HH Student Leaders Toolkit: Finances

toolkit_3Receiving and spending funds is one of the bigger responsibilities faced by Hart House student leaders. In this section you’ll review basic terminology used by the Hart House finance department, a snapshot of the process by which funds are allocated, and information on dealing with common transactions.

This section is not meant to be exhaustive. Make sure to speak to your program advisor to learn about any financial issues not discussed here.

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Operating Budget:

The detailed list of expenses for projects/events in the current Fiscal Year, approved by the Committee of Budgets in September. The budget should total $0 by the end of the year. Additional funds will not typically be available if you run over-budget* and funds will not roll over to the next year if you run under-budget. Each item on your budget (i.e. expense) is organized by a specific code that needs to be included so that Accounting can make sure all expenses are paid.

Cost Centre (CC) Codes:

5 digit codes that indicate which department or project is associated with a transaction/cost. Beginning with ‘H5’ followed by 3 digits, each Club/Committee has multiple CC Codes that represent different activities/projects.

Cost Element (CE) Codes:

Frequently used codes that describe common expenses. They typically are 6 digit codes that begin with ‘8’ (i.e. office supplies 825800; prizes 825800).


a proof-of-payment given by a vendor that provided a good or service. Receipts must be itemized (list all items purchased, their cost, the total with taxes, etc.) If they payment was done by credit or debit, an itemized receipt must be included with the credit/debit slip.


Like receipts, invoices document services or goods that have been rendered, but have not yet been paid for. Information included on invoices are: name (of business and/or individual); address; invoice #; date; HST #; a list and description of goods/services provided; price of goods/service.

Honorarium/Fee for Service:

Payment for a service that was given at a reduced rate (usually significantly below market rate). Freelance or pro-bono work would fall under this category.


There are 2 types of deposits, Security and Income. Security deposits correspond to borrowed or rented equipment, and are recouped once the item is returned. An income deposit transfers funds (i.e. money raised during a fundraiser or tournament) into your Club or Committee spending account. Speak to your Staff Advisor to see if this applies to you.

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Committee on Budgets (COB) and Financial Responsibilities

The Committee on Budgets (COB) is struck every year to hear the budget proposals from Hart House Clubs and Committees. In order to receive funding, clubs and committee must present a detailed budget plan to the COB. Budget preparation takes place over the course of the summer, and presentations to the COB take place in September. The COB will also have access to each groups’ previous final financial statements, to ensure that future plans reflect the groups’ previous experiences.

Once funding has been awarded, clubs and committee are responsible for making sure they adhere to the spending outlined in their COB submissions. Any changes to planned spending that exceed $500 must be approved by your program advisor.

If unexpected expensed arise throughout the year, groups can apply for contingency funding. All contingency funding requests should be made at least two week in advance of when the funds are needed, and done through your program advisor. Clubs and Committees are also encouraged to investigate other sources of funding on campus.

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Budget and Planning Resources

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Dealing with Invoices

The majority of vendors or service providers will issue invoices for purchases made by your group. Instead of paying for invoices out-of-pocket, Hart House makes this process easy and will pay the vendor/service provider directly from your group’s account.

Before submitting any invoices make photocopies for your own records.

  1. For Goods
    -Write the proper Cost Centre (CC) and Cost Element (CE) codes directly onto the invoice
    -Submit invoice to your Staff Advisor to sign-off.
  2. For Services
    (a) Other U of T departments:
    -If a form is provided by that department, fill it out accordingly and submit the invoice to your Staff Advisor to sign-off, and forward the signed invoice back to the billing department.
    -If no form is provided, email the billing department the CC and CE codes needed to document the services rendered and confirm the cost. Make sure you include your Staff Advisor in the recipients list.
    (b) Businesses/service providers outside U of T:
    -Ensure their HST number appears on the invoice
    -Write the proper Cost Centre (CC) and Cost Element (CE) codes directly onto the invoice
    -Submit invoice to your Staff Advisor to sign-off.

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Receipts and Reimbursements

What is a reimbursement? Sometimes you have to pay for something for your group with your own money. This is where receipts and reimbursement forms become important.

With an itemized receipt and proof-of-payment (i.e. credit/debit slip) you can be repaid for out-of-pocket expenses for your group (i.e. party supplies).

Before submitting originals for reimbursement, make photocopies of all completed forms, receipts and pay slips.

Depending on the price of an item, you will be reimbursed one of two ways:

  1. For purchases less than $100
    -Fill out a Petty Cash form
    -Submit your receipt(s) and the completed form to your Staff Advisor for sign-off.
    -Once signed, bring the form and the receipt(s) to the Finance office to be reimbursed on the spot in cash. Alternatively, if you cannot get to the Finance office during business hours, leave your signed form and receipts in the Finance mailbox. A cheque will be available for pick-up at the Hub within two business days.
  2. For purchases more than $100
    -Fill out an Expense Reimbursement form
    -Bring your receipt(s) and the completed form to your Staff Advisor for sign-off. Your advisor will send the form to Finance.
    – A cheque will be issued and mailed to you with 3-5 weeks.

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Honorarium and Fees for Services

Someone has cut you a great deal for services and now it’s time to pay their reduced fee.

Before submitting originals, make photocopies of all completed forms and invoices.

  1. For Service Providers on contract with Hart House:
    -Speak to your Staff Advisor who will handle the payment.
  2. Other Service Providers:
    -Ask the Service Provider to fill out the Honorarium/Fees for Service form
    Important! If the Service Provider does not have an HST number, they will also need to fill out the Small Supplier Certification form in addition to the Honorarium/Fees for Service form
    -Submit forms and invoices to your Staff Advisor, who will forward documentation to Finances for processing.

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PDF Form Downloads

Please open and edit these files in Acrobat.

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