EUS Financial Bylaws

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What is a bylaw?
Important Documents
History
Adopted 2016-08
Last Modified 2017-07

The EUS Financial Bylaws states fundamental practices in finances in the EUS, including a list of fees administered by the EUS, budget deadlines, contracts, deposits, cheques and more.

TITLE I: GENERAL

Article 1: Definitions

1.1 The Engineering Undergraduate Society of McGill University (hereafter referred to as “EUS”) is the registered name of the non-for-profit corporation representing the engineering and architecture undergraduate students at McGill University
1.2 The Board of Governors of the EUS is the administrative board of the Engineering Undergraduate Society of McGill University which is composed of Administrators as defined by the EUS Constitution
1.3 EUS Groups shall be defined as officially recognized groups under the EUS Constitution such as Clubs & Design Teams, Departmental Societies
1.4 The Financial Guidebook is a contractual agreement between the EUS and its committees and EUS Groups which lays out the procedures of how financial activities of the EUS are carried out
1.5 Guaranteed Investment Certificate (hereafter referred to as “GIC”) is a Canadian investment that offers a guaranteed rate of return over a fixed period of time
1.6 A Financial Officer shall be the person responsible for the finances of the EUS Group or committee which includes preparing the EUS Group or committee’s budget, general financial oversight, signing cheque requisitions, and ensuring that these bylaws are upheld.

Article 2: Purpose

2.1 The purpose of these bylaws is to provide a basic outline of the manner in which all financial activities of the EUS are to be carried out.
2.1.1 These bylaws are complemented by the Financial Guidebook of the EUS.
2.1.1.1 The Financial Guidebook of the EUS is provided and updated yearly by the Vice President Finance of the EUS
2.1.1.2 The Vice President Finance of the EUS shall keep and maintain a yearly copy of the Financial Guidebook
2.1.2 Financial Officers of EUS Groups shall read and sign the Financial Guidebook before the start of the Fall semester of their term.
2.1.2.1 In the eventuality that a Financial Officer resigns or is impeached, the temporary Financial Officer and the newly selected Financial Officer shall read and sign the Financial Guidebook before the start of their term

Article 3: General

3.1 The fiscal year of the EUS shall start on May 1st and end on April 30th of each following year
3.2 The EUS shall be solvable at all times
3.3 The EUS shall not run an operational deficit for more than two years in a row
3.4 The EUS may possess real estate property as defined in the Letters Patent
3.5 The EUS may possess a credit card backed by a 1-to-1 ratio of debt and GICs
3.6 Failure to comply with any of the articles contained herein constitutes sufficient grounds for impeachment.
3.6.1 Anyone found guilty of misappropriation, negligence, or theft of EUS funds may be subject to impeachment and/or prosecution to the fullest extend of the law.
3.6.2 Anyone found guilty of using the EUS name for their own personal benefits may be subject to impeachment and/or prosecution to the fullest extent of the law
3.6.2.1 This includes using the EUS name to sign unauthorized contracts, mortgages or any financial partnership which go against the well being and the solvability of the EUS. Such contracts shall be voided immediately.

Article 4: Freedom of Information

4.1 Any member of the EUS may have access to any of the financial records of the EUS during normal business hours.
4.2 To view the financial records of the EUS, a meeting with the Financial Officer of the account or accounts in question and the Vice President Finance of the EUS must be arranged in advance.
4.3 The official budget shall be made available online after being adopted by the Board of Governors.
4.4 The allocation of EUS Funds shall be made available online after being ratified by the Board of Governors .

Article 5: Accounting

5.1 The Signing Officers of the EUS shall be the President and the Vice President Finance of the EUS.
5.1.1 In the event of an extended absence of one Signing Officer , Power of Attorney shall be given to the Vice President Internal of the EUS for the duration of the absence.
5.1.2 Should either or both the Signing Officers cease to hold office, the signing authority of said Signing Officer(s) shall be immediately rescinded. A temporary Signing Officer(s) shall be appointed by Board of Governors until those Signing Officer(s) are replaced.
5.2 The Signing Officers shall be the only holders of the combination to the master safe
5.2.1 In the event of an extended absence of both Signing Officers , the Vice President Internal of the EUS shall be given the combination to the master safe.
5.2.2 Upon the return of one or both of the Signing Officers , the combination of the master safe shall be changed.
5.3 The Vice President Finance of the EUS shall:
5.3.1 Keep and maintain complete physical records of all financial transactions of the EUS for a minimum of 7 years.
5.3.2 Prepare and present the previous fiscal year’s final numbers to the Board of Governors
5.3.3 Prepare and present a proposed budget to the Board of Governors
5.4 The EUS shall employ a bookkeeper.

Article 6: Directors

6.1 The Finance Director shall assist the Vice President Finance of the EUS with the duties of maintaining the finances of the EUS and act as the Internal Auditor of the EUS.
6.2 The Corporate Relations Director shall assist the Vice President Finance of the EUS with seeking and maintaining sponsorship from external companies.
6.3 The Funds Director shall assist the Vice President Finance of the EUS with maintaining and organizing the allocations of the various funds managed by the EUS.

Article 7: Student Fees

7.1 The following fees shall be collected each semester from all members of the EUS who are enrolled in 9 or more credits:
7.1.1 $22.00 for the Engineering Undergraduate Society General Student Fee (EUGS)
7.1.2 $50.00 for the EUS Engineering Equipment Fund (EUGE)
7.1.3 $35.00 for the Engineering Undergraduate Support Fund (EUSF)
7.1.4 $15.00 for the EUS Student Space Fund (EUSI)
7.1.5 $50.00 for the EUS Engineering Career Centre (EUCC)
7.1.6 $3.00 for Engineering Design Team Fund (opt-outable) (EDTF)
7.1.7 $2.00 for the Engineers Without Borders Fee (opt-outable) (EUGC)
7.2 The following fees shall be collected each semester from all members of the EUS who are enrolled in less than 9 credits:
7.2.1 $12.75 for the Engineering Undergraduate Society General Student Fee (EUGS)
7.2.2 $25.00 for the EUS Engineering Equipment Fund (EUGE)
7.2.3 $35.00 for the Engineering Undergraduate Support Fund (EUSF)
7.2.4 $15.00 for the EUS Student Space Fund (EUSI)
7.2.5 $50.00 for the EUS Engineering Career Centre (EUCC)
7.2.6 $1.50 for Engineering Design Team Fund (opt-outable) (EDTF)
7.2.7 $2.00 for the Engineers Without Borders Fee (opt-outable) (EUGC)
7.3 A Student Fee may only be established by referendum. The referendum question must include the amount of the fee, the length of the period over which it will be collected, and its terms of renewal.
7.3.1 Students Fees shall not be perpetual, with the exception of the Engineering Undergraduate Society General Student Fee.
7.4 Changes to Student Fees shall require ratification by referendum.

TITLE II EUS GROUPS & COMMITTEES

Article 8: Service and Organizing Committees Recognized EUS Organizing Committees

8.1 The EUS shall recognize all Standing, Select, Organizational, and Service committees
(hereafter referred as “committees”) created by the EUS Council or the Board of Governors , and governed by the relevant section of the EUS Constitution.

Article 9: Budgets

9.1 Each committee must submit three complete and detailed projections of their expenditures and revenues (hereafter referred as “budget”) for the incoming year.
9.1.1 The three budgets shall be a Summer, Fall, and Winter budget.
9.1.2 The Summer budget deadline shall be no later than August 1 st .
9.1.3 The deadlines to submit the Fall and Winter budgets shall be set by the Board of Governors .
9.1.4 The submitted budgets shall be ratified by the Board of Governors.
9.2 No committee shall be entitled to any funds whatsoever until a budget, as outlined in Article 6.1 and 6.2, is submitted to the Vice President Finance of the EUS and approved by the Board of Governors .
9.3 The EUS shall not reimburse any committee or service for any unreasonable expenditure approved by their Financial Officer(s) outside of their approved budget.

