Financial Audits
INTRODUCTION
All SAF-recipient organizations are eligible for their funding requests to be audited by the Student Council Board of Audit and Management. The Board of Audit and Management (BAM) is responsible for conducting audits of Appropriation’s allocation of SAF funds as well as Student Council. BAM operates independent of outside control or influence, and no BAM Commissioner may participate in audits of organizations in which they are involved. BAM is also responsible for handling appeals from CIOs. The Chair(s) of BAM is/are jointly appointed by the two Student Council Vice Presidents (VPA and VPO), and serves as BAM’s official liaison between organization officers and the Representative Body. All audits remain confidential to BAM, Organizations Branch Leadership, executive officers, and the Student Council Representative Body.
All audits remain confidential to BAM, executive officers, and the Student Council Representative Body.
Audit process
Each Rolling Round, BAM randomly selects CIO funding requests to audit from each CIO type. BAM examines Appropriations’ decisions for each funding request to ensure that funds are being allocated fairly and accurately. BAM notes any areas for concern and/or mistakes and communicates these to Appropriations through a semester-end report.
How to submit an appeal
CIOs should go to the "Forms" section on Presence and fill out the "SAF Funding Appeal Form" (https://virginia.presence.io/form/saf-funding-appeal-form)
Click on the topics below for further details on the BOARD OF AUDIT AND MANAGEMENT
APPOINTMENT OF COMMISSIONERS +
The Student Council Vice Presidents are responsible for appointing at least five Commissioners to BAM, with the Chair serving as an advisor to the selection process. All Commissioners must be approved by the Representative Body.
POWERS OF THE BOARD +
The Board shall have the following powers:
Auditing: The Board has the power to audit Student Council and any CIO recieving SAF funding.
Obtaining Records: The Board has the power to obtain financial and any other relevant records from the organization being audited.
Summoning Witnesses: The Board may require the officers of an organization, or any relevant witnesses, to appear before the Board.
- SPRING 2021: All meetings will be conducted via Zoom.
RESPONSIBILITIES OF THE BOARD +
The Board shall have the following responsibilities:
Auditing the Student Activity Fee Account: The Board shall conduct a monthly audit of the Student Activity Fee Account, and report the results to the Vice President of Organizations and the Vice President for Administration.
Auditing Contracted Independent Organizations: Upon random selection, the Board shall conduct an audit of a Contracted Independent Organization.
Auditing the Council: Upon the request of the President, Vice President for Administration, or Vice President for Organizations, or by a majority vote of the Representative Body, the Board shall conduct an audit of the Council, or of any part of Council.
Reporting of Results: The Board shall report the results of all audits of Contracted Independent Organizations to the Vice President for Organizations and the results of all audits of the Council to the Officer(s) requesting the audit, or to the Representative Body when appropriate.
Limitations on Board’s Authority: The Board of Audit and Management shall have no punitive powers; its authority shall be limited to notifying members of Student Council of financial irregularities or unauthorized uses of Council funds.