Information and Procedure
Getting Started
- Get keys to cabinet containing cash box
- Get added as financial signatory in ASA database
- Email "funds@mit.edu" in order to gain access to SAPweb (this is essentially unnecessary now that we use Atlas)
- Attend financial signatory training
- Read the financial guidelines on the SAO website
Accounts
Main Account
2720524. This is where all our money is deposited and where we can spend money on frivolous things like food for rush events and things of that nature. To deposit money, go to the ASA on the fifth floor of the Student Center and get a deposit slip. Fill it out as per the directions on the sheet. Then put the money in the envelope and bring it with the form to the Bank of America on the first floor to deposit. Finally, return the yellow part of the deposit slip and receipt, both of which the bank teller will give you, to the ASA.
Finboard Account
2720525. This is where Finboard will deposit money that they award us during the application process. Do not use this account for anything other than what was explicitly awarded to us for use during a certain funding period. But make sure that all the money is used by the time the next funding period starts or Finboard will think that they do not need to give us as much money in the future and we will lose some funding.
Cash Box
Money from the cash box can be used to reimburse people for very small expenditures, and is also a place to store show money for later depositing. Money from the cash box should never be touched without explicit approval from another officer. Currently there are two cash boxes: one contains only small bills, and should be brought to box office. After the show, move the large bills (20s or above) into the other cash box for storage until it's time to deposit them. The other cash box holds large bills.
Before a show, make sure there is sufficient change in the cash box. About $100 in 1s and $100 in 5s is probably enough. If you bring large bills to the Bank of America on the first floor, they will happily exchange them for you. You can either use money from the previous show for this, or borrow money from yourself or another person, and then return it to them after the show once you've collected more large bills.
SAO will also lend you a cashbox full of change if you need one.
Budgets
Main Stage Shows
Not counting director stipends, we typically spend approximately $2000 on each show. In order of how much we typically spend: sets, costumes, lights, publicity, sound, hair/makeup, other. Before the show, give the producer a tentative budget based on previous years. As the show progresses, work with the producer to adjust the budget appropriately. Usually, this means taking money from a department that does not need it and giving it to a department that does. Almost all show expenses should be covered by Finboard.
Director Stipends
The director should be paid $200 per week of rehearsals. For the Spring show, this typically come out to $1000. At the discretion of the officers, a director may receive a $200 bonus if they have worked with us before.
Retreat
In total, retreat should not cost more than $1000 between cars and food. Appoint someone to be in charge of food. The venue should not cost anything. Depending on the state of ensemble finances and other events that term, you may need to require a small fee for retreat. This is typically $20 and can be given directly to drivers to reimburse car rentals. As per the constitution, accommodations should be made for people that are unable to pay.
Friendly Toast
There are typically two trips to Friendly Toast each semester paid for in part by the ensemble: one after the small show (CPW, REX) and another after opening night of the term show. Limit everyone to a $10 budget. People are quite good about this and it keeps the bill at a reasonable $300. If someone wants to spend more than $10, have them pay the difference to the ensemble (cash box).
Community Events
If you are considering spending money on something that will affect the whole MIT community (Movie on the Lawn, CAST, etc.), look for outside funding sources. The Council for the Arts, the De Florez Fund for Humor, and the Finboard Medium Events Funding are all good choices.
Ensemble Events
Ensemble events include Picnics, Large Events (Laser Tag, Bowling, Karaoke). Ideally, the ensemble should not spend much more than $500 on these things per semester. For example, spending $400 on EnsemBALL and $100 on Karaoke is reasonable. Spending $450 on EnsemBALL and $200 on a picnic is also reasonable. Spending $500 on EnsemBALL, $200 on a picnic, and $100 on Karaoke is probably too much. In many cases, this may require that events be partially subsidized. The easiest way to do this is to have someone pay the full cost and then get reimbursed in part by attendees (in cash) and in part by the ensemble.
Potential Outside Funding
These are some potential other sources of money, besides Finboard and show revenue:
- CA@MIT Director's Grant
- De Florez Fund for Humor
- Large Events Fund/ARCADE Fund
Paperwork
RFPs
RFPs are pretty straightforward; go to atlas.mit.edu and go to Buying > Reimbursement. For each set of items you want reimbursed, fill out the payee name; for each item, fill out date of service, cost object (2720525 for Finboard expenses, 2720524 for everything else), and cost (tax not included). These items should all be on the receipt(s). You'll also want to have an electronic version of the receipt(s) to attach to the RFP. When you're done, submit the RFP to Student Activities Office (mmango). Then, print the confirmation, staple it to the receipt(s), and drop it off at the SAO office on the fifth floor of the student center.
The receipt needs to have a few properties.
- The receipt must have proof of purchase - some indication that the charge was actually paid. This can be the last four digits of a credit card number, or an indication that you paid cash.
- The receipt must be itemized - although SAO doesn't seem to care quite as much about this one.
Obviously, MIT does not reimburse alcohol.
Director Stipends
This process can be a bit annoying, and you'll want to start early so your director can get paid in a timely fashion.
First, you need to fill out an Employment Agreement form (found on the SAO website) and submit it to SAO. You then need to contact MIT's HR offices. Contacts for this in the past have included Alicja Estabrooks and Graham Haskin. You can find out from SAO who you should contact. You can then bring your director to the I-9 office to fill out their form, and they should be all set after that.
Also, try to make it clear to your director that this process often gets delayed, and they shouldn't depend on the stipend to not get kicked out of their apartment or whatever.
Finboard Applications
There isn't really a secret to these. Look at previous Finboard applications and copy as much as you can. These are accessible here by clicking on the link for old Finboard applications and inputting the Ensemble's Finboard account number. Despite what they say, they don't actually care if you submit an itemization for items more than $200, at least when these items are things like props or costumes that are hard to predict in advance. Appeal if anything bizarre happens and you don't get money for something you normally do. Make sure to read Finboard's rules for what money you can and can't have- don't bother asking for things they explicitly deny, like off campus retreats, or more than $100 in publicity money. Definitely look at food rules to make sure you're using them properly- you can classify food as event food or operations food, and there are limits to each, so use them wisely.
Things you should think about asking for:
Show money (sets, costumes, hair/makeup, props, sound, lighting, paint, publicity)
Gaff tape
Rights for any non-Shakespeare show
Food (BOT, EOT, Show Candy, Friendly Toast, Put-in breakfast and lunch, Alumni reception, and possible other random snacks)
Tool replacement (a lovely catch-all category for random things you didn't think you'd need)
Workshops
Capital Purchases
Plotter paper and ink
Changing the door code? (costs $120 as of fall 2018)
In general, be nice to finboard. They're pretty awesome people for wanting to spend their free time allocating money, so send them lots of thank yous every time you have to send them a complaint or whatever.
Lighting rentals from E33
We pay E33 for lighting rentals differently than almost anyone else — there are no RFPs involved, nor is there any paperwork for us other than the initial invoice from E33. Once we give E33 our approval of the rental invoice, they initiate a Journal Voucher, which transfers the money directly out of whichever account we specify to them, with no further action required on our part. E33 usually processes JVs in batches near the end of each finboard cycle, so don't be alarmed if you don't see the transfer occur right away. If you have any questions about this, there are generally many members of E33 in the Ensemble, and they may be able to help.