Financial Budget Guidelines

Officer Responsibility for Expenditures:

Officers must be familiar with the applicable fiscal guidelines, rules, and regulations of the New York City College of Technology. All officers with signature authority agree to be held responsible for all budgets, purchase requisitions, contracts, payment requests, etc. An organization that makes expenditures not within its approved budget may jeopardize future funding, subject its officer to discipline procedures as well as be held monetarily responsible for the funds.

Budgets:

Budget requests must contain a detailed explanation as to how the monies will be expended. The Budget should detail the proposed expenditure by program and budget line categories.

Payment for Services:

No City Tech faculty, staff, or administrative member shall be paid for services rendered to a club or student organization. Student officers shall not be paid for services rendered to their organization. No exceptions.

Personal Services exceeding $1,000:

Personal services (i.e paying an individual not under a business or LLC) above $1,000 must receive approval by the Vice President of Enrollment and Student Affairs, through his/her designee, six (6) weeks before the use of said services. Requests for such approval must include documentation evidencing that the cost of the personal services being provided is competitive with recent charges by the performer of these services.

Vendors/CUNYBuy:

In order to receive payment through a purchase order, outside vendors, performers, artists or speakers must fill out the following CUNYBuy information: an Independent Contractor Agreement as well as W-9 forms and Direct Deposit forms. Forms must be approved before services are rendered.

What is CUNYBuy?:

CUNYbuy is The City University of New York's new procurement system designed to streamline the purchasing process for goods and services. It acts as a Procure-to-Pay (P2P) initiative, offering a user-friendly solution for ordering, approving, and managing purchases within CUNY. CUNYbuy includes a Marketplace for pre-approved vendors and contracts, as well as options for non-Marketplace requisitions for more complex purchases.

What is a Purchase Order?:

A CUNYBuy purchase order (PO) is a binding agreement generated within the CUNYBuy system that confirms payment for goods or services from a vendor. It's essentially a reservation of funds, created after a requisition is approved and serves as a request to the CUNY Purchasing Office to initiate the procurement process.

Political Expenditures:

No funds, material, property, or services funded by student activity fees may be used for any partisan or non-partisan political activity or to further the election or defeat of any candidate for public or political party office.

Honors and Awards:

No more than 10% of the total budget may be spent by an organization on honors and awards and requires advance approval of the student government association.

Revenues:

Section 16.7 of the City University Bylaws provides that all revenues generated by student activities funded through student activity fees shall be subject to the control of the allocating body. The application of such revenues to the account of the income-generating student organization shall require specific authorization from the allocating body or operating board.