Club Spending & Reimbursements
3-Ways to Pay for Goods or Services
Financial managers and club leaders must use one of the following three methods to pay for goods and services for their student organization. Reimbursements cannot be made to individuals who use their personal funds to pay for services or rentals. This is considered a third-party payment and cannot be reimbursed. Wesleyan University requires that all payments for services and rentals be made directly to the vendor. This policy helps avoid complications with tax reporting and IRS rules and ensures better control over transactions, vendor verification, and compliance with University policies.- Method 1: Make a Credit Card Appointment (Please Review Fully)
Using a credit card for club purchases is preferred because it streamlines payments by processing transactions immediately, simplifies expense tracking and reporting, and ensures adherence to university policies. It also facilitates direct vendor payments, eliminates complex reimbursements, and offers better budget control, ultimately enhancing financial management for clubs.
To take advantage of these benefits, you can schedule a 30-minute appointment to use the OSI credit cards. Use the online Purchase Request form to initiate your purchase, which requires details such as the item or service, quantity, estimated cost, purpose, and preferred vendors. This form ensures that all purchases are necessary, within the budget, and compliant with university policies.
Follow the steps below to make an appointment.
- Go to WesNest
- Select your club or group
- Click on Manage OrganizationGo to Organization Tools and select Finance
- Select the blue button Create Request
- Select Create Purchase Request
- Complete and submit the form
- Then, you must make an appointment to meet with a OSI staff member
- This step is required so we can finalize all details and to ensure that you are getting the right goods and services for your organization.
Credit Card Submission Requirements
- Complete the Online Purchase Request Form: Fill out and submit the Purchase Request Form through WesNest.
- Upload Your Group’s Finance Ledger: Ensure that your Group’s Finance Ledger is uploaded as part of the process.
- Separate Relevant Information: Distinguish between travel expenses (e.g., airfare, lodging, ride-sharing services) and regular goods and services (e.g., equipment, supplies). Upload this information accordingly.
- Submit Vendor URL: Provide the URL of the vendor’s website where the items will be purchased.
- Adhere to the Two-Transaction Rule: Comply with the policy of a maximum of two credit card transactions per appointment.
- Respond Promptly: Address any inquiries regarding your credit card request in a timely manner.
- Cancel Appointments Promptly: If you cannot attend a scheduled meeting, cancel your appointment as soon as possible to allow other organizations to sign up.
- Meet with OSI Staff: Schedule and attend a meeting with OSI staff in Usdan 102.
Credit Card Requests That Cannot Be Processed
The OSI staff will not be able to pay for the following goods or services due to fraudulent credit card transactions.
- Air Bed and Breakfast (Airbnb)
- Annual Subscriptions
- Items or services that cannot be purchased due to non-compliance of university, OSI, or SBC policies and/or procedures.
- Method 2: Submit an Invoice for Payment
You can submit an invoice from the vendor you are using to purchase goods or services for your student organization. You must complete the online financial request form and upload the invoice or receipt. If you are working with a new vendor or are new to your role as a financial manager, please contact the Office of Student Involvement at involvement@wesleyan.edu to verify if the vendor is listed in the university's financial system. If a W9 form is required, OSI will send you a link. Please instruct the vendor to complete the form using this link. Additionally, you should follow the required steps to pay vendors for services or goods.
- You must verify that you have money to cover the cost in your group’s account
- You must verify if the vendor is listed in Workday
- You must verify if a valid invoice or receipt was provided by the club member
We will be unable to accept the financial submission if all three requirements are not met.
- Method 3: Pay from Personal Funds
Wesleyan University operates on a reimbursement basis for expenses incurred by individuals. This means that, as a standard practice, you are required to pay for most items and services using your personal funds. The university will then reimburse you for these expenses, but this reimbursement process is contingent upon providing a clear, legible, and itemized receipt. This receipt must detail how you paid for the materials or services and must include all pertinent information to validate the expenditure.
It is important to note that the university has specific policies regarding what types of transactions are eligible for reimbursement. Specifically, the university is unable to process reimbursements for expenses related to services or rentals from any type of business entity, including those classified as Limited Liability Companies (LLCs). Additionally, reimbursements cannot be issued for payments made through peer-to-peer mobile payment applications, such as Venmo, CashApp, Zelle, and other similar platforms. These applications are categorized as third-party payment processors, and due to university policy, expenses paid through these systems are not eligible for reimbursement.
Please ensure that you adhere to these guidelines when submitting reimbursement requests to avoid any delays or issues with processing.
