Bylaw 700 – A Bylaw respecting Finances

1. Fiscal Timelines: The ISA fiscal year runs from May 1 to April 30.

2. Budgets

   1. The Vice President Finance and Marketing is responsible for creating and presenting the upcoming fiscal year’s budget to the council for approval prior to September.

      1. The revenue generated due to the membership fee shall be budgeted and approved by the council representing that membership category.

   2. The Vice President Finance and Marketing shall be responsible for managing the budget, expenses, documentation, and reimbursements.

   3. Funds, Awards, or grants received by the ISA shall be budgeted as per the requirements or criteria submitted to the donor/provider and shall be considered as a supplementary amount to the fiscal budget that shall be allocated by the Board.

3. Expenses, Changes, and Reimbursements

   1. The ISA shall create policies related to the mechanism of bearing expenses, changes to the budget, and process for reimbursements.

   2. Additional policies shall be created as required by the association to account for the usage of different platforms.

4. Records and Reports

   1. The Finance Department shall keep proof of all transactions such as receipt and financial documentation of the association for a minimum of seven (7) years.

5. Accountability

   1. The financial statements of the association shall be presented to the councils every semester and to the board every month.

      1. All expenses made by the board members shall be reported to the board in the next board meeting.

   2. The ISA shall submit its audited annual financial statements to the University of Alberta Students’ Union (UASU) as per UASU Bylaw 8200 and within one month to the provincial registry as per the Societies Act at the end of the Fiscal year.

   3. The members of the board, and councils, shall have the right to request any information/documentation related to the finances of the association.

   4. General Members of the association shall be eligible to access the budget and audit statements of the association upon request.