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Requirements:

• Not a last-year student

• This is an elected position

General Overview of What Needs to be Done:

Process For Managing Financials: 

• 6 Weeks Before Semester:

1. 1. Reach out to each project lead to discuss the budget for the upcoming year.
   2. Ask each lead to prepare a rough BOM for their projects in advance.
   3. Plan for variation, and the possibility of shortfalls.
   4. During the meeting go through the BOM with the lead and determine a bare minimum, and target budget.

Budgets will of-course depend on what each project team has planned and what funds are available. Some are independently funded using outside sources.

Hypothetical Target Budget:

• • IREC - $7,600
  • Liquid Propulsion - $1,800
  • Solid Propulsion - $2,000
  • Avionics - $3,800
  • Payload - $2,000
  • Space Race: - $1,500
  • Administrative - $500

For record keeping purposes "Administrative" includes other purchases (social events, website upkeep, merchendisemerchandise, etc.).

• 2 Weeks Before Semester

1. 1. Treasurer leads budget allocation meeting with all leads.
   2. Teams leads should discuss the financial health of the team and what should be focused on.
   3. Work with the Director of Outreach to raise funds and create corporate connections for financial or material support.
   4. Have project leads start to apply for outside project-specific funding (the NY State NASA agency is a good start).

• Financial Maintenance (All Semester) 

1. 1. There are premade spreadsheets from previous years which use various macros to track all purchases.
      
      1. The remaining budget is CLEAR at all times
      2. Individual purchases are logged by subteamsub team
      3. Credits coming in are shown
      4. Spending is shown in relation to the budget
   2. The treasurer is solely responsible for purchasing and making sure that ALL purchases have been logged for all teams
      1. Add each receipt to the financials google drive within 24 hours
         
      2. This includes both purchases and credits
      3. Receipts must display each item purchased, shipping (if applicable), and tax information (if this number is non-zero you have a big problem).
   3. Team leads are responsible for making sure that they are able to complete their project within budget.
   4. If a team needs to go over their established budget it will have to be approved by the treasurer and mentioned at a leads meeting.
      
      

Merchandise:

Check the /wiki/spaces/ritlaunch/pages/59214698 page for a complete and thorough summary. The main points are for non-jacket merchandise email Mark Callari at mcallari@bsnsports.com saying you are with RIT Launch Initiative and want to open up the previous shop. There have been past issues communicating through RIT email, use a personal email. He will most likely only want the store open for a week so make sure to advertise that. Screen printed items and embroidered items will need a minimum buy amount (previously 12). Send out a Google form (email, name, jacket style (men's/women's), size, embroidered name) about jacket interest when the apparel shop goes live. After about a week close the form and email Rebecca Hetherington at rebecca@instantmonogramming.com saying you are with Launch Initiative and would like a quote for roughly X number of jackets using the previous setup. We won't know the jacket price until we get a quote. Once we have a price collect payment and send Rebecca a spreadsheet with the jacket information from those who payed.

Receipts:
Every month Vanessa will send out an email of the items purchased that month, as well as any credits for the account. Send her back receipts for each transaction as pdfs (preferred), or photos. Organize receipts in the drive, by month, and academic year. (Administrative -> Financials -> Receipts). Make sure each receipt includes the items purchased, the shipping total (if applicable), and the tax information. RIT is a tax-exempt organization, if we are charged taxes on any purchases you must go to the vendor and get the money back. Usually, the vendor will recognize the credit card and exclude them automatically. If not, you must create an account with the organization and register as tax-exempt (the form verifying our status is in the drive).

Purchasing:
Vendor accounts for Launch are organized using LastpassLastPass. It has the email, and password associated with each, if you create a new account add it here. Make sure new accounts use the email launchinitiative@rit.edu, and are registered as tax-exempt if necessary (this will take a few days to verify and will require the tax-exempt form). Use the Launch credit card for online purchases and send all items to Launch Initiative's / The Construct's address (1 Lomb Memorial Dr. Rochester, NY 14623). It will take RIT about one business day to process mail from the time it arrives on campus until it reaches the Construct. When buying anything in person bring the tax exempt form, keep the receipts (take a photo) and check for taxes. Some companies will require further identification for in person purchases, namely Walmart. There a separate card is required to be presented to the cashier (it is person specific).

PayPal:

Information on the team's paypal PayPal account can be found in LastpassLastPass, it should only be used for purchases which do not accept credit cards like IREC (the credit card can be linked to paypalPayPal). Refunds are also processed through paypal PayPal occasionally.

Credit Card: 

The credit card should only ever be in the possession of the Treasurer or team President. Keep track of who has the credit card, and only give out the information if absolutely necessary. Launch is very fortunate that RIT allows us hold onto a university card, this trust should not be abused. All purchases made must be club related. If anything happens to the card contact Venessa Mitchell IMMEDIATELY. If for some reason the card is being replaced, or is otherwise unavailable, purchases can be made using personal funds and the club will reimburse you. In the drive there is the RIT reimbursement form. Have the purchaser fill out their bank information; the Treasurer should send the filled-out form along with a recipt receipt to Venessa Mitchell (CC the person on the email). RIT will not reimburse any applicable taxes.