Finance 101
Finance 101
Managing club finances properly is key to protecting your club, your members, and yourself. Here’s what you need to know to stay on track.
All Club Finances Go Through ookslife.ca
All financial activity must be completed through NAITSA Campus Clubs via ookslife.ca.
Using external bank accounts is strictly prohibited and considered a serious violation of NAITSA club policy.
Wages, Reimbursements & Sponsorships
- Club executives and members cannot receive wages or salaries for their role. All clubs must remain non-profit.
- Members can be reimbursed for approved out-of-pocket costs related to club events or projects.
- Sponsorship funds are permitted, as long as they are processed through NAITSA Campus Clubs.
Financial Oversight & Audits
- Signing authorities (President, VP Operations, VP Finance) are responsible for ensuring club funds are spent appropriately.
- If a club executive fails to follow Club Policy, they may be removed from their position depending on the severity of the conduct.
- The NAITSA Finance Department may randomly audit clubs.
- If audited, the VP Finance must provide all financial documents. Clubs that fail to do so may receive a bad standing designation.
- Keep all receipts for at least one year. Helpful tip: Take photos of receipts and store them in a secure Google Drive folder throughout the year.
Payment Methods
To ensure financial transparency, only NAITSA-approved payment systems are allowed:
- Square – For in-person payments.
- Eventbrite – For online ticket sales or event registration.
- E-transfers – May only be used to send direct deposits to NAITSA.
Never use personal bank accounts to store club funds or issue reimbursements.
Invoices & Cheques
- Any invoices must be in the club’s or student’s name — not NAITSA. Your club name may appear after NAITSA or be included in the memo line.
- All cheques intended for club deposit must be made payable to NAITSA.
Failure to Address Concerns
- Club executives are responsible for maintaining communication and taking appropriate action when concerns are identified.
- Failure to respond or cooperate in resolving significant concerns may be considered a failure to fulfill executive responsibilities. In such cases, NAITSA reserves the right to take corrective action, which may include the removal of executive privileges, removal from an executive position, or preventing an individual from serving in an executive role within a NAITSA Campus Club for a defined period of time.
- In circumstances where concerns remain unresolved or significantly impact the operation, compliance, or sustainability of the club, further action may be taken, including freezing club operations or dissolving the club.