- upload valid receipt, invoice, and/or W9 Form (if needed)
- Submit the form
Step-by-Step Club Spending Process
Before proceeding with any financial transactions, it's essential for financial managers to grasp the timeline for requesting SBC financial support and understand how funds are distributed. Typically, processing a budget request can take up to seven business days, and fund transfers are not immediate. Therefore, it's crucial to check your finance page on WesNest before making any purchases or payments. Additionally, utilizing the Club Finance Ledger provided by OSI enables real-time tracking of financial transactions. The ledger serves as a detailed record of financial activities organized by account, empowering financial managers to accurately monitor and manage their financial status.
Step 1 - Check Available Funds on WesNest Finance Page
Before purchasing items or services, review your group's finance page to ensure you have sufficient funding available. Always verify your balance before making financial transactions.
To check your club’s available balance:
- Go to WesNest.
- Select your Group Page.
- Click on Manage Organization.
- Go to Organization Tools and select Finances.
- Click the Accounts button.
- Your Finance page will display your budget lines and available balances.
Step 2 - Submit a Financial Request Form
The Financial Request Form (FRF) is an online tool that allows financial managers to submit reimbursement or payment requests for their club or group members. Before completing an FRF, the manager must ensure there is sufficient funding in their organization's account and that all receipts and invoices are legible and valid. To access FRFs, navigate to the left side of the WesNest screen and select the forms icon. There are two FRF forms available: one for Wesleyan students, faculty, and staff, and another for external businesses or individuals providing goods or services to the Wesleyan community.
Understanding how to properly submit an FRF is essential for ensuring efficient reimbursement and payment processing, minimizing delays and errors. It ensures compliance with university financial policies, and helps maintain accurate documentation of financial transactions, which is crucial for budgeting and reporting. Mastery of the FRF process allows for effective budget management by keeping track of expenditures and ensuring spending stays within the allocated budget. It also facilitates timely access to funds, enabling clubs and organizations to manage activities and events smoothly. Additionally, familiarity with the FRF process helps avoid errors, such as incomplete or incorrect submissions, which can lead to delays or rejections of financial requests.
Other Relevant Financial Forms
Step 3: Validating Receipts and Invoices for Reimbursement
Submitting valid receipts is crucial for processing reimbursements or payments to vendors and individuals. Receipts serve as evidence of actual expenditures and ensure compliance with university financial policies. Detailed receipts provide a clear record of the goods or services purchased, which supports transparency and accountability. Since the university undergoes annual audits to verify the legitimacy of expenses, the Office of Student Involvement (OSI) must adhere strictly to financial procedures.
All financial managers must familiarize themselves with university, OSI and SBC financial policies and procedures. They are responsible for overseeing their group’s budget, obtaining and processing all pertinent documents, and maintaining the confidentiality of private information. Additionally, financial managers should carefully review all receipts submitted for reimbursement to ensure accuracy and compliance.
Criteria for Valid Receipts and Invoices
Detailed receipts are important for reimbursement because they show exactly what the organization spent on goods or services to support their activity or event. The university is audited every year and must confirm that every expense is valid. Therefore, OSI must adhere to the university financial policies and procedures. Please review what is considered a valid or invalid receipt or invoice below.- What are Illegible or Invalid Receipts
Before you can verify if receipts, invoices and other financial documents are valid, you need to know what you are looking for.
- Illegible receipts are difficult to see, the print is too small, the attachment is too dark, or part of the receipt has been cut/torn off.
- Invalid receipts are missing important data such as an itemized list of goods, payment date, payment amount, payment method or vendor name/address.
- Statements, order forms/slips and quotes are invalid invoices and cannot be accepted.
- Valid Receipt Criteria
A valid receipt needs to include the following five IRS-required elements:
- Company Name
- Date of Purchase
- Itemized List of Goods
- Payment Method
- Payment Amount
NOTE: The most common mistake for most receipt submissions is not including the proof of purchase referred to as the payment method. The university requires proof of purchase – you are simply showing them how you paid for the order. Therefore, there are times when you will need to provide two financial documents for a valid receipt; the order form/slip that shows the itemized items and the credit card receipt showing proof of payment.
- Accepting Foreign Receipts
Some club members or advisors purchase goods from foreign countries. The University can accept foreign receipts. Have the members of your group follow the steps below.
- The individual seeking reimbursement must write out the items listed on the receipt in English on a separate piece of paper with the price of each item.
- Attach it and the original receipt together.
- Note: There are some businesses that will automatically print the information in both English and the foreign language.
- Also, the individual being reimbursed must convert the payment amount from the foreign receipt into US dollars.
