Stevens Institute of Technology migrated from OrgSync to Engage in August 2017. Uniquely branded as DuckLink, their Engage community is home to 168 organizations, fraternities, sororities, and club sports. In this article, we highlight the strategies and processes employed by Stevens to successfully and effectively manage organizations finances utilizing both the Budgeting System and Organization Accounting.
Student organizations request multi-line budgets each semester via Engage’s Budgeting system. Stevens’ Assistant Director of Financial Advising holds several training sessions for treasurers in the fall semester to walk them through the new process and answer questions about using the Budgeting System. To ensure quick access for all students, there is a link to the DuckLink Budgeting System in their Campus Links section on the Engage community home page. This contributes to a more seamless integration from the student perspective of the two websites.
Budget Request Workflow
When requesting budgets, treasurers can request funding for various line items under the following budget sections: conferences, meetings, off-campus events, on-campus events, operation expenses, and other. Splitting up budget requests by specific line items helps the team reviewing each request make decisions about funds with more precision.
After organizations submit their request, the budgets are first reviewed by the Vice President for Finance and Vice President of Student Interests (both part of the Student Government Association). At this stage, requests are adjusted, denied, or returned to the submitter for revision. The final stage for requests are with the Budget Committee, comprised of seven students who conduct a final review before student organizations are notified of their final approved budgets.
Utilizing the Organization Accounting Module
Stevens utilizes Engage’s Organization Accounting tool once organizations’ budgets are decided. Each organization has their allocated budget added to an account in Engage tied to their organization. Students are able to submit one-time additional funding requests in addition to what they were allotted through the initial request in Budgeting. In addition, student organizations are required to submit their purchase requests through organization accounting to show administrators how they are spending the money they have been granted. Utilizing organization accounting in tandem with budgeting allows administrators to create a more comprehensive process that supports transparency and specificity in both the funding and spending processes.
If you have further questions about utilizing budgeting or organization accounting tools, check out our repository of articles on these topics, or reach out to your Consultant for additional one-on-one support.