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Banking & Funding

Banking & Funding

Looking to do great things this year with your club? Let CUSA Clubs support you with your financial needs. Many clubs find it helpful to have a bank account and receive funding from CUSA.

Banking:

CUSA currently partners with Carleton University’s Scotiabank, located on the 1st floor of Paterson Hall. All CUSA Student Groups (apart from autonomous clubs) are able to open and operate a bank account. Bank accounts from other institutions are not currently permitted.

Services provided:

  • Club Business Account
  • Withdrawal limit of $300.00 per day
  • Debit Card
  • Online banking
  • E-Transfers
  • Change Signing authority to new Club Leaders
  • Temporary Change of Withdrawal Limit

There are costs associated with these accounts. It is approximately $3.95 per month for the business account and $1.00 for 1 e-transfer. CUSA is working hard to make these fees less of a burden. Clubs can request to have these fees compensated in their Fall, Winter, and Summer Funding Applications.

If your club is going through a dissolution, please reach out to the Student Groups Administrator. Funds that were gained through CUSA Clubs Funding will return to the CUSA Clubs Office so it can be issued to other clubs. All other funds will be distributed based on the information listed in the Club Constitution.

Uncertified clubs are not permitted to have a CUSA Clubs bank account. Bank accounts will be closed if clubs do not apply to be recertified in June-August.

Bank Letters:

Bank Letters are created by the CUSA Clubs Office and communicate a club banking need to Scotiabank. Bank letters can be requested for:

  • Transfer signing authorities
  • Setting up a new bank account for a new club
  • Closing an account
  • Adding a signing authority
  • Changing the name of a club account
  • Changing the variable withdraw limit

How to request a bank letter:

  1. Fill out a Bank Letter request form
  2. The Student Groups Administrator will create a Bank Letter for your group
  3. You will email: Zach Wang at zach.wang@scotiabank.com and Peymun Payroveolia at peymun.payroveolia@scotiabank.com to set-up an in-person meeting
  4. At the in-person meeting at Scotia Bank, you will need to bring ID, your student card, and your bank letter.
  5. Scotiabank will help address your club banking needs

Funding:

CUSA grants funding to all Student Groups, except for autonomous groups. CUSA is allowed to provide up to $2700.00 per student group in one year. This amount is broken down to

  • Fall Funding & Winter Funding: $2200.00
  • Summer Funding $500.00.

To obtain funding:

  1. Find the Funding Application Form
  2. Fill out Funding Application contact information
  3. Create a budget that clearly demonstrates how the funding will be utilized.
  4. The Clubs Oversight Commission will review your application and will determine the amount of funds your group is eligible for
  5. The Student Groups Administrator will notify your group of the amount of funds granted and the method that funds will be delivered into your bank account.
  6.  If your group encounters any issues receiving funding, please reach out within 14 days of being notified by the Student Groups Administrator.

 

Funding Timelines:

 

Fall Funding:

  • Applications Open: September 1st, 2022
  • Applications Clsoe: September 30th, 2022
  • Club Oversight Commission Reviews applications from September 1st – November 30th. They will be reviewed based on when they are submitted, with earliest applications being reviewed first.

Winter Funding:

  • Applications Open: December 1st, 2022
  • Applications Close: January 9th, 2023
  • Club Oversight Commission Reviews applications from December 1st – March 30th. They will be reviewed based on when they are submitted, with earliest applications being reviewed first.

Summer Funding:

  • Applications Open: April 1st, 2023
  • Applications Close: May 30th, 2023
  • Club Oversight Commission Reviews applications from April 1st – July 30th. They will be reviewed based on when they are submitted, with earliest applications being reviewed first.

 

Funding Tips & Tricks:

The CUSA Clubs Office is committed to supporting student groups responsibly. All Student Groups are expected to request funding that directly enhances the student experience of your members. The request must also directly relate to your student group’s mandate and goals.

For example, let’s say that you are part of the Carleton Knitters. Your student group puts in a funding application for CUSA to cover the cost of the tickets and food that your student group wants. Canada Wonderland

This puts the Clubs Oversight Commission in a difficult position. Sure, going to Canada’s Wonderland is a fun activity and it can be costly- but it does not clearly match your club’s mandate or goals. It might be a fun experience for the members of the club, but for this type of activity- as it does not directly relate to the mandate of your club, we would expect your club to self-fund this event.

However, if you are part of the Robotics Club on campus and you are planning a trip to Canada’s Wonderland to speak to their lead engineer, CUSA could cover the administrative costs such as covering the bus costs or speaker fees associated with the lead engineer. We would not provide coverage for tickets or food, as those are things that are typically viewed as external.

If you have any questions- feel free to email clubs@cusaonline.ca

Funding request in the following areas that will be looked upon favourably:

  • Paying the administrative / organization fees: such as buses or event logistic support
  • Guest Speaker Compensation
  • Prizes/Giveaways associated with events
  • Bank Fees
  • Events/Programs that directly relate to your club’s mandates and goals
  • Website hosting fees
  • Infrastructure or equipment
  • Subscription to relevant or essential services or technologies
  • Volunteerism or student experience enhancement

Funding request in the following area will not be looked upon favourably:

  • Events / Programs that do not directly relate to your program/goals
  • Asking CUSA to pay for tickets for concerts, events
  • Zoom Pro or equivalent technologies: The Clubs Oversight Commission would recommend your group switches to google meet
  • Canva Pro: (The non-pro account fits club needs)
  • Events that are in contravention of Risk Management process
  • Merchandise
  • Prizes/Giveaways that are not tied to an event
  • Rewards exclusively for executives
  • Direct charitable donations
  • One big event where all the funding goes towards

Looking to plan an end of year celebration? Fall Funding should only go towards events that are taking place in the Fall. However, you can plan to purchase items for your end of year celebration- such as putting down deposits, purchasing some of the materials in the Fall Semester. Just note it in your budget.