Fall 2012 Audits
The Senate Finance Committee will review and evaluate 20 clubs and organizations this semester. We will choose a segment of the club population which encompasses a broad spectrum of clubs from recreational in nature to a capella groups to media outlets. The Committee will take all the components into consideration during the process, along with the accuracy of bookkeeping, and event expenditures and activity prior to the audit deadline.
Last year's audits were graded based upon each component, graded 1-5 each; and the final average was the score awarded for the report. Numerous club treasurers showed disapproval of such a method and therefore the Senate Finance Committee adopted a standard 1-5 holistic grade taking everything into account during the process for each report.
The grades awarded during this round of audits will NOT be taken into account when budget allocations are considered. The general premise of Fall audits is to give clubs a reasonable wake-up call if they are not properly complying with financial policies or maintaining proper bookkeeping. Annual Audits in the Spring will be used in the budgetary process.