- They can do this by using an online converter application. The date on the converter app must match the receipt date.
- Then, they should print out the three financial documents and give it to the financial manager (FM) of the group so they can complete a FRF.
- Valid Invoice Information
Wesleyan University’s financial policy prohibits the submission of documents labeled as “quote,” “statement,” or “order form” from a business entity for payment to vendors or suppliers. These documents are considered preliminary financial documents and do not qualify as legitimate invoices.
- Quotes: A quote is an estimate provided by a vendor outlining potential costs for goods or services. It is not a confirmation of a transaction but a proposal, and thus, does not serve as evidence of an actual purchase or expenditure.
- Statements: A statement summarizes transactions over a period and often shows the balance of an account. It lacks itemized details of individual purchases or payments, making it unsuitable for financial documentation.
- Order Forms: An order form is used to place an order for goods or services. It indicates the intended purchase but does not serve as proof that the transaction has been completed or paid for.
For financial purposes, a valid invoice must provide detailed information about the completed transaction, including an itemized list of goods or services, payment details, and vendor information. Since these preliminary documents do not offer such specifics, they cannot be accepted. If you receive any document labeled as a quote, statement, or order form from a club or group member, please reject it and request a valid invoice.
- Valid Invoice Criteria
Information that should be clearly noted on a valid invoice:
- Vendor Address
- Invoice Date
- Invoice Number
- Itemized List of Goods
- Balance
Financial Request Submission: Requirements and Process
Proper submission and processing of Financial Request Forms (FRFs) are crucial for ensuring timely and accurate payments while upholding financial integrity and compliance with university policies. Following these procedures helps avoid delays, errors, and rejections, thereby facilitating a smoother financial management process.
Pre-Submission Requirements for Financial Requests
Before Financial Managers can submit a Financial Request Form (FRF), several crucial requirements must be met to ensure that all documentation is complete and properly prepared. These pre-submission steps are essential for verifying that all necessary information is accurate, which helps prevent processing delays and ensures adherence to university policies.
Steps for all financial request submissions for payment or reimbursement to an individual or company are:
- Verify if funds are available in your group account.
- Verify if receipts and invoices are legible.
- Verify if receipts and invoices are valid.
- Verify if the date on the receipt/invoice is within the current fiscal year.
- Verify if the vendor is categorized as a Limited Liability Company (LLC). If the vendor is categorized as an LLC, do NOT accept the receipt for reimbursement.
Steps for non-Employee and Outside Contractor financial requests:
- Verify if a W9 tax form was completed in its entirety and signed.
- Verify if funds are available in your group account.
- Verify if receipts and invoices are legible.
- Verify if receipts and invoices are valid.
- Verify if the date on the receipt/invoice is within the current fiscal year.
FRF Submission Process and What to Expect
When you submit a Financial Request Form (FRF), several key steps occur in the processing and review of your request. To ensure you can track the status of your submission effectively, it is essential to keep WesNest notifications turned on. Here’s a detailed overview of the process:
- If You Process an FRF and It’s Approved:
- Confirmation Message:
- After submission, you will automatically receive a confirmation message from OSI via WesNest.
- Subject Line: [External] Form Submission Confirmation: Financial Request Form (Non-Employee and Outside Contractors) - SPRING 2024
- Review and Processing:
- OSI staff will review and process your submission during the business week.
- Processing Time: If all documents are correctly uploaded and there are no errors, expect processing to take 3 to 5 business days or less.
- Final Approval by Accounts Payable (AP):
- Once reviewed by OSI, your submission will be forwarded to Accounts Payable for final approval.
- Possible Delays: AP may request additional documentation or clarification, which could delay the process.
- Reimbursement or Payment Processing:
- After approval, the reimbursement or payment will be processed by Accounts Payable.
- Processing Time: This typically takes 7 to 10 business days.
- Confirmation Message:
- If Your FRF is Denied:
- Notification of Denial:
- You will receive an automatic denial message from OSI via WesNest.
- Subject Line: [External] Submission Denied for Financial Request Form (Non-Employee and Outside Contractors) - SPRING 2024
- Review the Denial Message:
- Open and review the message by clicking on the blue “View Submission” link embedded in the email.
- Correction Instructions:
- You will be redirected to the original form where a pink message will indicate what needs to be corrected.
- Update and Resubmit:
- Correct the information and re-submit the form. A green message at the top of the WesNest page will confirm successful submission. If this message does not appear, your request may not have been received.
- Avoid Duplicates:
- Do not create a new FRF if your submission is denied, as this can lead to duplication and delay the payment timeline.
- Notification of Denial: