Why is it important for your organization to have good financial habits?
Good financial habits can help provide long term financial stability for your RSO, which ultimately will help the RSO achieve their mission and goals. Budget management is also a great skill that students can take with them after they graduate, whether in their personal finances or for their future careers.
What should the Treasurer really be doing?
The Treasurer is a student leader who provides financial leadership in the RSO. Financial Leadership includes: having the financial vision for the RSO, keeping the financial records, and modeling fiscal responsibility. They are also the is the primary contact for all financial matters for both Student Involvement and SOFS, responsible for account management functions, which can include: building the budget for the RSO, approving spending and reconciling transactions, organizing fundraising efforts, collecting dues, and being the liaison to the SOFS team.
Best Practices & Good Habits for your RSO
1. Start with your WHY. Having a clear mission and goals for your organization is crucial. Financial decisions and priorities should always tie back to the organizational mission and goals.
2. Develop a Budget. A budget is a projection of income and expenses for your organization. They can be revised as plans change, but it always good to at least set a baseline. Remember to keep your “why” in mind, and to review previous budgets. Always leave a little bit of wiggle room for unexpected things, and try to involve your members in the process!
3. Keep a Financial Journal. This will not only be helpful for your current organizational operations, but can also be a great historical document to pass along during transitions. Make sure your records are detailed and complete, and be transparent with your members!
4. Save where you can. Make your hard earned, fundraised money stretch farther.
Visit the RSO Advisor Resources page for the full presentation slideshow! https://involved.unl.edu/rso-advisor-resources
More details at: https://involved.unl.edu/rso-advisor-resources