up payment via ACH, by completing an ACH Request Form. If you prefer to have a check mailed to you, it is imperative that you include your current mailing address on the Supplier setup form. Typically a Supplier ID number will be generated within 3 to 5 business days.
If you have issues with supplier registration, you can reach out directly to the Care Supplier Team at suppliercare@georgetown.edu.
Submit the Reimbursement Form
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.
If you are a U.S. Citizen or Permanent Resident, no further action should be needed after you submit the required documents via the registration website. Typically, a Supplier ID number will be generated within 3 to 5 business days.
If you are NOT a U.S. Citizen or Permanent Resident, you will also need to complete and e-mail the following documents to Tax_Dep.9m074yyah1@u.box.com:
- W-8BEN
- A copy of your valid passport and current visa
International students have reported that they were asked to complete Glacier Registration as well. We strongly recommend you set up payment via ACH, by completing an ACH Request Form. If you prefer to have a check mailed to you, you must include your current mailing address on the Supplier setup form. Typically a Supplier ID number will be generated within 3 to 5 business days.The Georgetown Supplier ID looks like SUP-000XXXX.
If you have issues with supplier registration, you can reach out directly to the Care Supplier Team at suppliercare@georgetown.edu. Please reference MSBPayments (msbpayments@georgetown.edu) as the Georgetown Contact so that the MSB Finance Team can receive notifications of your payee status and expedite payment.
Contact the GU Tax Department (taxdepartment@georgetown.edu) if you require any assistance.
Stipends shall be paid within the next 45 days of receiving and sharing their Supplier ID (SUP-#).
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:
SELECTING THE VENDOR
ONCE VENDOR IS SELECTED
SIGNING THE CONTRACT
PAYMENT
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
Georgetown University is exempt from paying sales tax in 13 states (including DC/VA/MD).
You are required to inform all vendors of Georgetown University's sales tax-exempt status and have sales tax removed from quotes, invoices, and receipts.
Georgetown University's sales tax exemption certificates are available online; printed copies of DC/MD/VA sales tax exemption certificates are also provided with ProCards when checked out.
Students who fail to remove/recoup tax may be found responsible for reimbursing the cost of tax charged.
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:
Vendor's information
List of items purchased & price
Shows no sales tax was paid
Shows proof / method of payment (eg. credit card #)
Summary Receipt
Accounts for the grand total of the final amount paid.
Only required if the final amount paid differs from the total stated on the itemized receipt. Paid optional tip? you are required to request a summary receipt.
Revenue
MBA Student Organizations have 4 primary sources of revenue:
MBA Club Accounts
GU club accounts must be at zero or positive at the end of the fiscal year (June 30)
Clubs will not be penalized for the account temporarily being in deficit at other points in time during the year (as long as they are at zero or positive by June 30).
MBA Club Leaders manage club finances on HoyaConnect.
Non-GU Financial Platforms
Clubs must use GU accounts and are NOT permitted to maintain outside bank account(s).
Any external bank account use is NOT permitted.
TouchNet (via HoyaConnect) is the ONLY approved platform to collect university funds.
Venmo/Zelle, etc. are NOT approved methods to collect funds.
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.
Have more questions? Nick Bondy will be hosting Transparency Portal Office Hours in his office or virtually on the following days:
Thursday April 4th 2pm-3pm
Thursday April 18th 2pm-3pm
Thursday May 2nd 2pm-3pm
Thursday May16 2pm-3pm