Article 10: Accounting

10.1 The EUS shall provide accounting and banking services for committees.
10.1.1Each committee recognized by the Board of Governors is entitled to an internal account.
10.2 Each committee shall be responsible for maintaining its own detailed records of its expenses and revenues
10.2.1 The Financial Officer of every committee shall be responsible for maintaining the records of their finances.
10.2.2 The Financial Officer must be able to provided detailed financial records for the current and previous fiscal years at request of the Vice President Finance or Board of Governors

Article 11: Taxes

11.1 Committees shall be solely responsible for ensuring that all required taxes are charged on all sales. EUS Groups

Article 12: Recognized EUS Groups

12.1 The EUS shall recognise all Departmental Societies, Clubs, and Design Teams set forth in the relevant articles of the EUS Constitution as EUS Groups .

Article 13: Budgets

13.1 The Financial Officer of each EUS Group shall compile a yearly detailed projection and end of year summary of their expenditures and revenues, and submit it to the Vice President Finance of the EUS once they are adopted
13.1.1 The budget shall be submitted before the date set by the Vice President Finance of the EUS.
13.1.2 An updated budget shall be submitted before the end of the fiscal year.

Article 14: Accounting

14.1 The EUS shall provide accounting and banking services for EUS Groups
14.1.1 Each EUS Group is entitled to an internal account with an on-going balance.
14.2 Each EUS Group shall be responsible for maintaining its own detailed records of its expenses and revenues
14.2.1The relevant Financial Officer shall be responsible for maintaining their EUS Group’s financial records.
14.2.2The Financial Officer must be able to provided detailed financial records for the current and previous fiscal years at request of the Vice President Finance or Board of Governors
14.3 EUS Groups shall not have any external bank accounts except for the following exceptions:
14.3.1 Clubs that are local chapters of national organizations
14.3.2 Design Teams that have FOA-PAL accounts with McGill University

Article 15: Solvability, Auditing, and Guardianship

15.1 EUS Groups shall, under no condition, have a negative balance in their internal account at the end of the fiscal year.
15.1.1 If an EUS Group requires supplemental liquidity during the year, they shall notify the Board of Governors
15.2 If an EUS Group has a negative balance in their internal account at the end of the fiscal year, they shall be put under a Guardianship for the following fiscal year.

Article 16: Fees Distribution

16.1 Of the Student Fees collected in the Fall and Winter semesters, as specified in Article 7 herein, the following amounts from the General Student Fees shall be allocated to each Departmental Society:
16.1.1 A base amount of 100$
16.1.2 3.50$ for each student, enrolled in 9 or more credits, registered in their department
16.1.3 1.75$ for each student, enrolled in less than 9 credits, registered in their department
16.2 The Engineering Without Borders (EWB) Fee and the EUS Engineering Career Centre Fee are distributed according to their governing bylaws.

Article 17: Taxes

17.1 EUS Groups shall be solely responsible for ensuring that all required taxes are charged on all sales.

Article 18: Departmental Societies’ Petty Cash

18.1 A Departmental Society’s Petty Cash shall not exceed 300.00$ at any given time.
18.2 In the event of theft of part of the Petty Cash or of the full amount of the Petty Cash, the Departmental Society shall be held responsible for the lost amounts. Other Engineering Groups

