Club Audits are conducted on a semesterly basis. All clubs, whether interim or full status, must complete the Club Audit. Clubs that do not submit a club audit will be considered inactive and, after two consecutive semesters as inactive, will lose their club status. Note that you must complete an audit regardless of whether you had financial transactions during the year.
The Club Audit is a self-reported evaluation of your club’s financial status, which serves to ensure that clubs are accountable and transparent in their handling of the club’s money. The club audits are used for the SSMU’s annual audit, which takes place every summer. Completion of the Club Audit requires the completion of the Club Audit Form and submission of your original receipts and other documentation to the SSMU front desk.
Submission and Deadline
All club audits must be submitted electronically through the Club Audit Form. Audits submitted via email or in person will not be accepted or scored. Clubs must also submit all original receipts and other documentation to the SSMU Front Desk. For more information, see the instructions on the audit form.
The deadline for submission of the Winter 2016 Club Audit is May 30th, 2016 at 5pm. No late applications will be accepted, and late applications will result in an audit score of zero. Note that both the Club Audit Form and your original receipts must be received by the SSMU before the deadline in order for your Club Audit to be considered submitted.
Audit workshops are held in the Fall but the SSMU Club Auditor is always available to answer questions via email.
The club audits are assessed by the SSMU Club Auditor and will be assigned a score between 1 and 5. Failure to complete the audit form or to submit original receipts will result in a score of 0. The audit score reflects the strength of your club’s accounting. In particular, your score is impacted by whether or not your transactions are accompanied by appropriate documentation, and the amount of variance between your receipts submitted, transactions listed, and bank statements.
The club audit score score is also a top criterion used by the Funding Committee to allocate funds to clubs throughout the year, and so not submitting a Club Audit, or receiving a low audit score, may have a negative impact on your club’s future funding applications.
Who to contact for support?
For more tips on auditing and financial sustainability, consult the “How to Run a Club” page of the SSMU website.
If you have any questions, please contact the Club Auditor.