Article 19: External Engineering Groups

19.1 Other groups in the EUS community not covered in the above sections may apply for an internal account with the EUS
19.2 The group must be represented by at least 75% Regular Members of the EUS, and the purpose and values of the group should align with the purpose and values of the EUS
19.3 The group shall appoint for themselves two (2) Financial Officers , who are Regular Members of the EUS
19.4 The purpose, function, and all other details of the account must be outlined in a Memorandum of Agreement between the EUS and the group in question.
19.4.1The Memorandum of Agreement shall be negotiated by the Board of Governors and the Financial Officers of the group.
19.4.2The Memorandum of Agreement must be signed by the Chair and at least one other member of the Board of Governors , and both Financial Officers of the group.
19.4.2.1 If the Chair is also part of the group in question, it would be signed by another member of the Board of Governors , selected by the Board of Governors
19.4.3Members of the Board of Governors who are also part of the the group in question may not participate in negotiations or sign the Agreement
19.4.4The terms of the Memorandum of Agreement must be renegotiated every four (4) years.
19.4.5The text of the Memorandum of Agreement should contain a copy of this Article for reference
19.5 The group shall be responsible for maintaining its own detailed records of its expenses and revenues.
19.5.1The Financial Officers must be able to provided detailed financial records for the current and previous fiscal years at request of the Vice President Finance or Board of Governors.
19.6 The group shall, under no condition, have a negative balance in their internal account at the end of the fiscal year, unless otherwise stated in their Memorandum of Agreement.
19.7 The EUS shall not be held responsible for the management of the finances of the group.
19.8 Holding an internal account with the EUS does not make the group an EUS Group, nor does it allow the group to use the EUS name or associate itself with the EUS through publicity or branding, unless otherwise stated in their Memorandum of Agreement.
19.9 The EUS may, at any point, freeze the account if the group in question violates any part of their Memorandum of Agreement or any stipulation contained in this Article

TITLE III: SPECIAL FUNDS

Article 20: Special Funds

20.1 A Special Fund shall be defined as a fund created for a specific project, and shall be administered differently than a regular EUS committee, Departmental Society, Club, or Design Team.
20.2 A Special Fund shall be governed by its own bylaws.
20.3 The following funds are currently recognized as Special Funds:
20.3.1 Clubs Fund
20.3.2 Design Team Fund
20.3.3 Engineering Undergraduate Support Fund
20.3.4 Equipment Fund
20.3.5 Student Space Fund TITLE IV CONTRACTS, DISBURSEMENTS AND DEPOSITS

Article 21: Contracts

21.1 All contracts negotiated by the EUS under $3000 must be signed by one (1) EUS Executive .
21.2 All contracts negotiated by the EUS exceeding $3000, but under $15 000, must be signed by one (1) Signing Officer and one (1) EUS Executive and the Board of Governors must be notified.
21.3 All contracts negotiated by the EUS exceeding $15 000 must be signed by the two (2) Signing Officers , and approved by the Board of Governors
21.4 Any contract extending over a period of more than one (1) year must be signed by the two (2) Signing Officers , and approved by the Board of Governors
21.5 Any contracts signed that do not follow the conditions outlined in this Article shall be voided.

Article 22: Cheques

22.1 Every cheque has to be signed by two (2) of the following:
22.1.1 Signing Officers
22.1.2 EUS bookkeeper
22.2 Documentation of the expenditure, including invoices, receipts, and purchase orders, must be submitted to the Vice President Finance of the EUS at least seven (7) days prior to the issuance of a cheque.

Article 23: EUS Petty Cash

23.1 Only the Signing Officers and the Administrative Manager of the EUS shall disburse EUS Petty Cash
23.2 All Petty Cash slips shall be pre-numbered, dated and signed by both the individual receiving or depositing the cash and the Administrative Manager or one of the Signing Officers.

Article 24: Cash Deposits

24.1 All cash deposits must be accompanied by an official deposit form bearing the name of the depositor, the origin of the money, the date, the account name, and the account number
24.2 All cash deposits shall be deposited directly into the EUS bank account
24.3 No revenues, regardless of how they are received, shall be deposited into the Petty Cash account.

TITLE V: INTERPRETATION OF FINANCIAL BYLAWS

Article 25: Interpretation

25.1 In the case of a conflict between this bylaw and the following documents, the following documents prevail in the order they are listed in:
25.1.1 The Quebec Companies Act
25.1.2 The EUS Letters Patent
25.1.3 The EUS Constitution
25.2 In case of a conflict between these bylaws and any Fee or Special Fund bylaws, then these bylaws shall prevail.